In 2022, tuition for full-time Illinois Institute of Technology students was $49,643 a year.
In 2023, tuition increased 2%–from $48,670 the prior year. On average, college tuition goes up about 3% every year.
Remember, the displayed price of tuition doesn't mean much if you plan to use financial aid to help pay for college. Many students owe much less than the sticker price after grants, scholarships, and tuition discounts are awarded. Additionally, student loans can make thecost of college feel more doable until you've finishing school and found a job.
Illinois Institute of Technology meets 0.8% of the demonstrated financial need for undergraduates. The average financial aid package for a full-time, first-year student at Illinois Institute of Technology is around $45,551 a year.
Graduates in the class of 2023 had an average of $29,690 in student loans per borrower.
Illinois Institute of Technology is a private, nonprofit institution, so it has the same tuition for residents of Illinois as it does for residents from other states.
Public schools receive funds from the state to help them cover costs. Public, state schools can offer lower tuition for students who meet the requirements for in-state residency.
Choosing a college where you qualify for in-state status can cut the cost of college tuition. Don't forget to check your state's guidelines for how to qualify for in-state tuition. Every state has its own rules about what makes someone eligible for in-state tuition. In many states, students must have lived in the state for 12 months before starting school to qualify for in-state tuition. There may be other criteria as well, depending on where you live.
Tuition at Illinois Institute of Technology is the same for each student.
International students are not eligible for federal financial aid, but may qualify for private or Illinois Institute of Technology-specific aid and scholarships.
International students without financial need may be eligible for merit-based institutional scholarships.
In addition to the cost of tuition, there are other costs associated with college, like room and board, facility fees, and books and supplies. Let's take a look at what impacts these costs, and what to expect at Illinois Institute of Technology.
Room and board at Illinois Institute of Technology is $16,528 a year. This covers the cost of living in dorms or other on-campus housing, plus a dining plan that allows you to eat all or some of your meals the school dining facilities.
Meal-plan costs may vary depending on how many meals are included in the plan you choose.
The cost of books often surprises first-year college students. The real cost of books depends on the courses you take and what kinds of books and materials they require. To save money, many students choose to use books from the library or buy used textbooks and materials.
The majority of colleges charge some yearly fees to offsets cost associated with maintaining facilties, like the library, gym and computer labs.
Keep in mind, there could also be other costs associated with participating in special activities, like Greek Life, or playing on an intramural sports team. Most colleges offer resources so that those with financial need to get help covering these fees.
The total cost of transportation in college can really vary. Will you take a subway, car or an airplane to get to school? Will you need to pay to park on-campus? Is the campus walkable? Do you plan to bring a car or are you planning to use busses, subways, or other modes of transportation? All of these factors can make a big difference in your estimated cost of transportation. Keeping in mind, first-year students are allowed to park a car on campus.
The location of a college or university can impact the amount you'll have to spend just to get around. Small, rural schools may be easier to get around, but the cost of getting to campus may be higher. On the other hand transportation in a city is often pricey, but cities may offer more buses, trains or affordable flights to actually get to school. The Illinois Institute of Technology campus is located in a city in Illinois, not far from Chicago.
When creating a budget for college, be sure to take into account personal expenses, like movies, takeouts, furniture or appliances for your dorm or housing, and essentials like laundry detergent, toothpaste and toilet paper.
Now, let’s do a rundown of all of the costs associated with college, to get a better estimate of how much students can expect to shell out for Illinois Institute of Technology.
What will the cost of attending Illinois Institute of Technology be? Here is a breakdown of tuition and expenses.
|2023 Total Tuition and Expenses
|Room and Board
The total estimated cost will vary depending on whether you are going to live on-campus or off-campus.
|Total Estimated Costs
The breakdowns above provide a good estimate of the total cost of attendance before financial aid and scholarships. Tuition and fees may vary depending on program, course level, location, and more.
The majority of Illinois Institute of Technology undergrads use financial aid to help pay for school. In 2023, 1,795 of the 3,046 undergrads enrolled received financial aid. Illinois Institute of Technology meets 0.8% of the demonstrated financial need for undergraduates.
The average financial aid package for a full-time, first-year student is around $45,551 a year. Around 60% of Illinois Institute of Technology undergrads take out student loans to cover any remaining costs. Illinois Institute of Technology graduates who have student loans graduate with an average of $29,690 of student loan debt.
The average debt for each loan type varies.
|Average Debt By Loan Type
|Illinois Institute of Technology-Specific Loans
|Most Common Loans for Illinois Institute of Technology Students
Most students take out institutional or government loans, because they tend to have lower interest rates and more flexible repayment options than private loans. Loans from the federal government can be subsidized or unsubsidized. Subsidized loans do not accrue interest during school, while unsubsidized loans begin accruing interest at the time the loan is issued. If students do no qualify for enough federal loans to cover the cost of tuition, some take out private loans. Parents can also take out ParentPLUS loans, which are government loans for parents who are helping their children pay for college.
The Free Application for Federal Student Aid (FAFSA) helps colleges determine how much financial need students and their familes have, so they can offer a financial aid package that meets, or come close to meeting, their need. For more information on Illinois Institute of Technology financial aid, keep reading, or visit their financial aid website.
Some students may receive grants and scholarships to help pay for college. Unlike loans, scholarships and grants do not have to be paid back.
In 2023, Illinois Institute of Technology awarded 1,794 need-based scholarships to students, giving away total of $72.1 million to help students with financial need cover the cost of school. An additional $29.05 million in merit-based scholarship money was awarded to students without demonstrated financial need.
The net price of college is the actual cost of attending a school for one year. Net cost is calculated by subtracting any scholarships, grants or other aid that does not need to be paid back from the total cost. Student loans are not part of the calculation, because they need to be repaid.
Now that we have a sense of the total estimated costs for Illinois Institute of Technology students, we can subtract the average financial aid package to find the estimated net cost. Net cost can vary depending on a students’ need and the financial aid award received.
When considering whether a school fits your budget, it is important to consider the estimated net cost, not just the sticker price of tuition. Often, schools with the highest tuition also offer the most generous aid packages, so estimate your net cost before eliminating a school because it does fit your budget.
The average amount of financial aid received by a full-time first year student with demonstrated need at Illinois Institute of Technology was $45,551 in 2023. By substracting the average financial aid package from the estimated costs, we get a number that may make the cost of Illinois Institute of Technology seem more manageable.
|Estimated Net Cost for Full-Time Students
What will attending Illinois Institute of Technology really cost you? The answer depends on several factors.
As of 2011, colleges are required to have a net price calculator on their website to help prospective students and their families understand the actual cost of attending that school, based on their financial situation. You can find the Illinois Institute of Technology's net cost calculator on their website.
Some students choose to use payment plans to make the cost of tuition fit more comfortably in their budget.
Students cannot pay tuition in installments. Contact the financial aid office to verify this and discuss options.
Schools sometimes waiver tuition for certain groups, to make attending more affordable. Some colleges offer tuition waivers for faculty, staff, and their families , underrepresented students, or military students. Even if you qualify for a waiver, other expenses and fees are the responsibility of the student.
Check the financial aid website for more information on payment plans and tuition waivers.
An endowment is the total value of a school's investments, donations, and assets. Endowment is not necessarily an indicator of the quality of a school, but it can give you a sense of how much money a college can afford to invest in expanding programs, improving facilities, and supporting students.
Illinois Institute of Technology's endowment was valued at $235.5 million in 2023, compared to a national average of $905 million. The school spends $12,908 for each full-time student enrolled.
To learn more about Illinois Institute of Technology, choose from the options below:
Visit the College Confidential forums to join the conversation about Illinois Institute of Technology