News

06.23.10: Federal Direct Parent Plus Loan Process

Below is a step-by-step guide to help you complete the necessary requirements for the Federal Direct Parent Plus loan.

Federal Direct Parent Plus Loan Process

1. Complete and submit the Federal Direct Parent Plus Loan Application, along with required documentation, to the Office of Financial Aid.
2. Within 5-7 business days of receiving the application, the Office of Financial Aid completes the following:
   • Accept the loan amount you request on the application.
   • Check the proof of citizenship document and satisfy this financial aid requirement.
   • Originate the loan and send it to the Department of Education.
3. Department of Education completes credit check.
   • Not approved
     • If the credit check denies the parent for the Plus loan, the Office contacts the student directly with next steps.
   • Approved
     • Parent can complete the Plus Loan process.
4. Master Promissory Note
   • If the parent is approved for the loan, then the Parent must complete a Master Promissory Note with the Department of Education.
     • 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.
     • After 5-7 business days, if you cannot complete the MPN, please contact our office, so we can check the loan status.
5. Department of Education sends us list of loans approved for disbursement.
6. MPN financial aid requirement is satisfied.
7. Loan disburses to account after the add/drop date for the current 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 visit the Office of Financial Aid in Room 104 of Main Building to speak with a Financial Aid Counselor, or contact us directly at finaid@iit.edu.

06.10.10: Summer Loan Decision Deadline

The deadline to accept your loans and process summer loans is Friday, June 25th. Loans for the summer semester will not be processed after this date. In order to take advantage of your loan eligibility, you must accept your awards through your myIIT account and/or complete a new Master Promissory Note (MPN) with the lender of your choice for a Federal Stafford or PLUS Loan, by the deadline.

After both steps have been completed, contact Nicole Lasky, Loans and Grants Administrator, at nlasky@iit.edu so that she may process your loan as soon as possible. Please include your student Banner/Campus-Wide ID number in your email.

If you are uncertain about whether your loans require a new MPN or about the amount of money that you are requesting, or if you would like to decline the loan(s) entirely, please contact the Office of Financial Aid at 312.567.7219 or finaid@iit.edu. Alternatively, you can visit our office in Room 104 of Main Building.

MPN Information:

If you would like to use one of our preferred lenders, you can access their MPNs on our Web site: www.iit.edu/financial_aid/assistance/loans/mpns_lenders_list.shtml. Otherwise, you should be able to find student loan applications on the Web site of any other lender participating in the Federal Family Education Loan (FFEL) Program.

06.04.10: Master Promissory Note Unsatisfied on Portal

The Office of Financial Aid is experiencing some system errors preventing the MPN files to load onto student accounts properly. This loading error is causing students to see several MPN files under Financial Aid Requirements, some which are satisfied and others which are not. We are currently addressing these errors and working to amend this situation as soon as possible. We anticipate correcting this error by Friday, June 11th. In the meantime, if you see multiple MPN requirements with green checks and red flags, please disregard those MPN requirements with red flags. If you do not have multiple MPN requirements on your account, please proceed to the Department of Education website to complete a Master Promissory Note.

03.26.10: Direct Loans

Effective Fall 2010, The Illinois Institute of Technology will withdraw from the Federal Family Education Loan (FFEL) lending program and begin to participate exclusively in the William D. Ford Federal Direct Lending Program (DL) for the 2010-2011 academic year. This change will NOT affect any existing current year (2009-2010) loans.

Illinois Institute of Technology has decided to make this positive change because this will allow the university to provide better service to our students and their families.

In the Direct Lending Program (DL), students borrow directly from the U.S. Department of Education through their school. Students receive the same interest rates (except for the Parent PLUS and Grad PLUS loans, which have a lower interest rate than FFEL) and have similar repayment options. Payments are sent directly to the U.S. Department of Education's servicer.

Switching to the Direct Lending program will provide the following benefits:

• Eliminates the uncertainty of lenders exiting the FFEL program.
• Eliminates the need for reprocessing loans for students when lenders leave the program.
• Provides one lender and one payment (at the time of repayment) for new borrowers.
• Allows returning borrowers to consolidate FFEL loans with their Direct Loans at repayment
• Provides a lower interest rate (currently 7.9% versus 8.5%) on the Parent PLUS and Grad PLUS loans.
• Offers numerous repayment options for students.
• Offers interest rate reductions for on-time payments.
• Allows students to participate in the Public Service Loan Forgiveness Program.

We believe that using the Direct Loan Program is the very best way to ensure that IIT students receive their loan funds in a timely and efficient manner. For more information about the Direct Lending Program, please use the links below related to your student type:

Undergraduate Student (link available soon)
Graduate Student (link available soon)
International Student (link available soon)

Students were notified of this change on March 3, 2010. You can read the entire email here.

09.28.09: Important Information

The following email was sent to all students who have been awarded a MAP grant.

Dear Student and Family:

Greetings. You may already be aware of the recent debate regarding the State of Illinois budget and the current state budget plan to reduce MAP funding. The fiscal year 2010 (FY2010) budget that was agreed upon by the governor and state legislators significantly reduces the amount of funds available for 2009-10 MAP awards. As a result, eligible students will receive one-half of the annual award that was announced at start-up.

I am writing to you today to encourage you to participate in our overall efforts at IIT and:

Be part of the solution! ...

Read the entire email here.

09.24.09: Important Information

The following email was sent to all students who have accepted monies under the Federal Work-Study Program.

Dear Student,

Greetings from the Office of Financial Aid at Illinois Institute of Technology.

Our records indicate that you have accepted the offer of Federal Work-Study (FWS) for the 2009-2010 academic year as part of your overall financial aid package from the university.

We are pleased to provide this update to you regarding the administration of the Federal Work-Study Program at the university.

Congratulations! ...

Read the entire email here.

08.10.09: Important Information

The following email was sent to all students who have been awarded a MAP grant.

IMPORTANT: Illinois Monetary Award Program (MAP) Update

Dear Student and Family:

As a resident of Illinois and a student who has been awarded the Illinois Monetary Award Program (MAP) Grant as part of your overall financial aid package at Illinois Institute of Technology, you may be aware of the recent debate regarding the State of Illinois budget and the current state budget plan to reduce MAP funding. This unfortunate state of affairs will affect every college and university in the state of Illinois eligible to receive MAP funds.

The fiscal year 2010 (FY2010) budget that was agreed upon by the governor and state legislators significantly reduces the amount of funds available for 2009-10 MAP awards. As a result, eligible students will receive one-half of the annual award that was announced at start-up.

How This Affects Your Financial Aid ...

Read the entire email here.

07.13.09: New Income-Based Repayment Plan Now Available!

Effective July 1, 2009, borrowers may enroll in a new income-based repayment plan designed to make federal student loan payments more affordable. This program is especially helpful to borrowers with high student loan debt and low earnings, as the program utilizes a calculation that caps the total repayment amount based on family size and income.

Under this new program, after 25 years of qualifying payments, any remaining student loan debt will be forgiven. Additionally, if you hold an eligible public service position, any remaining student loan debt will be forgiven after 10 years of qualifying payments and continuous public service.

To find out more information, please go to www.ibrinfo.org. To enroll in income-based repayment, please contact your lender.

05.04.09: Important Information

The following email was sent to all students who have federal loans and are graduating this spring or summer semester.

Dear Student,

Greetings from the Office of Financial Aid.

I am contacting you today because as a matter of record and compliance, we are required to provide you with the following information regarding "Exit Counseling" at the university. Please read this entire message carefully.

If during your tenure at IIT, you received federal student loan funds, you are required by federal law to complete exit counseling prior to leaving the university. ...

Read the entire email here.

04.09.09: Karen Ryan Memorial Scholarship Fund

The Chicago Metro Chapter #325 of the National Association of Women in Construction (NAWIC) is currently seeking applications for the Karen Ryan Memorial Scholarship Fund. Applicants must be enrolled in a course of study leading to a bachelor degree, associate's degree or certification in a construction industry related program. Awards are made in strict adherence with EED guidelines and according to the qualifications of the applicants. Women and men are eligible and encouraged to apply.

Any student wishing more information or an application can contact either Peggy Newquist peggyn13@comcast.net.

Deadline for applications is May 16, 2009. No applications will be accepted after this date.

03.27.09: Kelly Engineering Resources

Kelly Engineering Resources — specializing in engineering recruiting and career placement — announces its seventh annual Future Engineers Scholarship Program. Through this national program, engineering students have the opportunity to compete for a $5,000 scholarship based on academic performance and a written essay. The application deadline is October 15, 2009, and scholarship funds will be awarded in January 2010 to be used toward eligible expense for tuition, fees, books, and room and board.

Further information can be found on our Private Scholarships page under "Other Scholarship Resources."

03.26.09: $1,000 Harriet Irsay Scholarship Grant

American Institute of Polish Culture

Deadline — April 20, 2009

Since 1992, the Scholarship Committee of the American Institute of Polish Culture in Miami has awarded over $175,000 in scholarship aid to over 150 talented American students of Polish descent.

This year, the Committee will award ten to fifteen scholarship grants of $1,000 each, for the 2009/2010 academic year in certain fields.

They are awarded on a merit basis to full time undergraduates or graduates who are American citizens or permanent residents, preferably of Polish heritage.

Further information can be found on our Private Scholarships page under "Other Scholarship Resources."

03.02.09: SHPE Chicago Chapter and ComEd Scholarship

This is a reminder that the SHPE (Society of Hispanic Professional Engineers) Chicago Chapter and ComEd Scholarship deadline is approaching soon. Undergraduate and graduate Hispanic students majoring in a STEM field (Science, Technology, Engineering, and Math) and whose primary residence is in Illinois qualify for the $2,000 scholarships. The application in electronic version can be downloaded from http://www.shpechicago.org/. The deadline is approaching very soon on March 9, 2009.

If you have any questions regarding the scholarship, send an email to scholarship@shpechicago.org

02.19.09: IIT Engineers Rank Among Nation's Top-Salaried Employees

According to the online 2008 College Salary Report issued by PayScale, Inc., students who earn B.S. degrees in engineering from IIT rank number 12 for highest mid-career and starting median salaries among graduates from other U.S. engineering colleges. To derive the data, PayScale surveyed bachelor's degree holding graduates (without higher degrees) who are full-time employees in the United States. In another survey, PayScale reported the best undergraduate college degrees by starting median and mid-career median salaries, and included as the top four salary-earning degrees: chemical, computer, electrical, and aerospace engineering, respectively. PayScale, a market leader in global online compensation data, was launched in 2002 and offers the "world's largest database of salary information" to help employees find their worth.

Click here to view the PayScale survey results and full methodologies for Best Engineering Colleges and the Best Undergraduate Degrees.

02.12.09: Summer Program for Undergraduates

The University of Colorado at Boulder Department of Chemical and Biological Engineering will be offering a National Science Foundation Research Experience for Undergraduates (NSF-REU) summer program in Functional Materials Science and Engineering. This flyer (PDF) contains a brief description of the program. This program is a fun, challenging, and exciting summer research opportunity. Additional information and an application for the program can be obtained at www.colorado.edu/che/reu/.

Note that applications must be postmarked by March 1, 2009.