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Continuing Students
All continuing students must submit either a renewal
or original FAFSA to the U.S. Department of Education
by April 15, which is the priority date for financial aid
Federal Financial Aid Programs
Federal Pell Grant
A Federal Pell Grant is a federal grant that does not
have to be repaid. Pell Grants are awarded only to undergraduate
students who have not earned a bachelor’s or
professional degree. Pell Grants are awarded based on
demonstrated financial need. Students apply for a Pell
Grant by filing the FAFSA. All students who file the
Federal Supplemental Educational Opportunity Grant (FSEOG)
An FSEOG is a federal grant that does not have to be
repaid. This grant is for undergraduate students who
demonstrate exceptional financial need. Students apply
for the FSEOG by filing the FAFSA. IIT strongly encour-
Federal Perkins Loan
A Federal Perkins Loan is a low-interest (5 percent) federal
loan for both undergraduate and graduate students
with exceptional financial need. IIT is the lender, and the
loan is made with government funds. There is no interest
charged while the student is attending school. When a
student leaves school or drops below half-time attendance,
there is a nine-month interest-free grace period before the
Federal Work Study Program (FWSP)
The FWSP provides salaries for jobs for undergraduate
and graduate students with demonstrated financial need.
Students awarded FWSP funds can earn money to help
pay education expenses. Students can work either on- or
off-campus. Off-campus jobs will be with private, non-profit
organizations or public agencies that encourage community
service work. Students awarded FWS are paid at least
the current federal minimum wage or higher, depending on
the type of work performed. Students are paid by the hour
Federal Family Education Loan Program (FFELP)
The FFELP loan program includes the Stafford subsidized
and unsubsidized loan programs for undergraduate
and graduate students, as well as the Parent Loan for
Undergraduate Students (PLUS) Program. The Stafford
Loan Program provides low-interest loans to assist students
with paying educational costs. The interest rate set
for new borowers after July 1, 2006 will be a 6.8 percent
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Copyright & Disclaimer Information: Copyright © 1994, 1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007. CollegeSource®, Inc. and Career Guidance Foundation. CollegeSource® digital catalogs are derivative works owned and copyrighted by CollegeSource®, Inc. and Career Guidance Foundation. Catalog content is owned and copyrighted by the appropriate school. While CollegeSource®, Inc. and Career Guidance Foundation provides information as a service to the public, copyright is retained on all digital catalogs.
consideration. FAFSAs are available online at
www.fafsa.ed.gov.
Financial Aid
FAFSA receive a Student Aid Report (SAR). If a student
does not qualify for a Pell Grant, he or she may still be
eligible for other forms of financial aid. Students can designate
IIT as a SAR recipient by using the code 001691 in
Section H of the FAFSA.
ages all students who wish to be considered for SEOG to
submit the FAFSA to the Department of Education by the
April 15th deadline. These awards are limited and
awarded on a first-come, first-served basis.
student begins repayment. All repayments are made to
IIT on a quarterly basis. Students apply for a Perkins
Loan by filing the FAFSA. Students who wish to be considered
for the Federal Perkins program are strongly
encouraged to submit the FAFSA to the Department of
Education by the April 15th deadline. These awards are
limited and awarded on a first-come, first-served basis.
and receive a paycheck. FWS students should not work
more than 20 hours per week during the academic year
and may not work during their scheduled class times.
Students apply for FWS by filing the FAFSA. On-campus
jobs are advertised at www.cdc.iit.edu. Off-campus jobs are
also advertised by the Career Development Center. This
office also assists students in finding summer employment
and permanent jobs after graduation.
fixed rate. Students with a previous loan will continue to
have a variable interest rate. The interest rate will
change annually on July 1, with a mazimum of 8.25 percent.
These loans must be repaid over a period of time
after a student leaves school. The funds for these loans
come from banks, credit unions or other participating
lenders.
IIT Undergraduate Bulletin 2006–2008 17