$6,122

Avg. Federal Grant

$7,061

Avg. Federal Loan

$83,757,385

Total Aid Awarded

Illinois Institute of Technology Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

98%

Total Aid Amount Average Total Aid Awarded per year.

$83.757M

Financial Aid Official Website

web.iit.edu/financial-aid

Students can avail of scholarships provided by the college, such as AMVETS Post #100 Scholarship, August & Edna Zahatko Scholarship, Carnegie Dartlet $10,000 Scholarship, and Grant Program for Descendants of Police, Fire, or Correctional Officers, if they find educational expenses to be on the higher side. Notably, almost all of the college students get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $9,344,440. More information regarding the financial assistance schemes can be accessed on IIT’s official financial aid page at http://web.iit.edu/financial-aid. The total percentage of candidates applying to Illinois Institute of Technology who receive the Federal Grant is 31%. In comparison, 100% of the students are awarded the Student Grant, 100% get the Institution Grant, and 31% of the applicants receive the Pell Grant. While the Federal Grant awardees receive an average aid of $5,794, the State Grant receivers and Institution Grant beneficiaries get $4,716 and $33,859, respectively. On the other hand, the average aid received by the Pell Grant awardees is $5,032. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Those with a family income below $30,000 per annum, would get an average federal aid of $42,660 in a year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $43,557 and $41,187, respectively. Those with an annual income level of $75,001-$110,000 would receive $35,165, while candidates with more than $110,000 of family income receive an average federal aid of $31,331. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. Every year, around 51% of the applicants to Illinois Institute of Technology opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

31%

State Grant Aid

28%

Institution Grant Aid

100%

Pell Grant

31%

Average Aid Awarded

Federal Grant Aid

$6,122

State Grant Aid

$4,757

Institution Grant Aid

$31,470

Pell Grant

$4,916

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$42,398

$30,001 - $48,000

$42,119

$48,001 - $75,000

$38,721

$75,001 - $110,000

$35,274

Over $110,000

$32,101

Student Loans for Illinois Institute of Technology

Average Loan Amount Average Loan Amount received per year.

$8,010/Year

Students Taking Out Loans

53%

Loan Default Rate

2.4%

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