How do I know if I am eligible for financial aid?
Click here for information regarding eligibility.

How do I apply for financial aid?
Click here for a flow chart that describes the financial aid application process.

How do I make changes to my financial aid award? As a new student, you can make changes to your financial aid award by indicating the changes on your paper Award Notification Letter and returning it to our office. Continuing students can make changes on Web for Students or by contacting our office via email.

I have been awarded a Federal Stafford Loan. Why do I have to choose a lender?
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. If you have been awarded a Federal Stafford Loan, please contact the Office of Financial Aid for a list of preferred lenders.

I will be borrowing loan money to cover my living expenses. How will I receive this money?
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). When we receive the funds they are first applied toward any charges on your account. If the receipt of loan funds creates a credit in your account, you will receive a refund check.

When will I receive my refund check?
It takes approximately 5-7 business days 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 Downtown Campus.