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 these responses do not address your specific concerns, please contact the IIT Office of Financial Aid directly.
Q: I received my admission letter and wish to enroll at IIT; what
should I do next?
A: Now, you should submit your enrollment form and tuition deposit by May 1st to the Office of Undergraduate Admission. Please contact your admission counselor if you need an extension on this deadline for any reason.
If you submitted your FAFSA a week or more ago, but have not yet received a financial aid award from IIT, please call us at 866.901.1866 (toll-free) or 312.567.7219 to speak with a financial aid counselor.
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: First, you need to accept the offered amount of the Federal Stafford Loan that appears on your financial aid award letter; you can do this in one of the following ways:
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.
Step 3: Complete a financial aid online Loan Entrance Interview.
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, which you can do by:
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.
Q: Are there any other types of loans that 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. 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 contact us with any individual questions that you might have regarding the financial aid process. Our financial aid counselors are available to assist you in any way they can at 866.901.1866 (toll-free), 312.567.7219, or finaid@iit.edu from Monday - Friday, between the hours of 8:30 AM and 5:00 PM (Central Standard Time).
We look forward to working with you.
Sincerely,
Gerald P. Doyle
Vice Provost
Undergraduate Admission and Financial Aid
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