Frequently Asked Questions
Q: When will my scholarship be posted to my student account?
A: All scholarships are posted within 2 weeks after the end of the add/drop period. The add/drop period usually occurs the third or fourth week of the term. You do not need to wait for the scholarship to be posted to make your portion of the payment. The Bursar Office may post late fees if payment is not received. Please pay your portion of tuition due.
Q: How do I know if I am eligible for financial aid?
A: Click here for information regarding eligibility.
Q: How do I apply for financial aid?
A: The first step to take in order to receive federal aid for each academic year is to complete the Free Application for Federal Student Aid or the FAFSA. Students should complete the FAFSA as soon as possible after January 1st of the academic year in which they plan to enroll. The Office of Financial Aid recommends completing the FAFSA prior to March 15th. Remember to use the IIT Downtown Campus code on the FAFSA which is E00773.
Q: What happens after the application is submitted?
A: The Student Aid Report
If you have completed the FAFSA online you will receive your Student Aid Report (SAR) via email in approximately 1-2 weeks, or 4-6 weeks if you completed the FAFSA on paper. For this reason we recommends students to complete the FAFSA online, as it is a much faster process overall. Be sure to review your SAR thoroughly and make corrections if necessary. The Office of Financial Aid will receive an electronic copy of your SAR and determine what types of aid you are eligible to receive. Please retain a copy for your records. This report includes the Expected Family Contribution (EFC), which is the amount the student is expected to contribute to educational expenses.
Verification
Each year, the U.S. Department of Education randomly selects students for Verification of information submitted on the FAFSA. Each student should review the SAR to find out if they have been selected. Information for Verification can include: income, citizenship, registration for selective service, ect. Before any federal financial aid funds can be disbursed to the students account, the student must submit all required documentation to the ITT Downtown Campus. The Office of Financial Aid can also select students for Verification to clear any discrepancies.
What to Expect Later
Respond to any additional requests for information immediately. The Office of Financial Aid uses email as the primary communication tool with our students. Responding to our requests will avoid delays in receiving financial aid. Once you have enrolled, the Office of Financial Aid will send you periodic email messages to your IIT Stuart email account throughout the year informing you of important dates or requested information. Anytime your award changes, you will receive an email directing you to the myIIT portal for your most current award information.
Q: How do I accept my financial aid award?
A: You can accept your financial aid award by logging on to the myIIT portal and indicating the type of financial aid you want to receive and the dollar amount for each type. Additional requirements are also listed here.
Q: Are there other forms to complete in addition to the FAFSA?
A: Yes. After you have reviewed and accepted the loans you want to borrow via the myIIT portal, there will be certain requirements to complete to begin the student loan process.
1. Federal Direct Loan Entrance Counseling/Interview:
First time borrowers at the IIT Downtown Campus are required to complete this online session before funds can be disbursed. Please list the IIT Downtown Campus.
2. Federal Direct Stafford & Federal Direct Graduate Plus Loan Master Promissory Notes:
All students who have been awarded and have accepted the Federal Stafford Loan and Federal Graduate Plus Loan will need complete a Direct Loan Master Promissory Note.
Q: Why do I have to submit my Federal Tax Return to the Office of Financial Aid?
A: By law, every college/university is required to "verify" 30% of their student body. The government randomly selects a 30% population of students to perform the Verification Process. In completing this process, our office simply compares your federal Tax Return to the tax figures you reported on your FAFSA. If there are any discrepancies, they are corrected and your financial aid awards are reviewed again for eligibility. If any changes are made to your award due to Verification, you will be contacted.
Q: How and when will I receive my student loan disbursement?
A: All loan funds are disbursed to the IIT Downtown Campus. You will recieve half of your loan funds for each term via electronic disbursement. For example, if you have borrowed a $12,000 loan, you will receieve $6,000 at the beginning of the fall semester and beginning of the spring semester minus the origination fees. The Stafford Subsidized and Unsubsidized fees are .5% and the Graduate Plus Loan fees are 2.5%. This means that your disbursement will post to your student account minus these fees. They are charged by Direct Loans. (Financial aid for the summer term is processed separately from the regular academic year).
Disbursement of funds may vary depending upon the loan type, and enrollment. At the time of the scheduled disbursement date, our office will be review your file for completeness, and your enrollment status will be confirmed after that your disbursement posted to your student account. You must be enrolled at least half time, that is 4.5 hours simultaneously to receive a federal loan disbursement. The Bursar will notify you via email that a disbursement has been posted for you.
Q: When will I receive my refund?
A: The Bursar's Office will notify you via email when your refund is ready. Direct deposit of the refund is available, see the Bursar's Office for more information.
New and continuing students who have been awarded a Perkins loan will receive an email from IIT's Perkins Loan servicer, ECSI. Please follow the information in the link to complete your promissory note. The student must complete the promissory note in order for the loan funds to be credited to their accounts.
Q: What is the Master Promissory Note?
A: It is a legal document between a student and the government repay the loan. It is valid for 10 year. It explains the rights and responsibilities associated with a student loan.You do not need to complete a new Master Promissory Note (MPN) each academic year, unless you wish to change lenders. The Graduate Plus Loan may require a new MPN each year if an endorser was selected.
New and continuing students who are not eligible to borrow federal loans may apply for a private loan. Students will need to select a lender and complete a loan application with the lender.You must apply for the entire academic year (fall and spring), not per semester. The summer term requires a separate application.
Private Loan Process Questions:
Q: How much can I borrow in a private loan?
A: Your eligibility for a private loan is determined by the difference between your total Cost of Attendance (COA) and any other financial aid. If you have applied for and have been awarded federal financial aid, you can refer to the myIIT portal for the amount of aid you’ve already been awarded and the COA. To calculate your maximum eligibility, subtract your total aid awarded from your total COA. For example, if your total COA is $50,000 and you already are receiving $30,000 in other forms of aid, you can request up to $20,000 in a private loan.
Q: Can I apply for a private loan for a past-due balance?
A: Not all lenders will lend you money for a past due balance. Before you begin the lender process, contact the lender to make sure that the lender you have selected will review your request.
Q: How do I determine the loan period for the application?
A: When you apply for a private loan, you will be required to enter a loan period, with start and end dates. Your loan period start and end dates are the months associated with academic term(s) for which you are borrowing. Generally, our office processed private loan requests for the entire academic year, not per semester. Please contact office if you are unsure of the loan period.
Q: What are the enrollment requirements for a private loan?
A: Most lenders require that you are enrolled at least half time in a degree-seeking program in order to obtain a loan. There are some lenders who will provide loans for less than half time enrollment. Please verify this with the lender you select.
Q:What is the next step after I apply?
A: The lender will check your credit history. If you used an endorser they will also go through the credit check process. The lender will commuincate with you if additional documentation is required for your application. Please follow up with your lender.
Once your loan is approved, the lender will send a certification request to the Office of Financial Aid. Your loan will be reviewed for eligibility and processed. If there are any problems you will be contacted via email. After the lender has our school certification on file, you will be contacted again by the lender to accept the final terms and conditions of your loan. This can be usually done online or via phone with most lenders. Please follow up with your lender once your loan is certified. There is a 10 day waiting period after you accept the terms and conditions of your loan. When that period has expired, your loan will disburse on the scheduled disbursement date. When the funds arrive to the school, we will confirm you continual eligibility and post the funds to your student account. This process can take 3-10 days.
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