Financial Aid

Accelerated Master's Program Student Policy

The accelerated master's program allows currently enrolled Illinois Institute of Technology undergraduate students to complete both a bachelor's degree and master's degree in as few as five years. Currently enrolled undergraduate students may seek admission to the accelerated master's program as early as the fourth semester of undergraduate study. Learn more about the accelerated master's program on the Illinois Tech website.

Financial aid guidelines and regulations for accelerated master's program students can differ from non-accelerated master's program students as aid may be applied differently throughout the course of a program based on the student's enrollment. All newly admitted accelerated master's program students are required to meet with a financial aid counselor to review the rules and regulations for the disbursement of their financial aid as it pertains to the accelerated master's program. Before a newly admitted student can meet with a financial aid staff member, the student must follow the process stated below as outlined by the Office of Graduate Academic Affairs.

The following financial aid rules apply to accelerated master's program students receiving institutional and or federal financial aid:

  • Most Illinois Tech scholarships will automatically be extended to the end of a program
    • Recipients of the Camras, Crown, and Duchossois scholarships must submit an appeal to request an extension of their scholarship. The appeal can be submitted in the form of an email explaining the reason for which the student seeks an extension.
    • Recipients of the Leadership Academy Scholarship are responsible for contacting the Leadership Academy to determine the duration and value of their scholarship.
    • Recipients of the Collens/STEM+ Chicago Scholarship can only receive coverage for loss of federal/state aid when the student's shared hours are exhausted, assuming all other eligibility requirements are met.
  • Scholarships will be prorated if a student is enrolled in less than 12 total credit hours
  • Students can share nine 500-plus course level credit hours, in total, for the duration of the program; these shared financial aid graduate hours will count as undergraduate hours for the purposes of federal aid
  • The Office of Financial Aid will always use shared financial aid graduate hours if there is a financial benefit to the student. If a student wishes to delay the use of shared financial aid graduate hours, they should complete the Co-Terminal Shared Hour Exception form during the add/drop period for the applicable semester(s)
  • Shared financial aid graduate hours cannot be used for additional MAP Grant funding
  • For financial aid purposes, all 500 level coursework is considered graduate level coursework; all 400 level coursework, with the exception of law courses, are considered undergraduate level coursework
  • Students are ineligible for graduate financial aid until they have completed all undergraduate degree requirements and enroll in at least 4.5 graduate credit hours
  • If a student is eligible for Federal Stafford Loans, the student must be enrolled in at least half-time status for loans to disburse—either 4.5 graduate level hours, 6 undergraduate level hours or 6 combined hours (only if sharing is involved)
  • Loan aggregate limits and federal/state grant program maximums still apply
  • Students can utilize graduate federal aid once all bachelor's degree requirements are completed
  • Enrolling in the accelerated master's program does not, by itself, make a student independent as defined by the United States Department of Education
  • If a student has completed all bachelor's degree requirements but has remaining shareable hours, the student can choose to maximize undergraduate federal aid by sharing hours
  • Federal and state grant amounts, if applicable, are strictly based on overall eligibility limits and exact undergraduate enrollment hours
  • Participation in the accelerated master's program is optional. Financial difficulties and/or tuition increases must be planned for the student prior to their admittance into a program. Special Circumstance Appeals will not be considered solely on the basis of accelerated master's program enrollment
  • Federal/state aid will disburse after the add/drop deadline once a student's account has been reviewed by the Office of Financial Aid. Students are responsible for any balance that is not to be covered by any pending federal or institutional aid disbursement. During review, the Office of Financial Aid assumes students will want to maximize their undergraduate federal and state aid unless otherwise noted per a student's request

The Office of Financial Aid will send an email to newly admitted accelerated master's program students requesting that they set up an appointment to meet with a financial aid counselor. Students are required to develop a tentative course plan prior to meeting with a counselor. The course plan is essential for the Office of Financial Aid to adequately counsel the student regarding the application of their federal and institutional aid as part of the accelerated master's program.