Frequently Asked Questions
Q: How do I know if I am eligible for financial aid?
A: Click here for information regarding eligibility.
Q: Is federal financial aid available for the summer term?
A: No. The only type of financial aid available for the summer term is a private loan.
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 1st. Remember to use the IIT Downtown Campus code on the 2008-2009 FAFSA which is 001691, and E00773 for the 2007-2008 FAFSA.
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 Loan Entrance Counseling/Interview:
First time borrowers at the IIT Downtown Campus are required to complete this online session before funds can be disbursed.
2. Federal Stafford & Graduate Plus Loan Master Promissory Notes:
New students who have been awarded and have accepted the Federal Stafford Loan and Federal Graduate Plus Loan will need to select a lender and complete a Federal Stafford and Graduate Plus Loan Master Promissory Note online. These are two separate one-time requirements for each loan type.
Continuing students who have received a Federal Stafford Loan or Federal Graduate Plus Loan in the past at the IIT Downtown Campus will not need to complete another Master Promissory Note unless they wish to use a new lender. The Office of Financial Aid will process the loan type(s) and amount accepted by the student on the myIIT portal. Entrance Counseling is not required for continuing students with prior federal loans at the IIT Downtown Campus.
3. Title IV Authorization Form
New and continuing students who wish to borrow a private loan will need to select a lender and complete a loan application with the lender.You must apply for the entire academic year. (Excluding the summer term).
New and continuing students who have been awarded a Perkins loan will receive a promissory note from IIT's Student Loan Office. 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 a lender giving the school, government and lender authorization to process and disburse a student loan each academic year. It is valid for 10 years only with the lender that appears on the form chosen by the student. 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.
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: I have been awarded a Federal Stafford Loan. Why do I have to choose a lender?
A: The IIT Downtown Campus offers Federal Stafford Loans through the Federal Family Education Loan Program (FFELP). This program allows students to choose their own lender, rather than requiring that they borrow directly from the federal government. With FFELP, the federal government still sets the loan terms and guarantees your Federal Stafford Loans, but the lender you choose will own the loans. It is your right and responsibility to select a lender.
Q: How and when will I receive my student loan disbursement?
A: All loan funds are disbursed to the IIT Downtown Campus. Generally, your lender will send a portion of your loan funds for each term via electronic disbursement. For example, if you have borrowed a $12,000 loan, the lender will send $4,000 at the beginning of each of the fall, winter, and spring quarters (financial aid for the summer term is processed separately from the regular academic year). Arrival of disbursements may vary depending upon the loan type, lender and disbursement method. When our office receives your disbursement your file will be reviewed for completeness, your enrollment status will be confirmed and then your disbursement will be forwarded to the Bursar's Office. The Bursar will notify you via email that a disbursement has been received for you.
Q: When will I receive my refund check?
A: Once your tuition balance has been paid and if you have a credit amount remaining on your student account, a refund check will be issued to you. It takes approximately 5-7 business days (time frame can vary depending on the Bursar's Office schedule) from the date that the credit appears in your account for the Bursar's Office to create a refund check. The Bursar's Office will notify you via email when the check is ready to be picked up in Room 290 at the IIT Downtown Campus.
Q: When will my scholarship be posted to my student account?
A: Scholarships are generally posted after the end of the add/drop period. This is usually 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.
