As part of our ongoing communication to help you through the enrollment process at IIT, I would like to share more responses to students' questions that might help you and your family. If the responses do not address your specific concerns, please contact us directly.
Q: I received my admission letter and wish to enroll at IIT; what should I do next?
A: You should submit your enrollment form and tuition deposit by today, May 1, to the Office of Undergraduate Admission. Please contact your admission counselor if you need an extension on this deadline for any reason.
If you have submitted your FAFSA, but have not yet received a financial aid award from IIT, please call us immediately to speak with a financial aid counselor at toll-free 1.866.901.1866.
Q: What is a Federal Stafford Loan, and how would I apply for it?
A: The Federal Stafford Loan is a loan guaranteed by the federal government that students can borrow on their own signature. The loan allows first-year students to borrow up to $3,500 per year. See the steps to apply below.
Step 1: You first need to accept the offered amount of the Federal Stafford Loan on your financial aid award letter; you can do this in one of the following ways:
- Fax the Office of Financial Aid a signed copy of your financial aid award letter (page two) at 312.567.3982.
- Send an email to finaid@iit.edu indicating your intention to accept the award and indicate the award amount that you are accepting.
- Send the Office of Financial Aid a completed Federal Stafford Loan Instruction and Amount Request Form.
Step 2: Complete the Federal Stafford Loan Master Promissory Note (MPN) with a lender of your choice. For your convenience, IIT maintains a list of preferred lenders on our Web site.
Step 3: Review and complete the financial aid online loan entrance counseling session.
Q: What is the Parent Loan for Undergraduate Students (PLUS), and how do I apply for it?
A: The PLUS Loan is a federal loan that parents can borrow on behalf of their children. PLUS Loans are based on credit-worthiness. Interest accrues after the loan is fully disbursed. Parents can borrow an amount up to the cost of attending IIT minus other financial aid received. See the steps to apply below.
Step 1: Accept the offered amount of the PLUS Loan, which you can do in one of the following ways:
- Fax the Office of Financial Aid a signed copy of your financial aid award letter (page two) at 312.567.3982.
- Send an email to finaid@iit.edu indicating your intention to accept the award and indicate the award amount that you are accepting.
- Send the Office of Financial Aid a completed Federal PLUS Amount Request Form.
Step 2: Complete the Federal PLUS Master Promissory Note (PMPN) with a lender of your choice. For your convenience, IIT maintains a list of preferred lenders on our Web site.
Q: Are there any other loans I can get?
A: Yes; there are number of private lenders available to you. To learn more about these loans and lenders, go here.
Q: Does IIT work with any lenders other than those listed on the IIT Web site?
A: Yes; in all, IIT has a portfolio of over 75 lenders to provide loans to students and parents. You are free to work with any lending institution that participates in the standard Federal PLUS and Stafford Loan programs, with the exception of Direct Loans from the Department of Education. If you have worked with an institution in securing a loan for another child, please let us know and we would be pleased to work with you and your selected institution.
As always, we are here to help. Please email or call us with any individual questions you might have about the financial aid process at 312.567.7219, 866.901.1866 (toll-free), or finaid@iit.edu. Our financial aid officers are available between 8:30 AM & 5:00 PM (Central Standard Time), from Monday to Friday, to assist you in any way they can.
We look forward to seeing you on campus for Summer Orientation 2008 (online registration will be available May 7)!
Sincerely,
Virginia Foster
Director
Office of Financial Aid
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