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Financial Aid
Continuing Students
All continuing students must submit either a renewal or orig- The priority date for financial aid consideration is March 15.
inal FAFSA to the Department of Education by March 15. FAFSAs are available at the Student Services Center.
Federal Financial Aid Programs
Federal Pell Grant (SAR). If a student does not qualify for a Pell Grant, he or
A Federal Pell Grant is a federal grant that does not have to she may still be eligible for other forms of financial aid. The
be repaid. Pell Grants are awarded only to undergraduate stu- Pell Grant levels for this academic year have not yet been set,
dents who have not earned a bachelor’s or professional degree. but the maximum Pell Grant award for the 1998-99 academic
Pell Grants are awarded based on demonstrated financial year was $3,000 for a full-time student attending for a full
need. Students apply for a Pell Grant by filing the FAFSA. year. Students can designate IIT as a SAR recipient by using
All students who file the FAFSA receive a Student Aid Report the code 001691 in section H of the FAFSA.
Federal Supplemental Opportunity Grant (FSEOG)
A FSEOG is a federal grant that does not have to be repaid. exceptional financial need. Students apply for the FSEOG
This grant is for undergraduate students who demonstrate by filing the FAFSA.
Federal Perkins Loan
A Federal Perkins Loan is a low-interest (5 percent) federal school or drops below half-time attendance, there is
loan for both undergraduate and graduate students with a nine-month, interest-free grace period before the student
exceptional financial need. IIT is the lender, and the loan is begins repayment. All repayments are made to IIT on a
made with government funds. There is no interest charged quarterly basis. Students apply for a Perkins Loan by filing
while the student is attending school. When a student leaves the FAFSA.
Federal Work Study Program (FWSP)
The FWSP provides salaries for jobs for undergraduate and minimum wage or higher, depending on the type of work
graduate students with demonstrated financial need. Students performed. Students are paid by the hour and receive a
awarded FWSP funds can earn money to help pay education paycheck. FWS students are not permitted to work more
expenses. Students can work either on- or off-campus. Off- than 20 hours per week during the academic year and
campus jobs will be with private, non-profit organizations may not work during their scheduled class times. Students
or public agencies that encourage community service work. apply for FWS by filing the FAFSA.
Students awarded FWS are paid at least the current federal
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 for new loans is set
on July 1 and will vary annually. The maximum rate is 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.
The Subsidized Stafford Loan is awarded based on demonstrated
financial need, and students do not pay interest on
the principal while they are in school. The Unsubsidized
IIT Undergraduate Bulletin 1999-2001
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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.
Stafford Loan is not awarded based on demonstrated financial
need; however, interest is charged from the time that the loan
funds are disbursed to the student. Students have the option
of paying the interest or having the interest added onto the
principal. Fees of up to 4 percent are charged on each loan,
and these fees are deducted before a student receives the loan
funds.
PLUS loans enable parents with a good credit history to borrow
money to help pay education expenses for their
dependent undergraduate student. The interest rate is set on
July 1 and varies annually. The maximum rate is 9 percent.
Students apply for all FFELP loans by filing the FAFSA.