myIIT Portal

    Office of Financial Aid

    Perlstein Hall, 206
    10 W 33rd Street
    Chicago, IL 60616

    Phone: 312.567.7219
    Toll Free: 866.901.1866
    Fax: 312.567.3982
    Email: finaid@iit.edu

    Office Hours:
    M-F 8:30 AM - 5PM

    Counseling Hours:
    12 PM - 3PM daily

    Loans

    Student loans, unlike grants and work-study, are borrowed money that must be repaid with interest. You cannot have these loans canceled because you didn't like the education you received, didn't get a job in your field of study or because you're having financial difficulty.

    MPN and Entrance Counseling ED FAFSA Pin

    Students may be eligible for Federal Direct Stafford, Federal Perkins, Institutional, or Private loans while completing their studies at the Illinois Institute of Technology, however not all loans are offered to every student. Federal Direct Stafford Loans are available to students who complete a FAFSA for the academic year and are attending school at least half-time. The U.S. Department of Education is the lender, and students receive the loan money through the university.

    Direct Stafford Loans
    Direct Stafford loans are divided into two types: Direct Stafford Subsidized Loans and Direct Stafford Unsubsidized Loans. Direct Stafford Subsidized Loans are offered to undergraduate students enrolled at least half-time. The federal government pays the interest on Subsidized Loans while the student is enrolled (at least half-time) in undergraduate coursework. Moreover, Subsidized Loans are need-based and only offered to students with demonstrated financial need. The fixed interest rate on Subsidized Loans is 4.66% for loans disbursed on or after July 1, 2014.

    Unsubsidized Loans are offered to undergraduate and graduate students enrolled at least half-time. Unlike Subsidized Loans, the federal government does not cover the interest while the student is enrolled. If a student chooses not to pay the interest on their Unsubsidized Loan while they are enrolled, interest will accrue and be capitalized (i.e. added to the principal amount of the loan). The fixed interest rate for loans disbursed on or after July 1, 2014 is either 4.66% (undergraduate students) or 6.21% (graduate students).

    Eligibility Requirements

    Students hoping to secure a Direct Stafford Loan must meet the eligibility requirements listed below. Students should note that aggregate and annual limits apply.

    • be a United States citizen or eligible noncitizen seeking a degree from an approved institution
    • not be in default on a federal student loan
    • not owe a refund on a federal education grant
    Direct Plus Loan - Parent

    The Federal Direct PLUS loan is a loan offered to parents of dependent undergraduate children who are enrolled at least half-time. The parent borrower is responsible for the interest that accrues immediately upon the PLUS loan disbursement. Interest may be paid quarterly while the borrower is enrolled at least halftime. The parent borrower may also elect to defer all interest payments until completion of the student's degree program. If this option is chosen, interest will be capitalized and added to the principal at the time of repayment. The interest rate for PLUS loans first disbursed on or after July 1, 2014, is a fixed 7.21%.

    Eligibility Requirements

    A PLUS loan applicant and the student must meet general eligibility requirements, as well as not have adverse credit history. For example, the PLUS loan applicant must:

    • be a United States citizen or eligible noncitizen
    • not be in default on a federal student loan
    • not owe a refund on a federal education grant

    If a parent or student has adverse credit history, they might still be able to receive the PLUS loan by documenting extenuating circumstances or by obtaining an endorser without adverse credit history. An endorser is someone who agrees to pay the loan if the borrower fails to do so.

    Parent Plus Loan Application Process
    Here are the steps to apply for the parent PLUS loan:

      1. Complete and submit the Federal Direct Parent PLUS Loan Application, to the Department of Education.
      2. Department of Education completes credit check.
        1. Not approved
          1. If the credit check denies the parent for the PLUS loan, the Office contacts the student directly with next steps.
        2. Approved
          1. Parent can complete the PLUS Loan process.
      3. Master Promissory Note
        1. If the parent is approved for the loan, then the Parent must complete a Master Promissory Note with the Department of Education.
          1. Your parent must login to the Department of Education website using your Department of Education-issued PIN. If your parent does not have a PIN, he/she may request one from the official PIN site.
          2. After 5-7 business days, if you cannot complete the MPN, please contact our office, so we can check the loan status.
      4. Department of Education sends school list of approved loans.
      5. MPN financial aid requirement is satisfied on student's portal account.
      6. Approved parent borrowers must submit proof of citizenship before the school can process the loan.
      7. Loan disburses to account the first day of class for each term.

      Failure to complete all the steps above will cause processing delays for your Federal Direct Parent PLUS Loan. If you have any questions or want to further discuss the Federal Direct Loan process, please contact us directly at finaid@iit.edu.

    Failure to complete all the steps above will cause processing delays for your Federal Direct Parent PLUS Loan.

    Direct Plus Loan - Graduate Students

    The Federal Direct PLUS loan is a loan offered to students pursuing a graduate or professional degree who are enrolled at least half-time. The graduate borrower is responsible for the interest that accrues immediately upon the PLUS loan disbursement. Interest may be paid quarterly while the borrower is enrolled at least half-time. The graduate borrower may also elect to defer all interest payments until completion of the student's degree program. If this option is chosen, interest will be capitalized and added to the principal at the time of repayment. The interest rate for PLUS loans first disbursed on or after July 1, 2014, is a fixed 7.21%.

    Eligibility Requirements

    A PLUS loan applicant must meet general eligibility requirements, as well as not have adverse credit history. For example, the PLUS loan applicant must:

    • be a United States citizen or eligible noncitizen,
    • not be in default on a federal student loan, and
    • not owe a refund on a federal education grant.

    If a student has adverse credit history, he or she might still be able to receive the PLUS loan by documenting extenuating circumstances or by obtaining an endorser without adverse credit history. An endorser is someone who agrees to pay the loan if the borrower fails to do so.

    Promissory Notes and Entrance/Exit Counseling

    Federal Direct Promissory Notes
    Before a student or parent can receive loan funds, whether federal or institutional, a promissory note must be completed and signed. This new note is called a Master Promissory Note (MPN). When you complete and sign the MPN, you are confirming your understanding that IIT will make new loans for you on an annual basis, once you accept the loans for the academic year. A new MPN needs to be signed every year for the Federal Direct Plus Loan, as this loan is credit based. To complete a MPN online, you must use your Department of Education-issued PIN. If you do not have a PIN, you may request one from the official PIN site.Use the image below to complete an MPN.

    MPN and Entrance Counseling ED FAFSA Pin

    Perkins Loan or Institutional Loan Promissory Notes
    Once a Perkins or Institutional Loan has been accepted on the myIIT Portal, a Master Promissory Note must be signed with IIT's loan servicer, ECSI. At the beginning of each academic year, borrowers must sign a Master Promissory Note before loan money can be credited to the student's account. Students will be contacted at their IIT email address with the promissory note directions once the loan is accepted on the portal.


    Entrance and Exit Counseling
    Entrance Counseling and Exit Counseling are especially important for students, who often lack experience repaying and managing debt, or undergraduate or graduate students who change schools or careers. The law requires IIT to provide loan counseling to help a student understand rights and responsibilities as a Direct Loan borrower, provides information so you may make informed decisions.

    Complete Entrance Counseling: Department of Education website.
    Complete Exit Counseling:
    National Student Loan Data System website.

    Direct Loan Repayment, Calculators, and Consolidation

    Loan Repayment Options
    The Department of Education offers various different repayment options to students and parents for each loan. There are several repayment plans: standard, extended, graduated, income-based and income contingent. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose/ qualify for. Consolidation loans also have varying repayment plans. Use the links below to determine your repayment amounts under each of the different plans.

    Department of Education Repayment Plans

    Department of Education repayment calculators

    Loan Consolidation
    There may be advantages to consolidating (combining) your federal student loans into one loan, starting with the convenience of making a single monthly payment. Consolidation generally extends the repayment period, resulting in a lower monthly payment. This may make it easier for you to repay your loans. However, you will pay more interest if you extend your repayment period through consolidation since you will be making payments for a longer period of time. Visit our Money Management section for more information about consolidation and personal finance.

    Direct Student Loan Rates, Fees, and Limits
    Direct Student Loan Interest Rates and Fees
    Interest
    Rates1
    Loan
    Fees2
    Undergraduate Borrowers
       Direct Subsidized Stafford Loans 4.66% 1.072%
       Direct Unsubsidized Stafford Loan 4.66% 1.072%
    Graduate Borrowers
       Direct Unsubsidized Stafford Loan 6.21% 1.072%
       Direct Graduate PLUS Loan 7.21% 4.288%
    Parent Borrowers
       Direct Parent PLUS Loan 7.21% 4.288%

    1These interest rates are for loans with a first disbursement between July 1, 2014 and June 30, 2015.
    2The loan fee is deducted proportionately each time a loan disbursement is made.

    Direct Stafford Loan Aggregate Limits
    Total Limit
    Undergraduate Dependent Students
       Combined Direct Subsidized and Unsubsidized Stafford Loans
                Up to $23,000.00 may be subsidized.
    $31,000.00
    Undergraduate Independent Students
       Combined Direct Subsidized and Unsubsidized Stafford Loan
                Up to $23,000.00 may be subsidized.
    $57,500.00
    Graduate or Professional Borrowers
       Combined Direct Subsidized and Unsubsidized Stafford Loan $138,500.001

    1This amount is $224,00.00 for Health Professionals.

    Federal Perkins Loan

    The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of postsecondary education.  Institutional financial aid administrators at participating institutions have substantial flexibility in determining the amount of Perkins loans to award to students who are enrolled or accepted for enrollment.

    The Federal Perkins loan is awarded to undergraduate and graduate students who demonstrate exceptional financial need. IIT strongly encourages all students who wish to be considered for the Federal Perkins to submit the FAFSA to the U.S. Department of Education by the March 15 deadline. These funds are limited and awarded on a first come, first serve basis. The interest rate of the Federal Perkins Loan is 5 percent. Interest will begin to accrue nine months after a borrower ceases to be enrolled at halftime.

    Federal Perkins Federal Eligibility Criteria
    Federal Perkins Repayment Information

    Private Loans

    After exhausting the opportunities available from the federal aid programs, many students will consider a private loan as a source of funding. Unlike federal loans, the terms of private loans are set by the individual lenders.

    The interest rate and fees are determined by your credit history, your debt-to-income ratio and that of your co-signer. The interest rates for private educational loans are variable and are most often based on a range using Prime or the London Interbank Offered Rates (LIBOR) as a base and add an additional percentage based on the borrower's credit.

    As always, taking on debt for any reason should be done deliberately and only for the amounts needed. Students should exhaust all Federal aid (grants and loans) before borrowing from a private loan. Additional information regarding the availability of federal student aid is available from the Department of Education publication, Federal Aid First

    To make the selection process easier, the Financial Aid Office has identified a group of select participating lenders for our preferred lender list. Our decision to participate in a preferred lender list is based on our belief that an unbiased and well-researched preferred lender list can be an effective tool to help students and families navigate the increasingly complex student loan landscape.

    If you select a lender from this list, you can be assured that you will receive outstanding borrower benefits and customer service. In creating this list, we have considered several factors:

    • Borrower Benefits -- Our preferred lenders offer competitive benefits such as zero origination fees, interest rate reductions for borrowers who sign up for electronic payments, and principal reductions for borrowers who make a certain number of consecutive, on-time payments. We monitor changes in benefits offered by each lender to make sure that our preferred lenders offer the best benefits available to borrowers.
    • Customer Service -- All of our preferred lenders have provided consistently excellent service to our borrowers. We listen carefully to feedback from our students and parents regarding level of service. If a particular lender generates complaints, we will strongly consider removing them from our list. These lenders have all agreed to work within IIT’s processing system and can insure quick turn-around time.
    • Student/Parent Demand -- Your opinion matters! If a significant number of IIT students or parents request a lender that is not on our preferred list, we will evaluate that lender for future inclusion in the list. If we notice that one of our preferred lenders is no longer popular with our borrowers, we may consider removing them from the list.

    Our list of preferred lenders is reviewed and updated every year based on the criteria listed above by surveying lenders about their current loan products. Lenders are asked to provide information regarding their benefits & services via a Request for Information (RFI).

    The Office of Financial Aid at the Illinois Institute of Technology does not receive, and will not accept, inducements from lenders in exchange for inclusion in the preferred lender list. IIT does not share in the profits from student loans. Borrowers are welcome to choose any participating lender, regardless of whether it appears on our preferred lender list.

    If you're ready to look into private education loans, IIT has opted to use FASTChoice, a loan comparison service, offered free-of-charge to schools and lenders, by the Great Lakes Higher Education Corporation. Once in FASTChoice, you will be able to link directly to the lender of your choice to begin your application. Lenders will automatically notify IIT that you have applied for a private education loan and request school certification electronically (in most cases) once your application has met the lender's credit approval requirements.

    To view our preferred lender list and apply for a private student loan, please visit FASTChoice.

    If you would like to provide feedback on our preferred lender list, or view any of the RFI responses submitted to IIT from any participating lender, we welcome you to contact us at finaid@iit.edu or (312) 567-7219.

    International Students — U.S. Co-signer needed
    International students (pending any visa restrictions) are eligible to apply for private loan funding if the loan is co-signed by a creditworthy U.S. citizen or permanent resident.

     

    Image links user to Bursar's Office at http://www.iit.edu/bursar/ Image links user to Housing and Residential Services department at http://www.iit.edu/housing/.  image links user to Registar's Office at http://www.iit.edu/registrar/. Image links user to IIT Student Health Services Department at http://www.iit.edu/student_health/. Image links user to the Career Management Center at http://www.cmc.iit.edu/home.asp. Image links user to the Undergraduate Academic Affairs website at http://www.iit.edu/ugaa/.

    Last modified: 06/05/2014 12:36:06

    © Illinois Institute of Technology - Office of Financial Aid   312.567.7219   866.901.1866
    3300 South Federal Street, Room 104, Chicago, IL 60616   Emergency Information