by our College Data Analytics TeamMost students will never be charged the full sticker price of a school. Rather, they are offered a financial aid plan that includes a mix of loans, grants, scholarships, and possibly work-study opportunities. The price tag of going to Illinois Institute of Technology can appear overpowering, but remember that the majority of students obtain some kind of financial assistance.
Just what financial aid solutions can Illinois Tech provide, and just what are you going to be eligible for? Keep reading for answers. Read on to find out how much school funding will be available to you.
How much aid you qualify for depends largely on your family’s financial circumstances. Use the information below to understand how much financial assistance you may get from Illinois Institute of Technology.
Colleges use loans, grants, scholarships and work-study to minimize what students actually pay out of pocket. However, some types of aid are more desirable than others, and some students will receive more than others.
Looking at the entering class at Illinois Institute of Technology, 100% of new full-time first-years were awarded at least some aid roughly 528 students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 100% | $44,547 |
| Institutional grants & scholarships | 100% | $37,714 |
| Federal Pell grants | 47% | $6,163 |
| State/local grants | 43% | $7,900 |
| Federal student loans | 35% | $5,085 |
The best aid is gift aid: grants and scholarships that carry no repayment obligation. At this school, roughly 83% of the undergraduate population received grant aid that averaged $38,732 (covering around 2767 students).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 83% | $38,732 |
| Federal Pell grants | 30% | $5,709 |
| Federal student loans | 29% | $6,636 |
For students living on campus and receiving title-IV aid, grants averaged $49,739.
Because need-based aid scales with family income, what students actually pay differs sharply across income brackets.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $14,038 |
| $30,001 – $75,000 | $15,983 |
| Over $75,000 | $28,180 |
Each figure is the net price after grants and scholarships, not the published sticker price.
Net price is the average annual cost after grants and scholarships are subtracted from the published cost of attendance — the figure closest to what a typical aid-receiving student actually pays.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $18,425 |
| Off-campus title-IV students | $19,353 |
For a customized cost estimate, visit Illinois Tech’s NPC: www.iit.edu/admissions-aid/tuition-and-aid/undergraduate-costs-and-aid/net-price-calculator.
The median federal debt load at Illinois Tech comes to $20,687 of federal borrowing.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $20,687 |
| Median federal debt (graduates only) | $25,000 |
| Typical 10-year monthly payment (graduates) | $265.04/mo |
Spreading the median graduate debt over a standard 10-year repayment schedule works out to roughly the monthly payment shown above.
The numbers below show the full range, not just the middle of the distribution. These percentiles trace how cumulative federal debt is spread among borrowers at Illinois Tech.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $5,500 |
| 25th percentile | $11,215 |
| 75th percentile | $31,000 |
| 90th percentile (highest-debt students) | $39,500 |
Median debt varies by family income, by first-generation status, and by dependency status.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| Low income | $22,500 |
| Middle income | $19,000 |
| High income | $20,500 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $20,687 |
| Continuing-generation students | $20,750 |
Dependent vs Independent Students
| Cohort | Median federal debt |
|---|---|
| Dependent students | $19,500 |
| Independent students | $30,250 |
The figure below distills the debt data into a single burden category for Illinois Tech.
Most undergraduate borrowing runs through the federal Stafford loan program. These figures summarize annual Stafford program activity at Illinois Tech:
| Metric | Value |
|---|---|
| Stafford loan recipients | 12965 |
| Total Stafford loan amount | $448,095,386 |
Veterans and active-duty service members may qualify for the Post-9/11 GI Bill or DoD Tuition Assistance.
Post-9/11 GI Bill activity
| Metric | Value |
|---|---|
| GI Bill recipients | 25 |
| Total GI Bill amount | $395,578 |
| Average GI Bill amount per recipient | $15,823 |
Active-duty Tuition Assistance recipients
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 0 |
| Total DoD amount | $0 |
References
More about our data sources and methodologies.