Student Accounting

Credits and Refunds

The Illinois Institute of Technology Refund Policy, see below, is maintained by the Controller's Office.

Refund Policy (25.11 KB)

Financial Aid Refunds

Refunds of credit balances resulting from financial aid credits will be processed once the credit balance is reflected on the student account. Students receiving federal loans, state loans and/or grants should be aware that credit for such aid may not be available until some time after the add/drop deadline.

In order to receive your refund, you must be enrolled in direct deposit. You may enroll through Manage My Account link, on the Welcome tab, in the myIIT portal, under the Student Accounting Dashboard.

Refunds from Dropped Courses

You will not be charged for courses dropped prior to the official add/drop date. Any payments made towards courses dropped prior to the add/drop date will be held as a credit on your account and applied to future charges.

Requests for refunds of credit balances due to course drop, overpayment or reasons other than financial aid will be accepted and processed when the credit balance is reflected on the student's account. Tuition Overpayment

Overpaid tuition is considered a credit on your account to be applied to future charges. To request a refund from an overpayment, submit a Refund Request Form. Requests will take 7-10 business days to review and process.

Refunds must be issued back to the method of payment. If your overpayment was made via wire transfer, your refund will be issued by reverse wire transfer back to the issuing bank. Unless otherwise specified, overpayments made via third party check will be refunded back to the issuer.

No tuition will be charged and a full refund will be made on any amounts paid, upon application supported by proof as necessary, under the following circumstances:

  • A course for which the student is registered is canceled by the university.
  • Student's serious injury causes incapacity to take a course

Under exceptional circumstances, such as withdrawal for involuntary military service, serious illness or action by the university, consideration may be given for a refund or credit for unused tuition upon written request to the Dean.