(Step 6 - Apply for Financial Aid)
All student loan funds are disbursed 10 days prior to the start of each term, if a student has completed all requirements in advance.
Anytime you accept a loan on the myIIT portal, you will receive a Loan Disclosure Statement from the Department of Education's Direct Loans Program. This is in effort to ensure that students receive information regarding their loan disbursement when their funds are posted to their school's student account. The Department of Education wants to make sure that students are aware of their loan obligations when they receive the funds.
The date of disbursement indicates the day that the Direct Loan Program will schedule your loan to be released electronically to your student account. Our office must verify your enrollment and eligibility before the funds can be credited to your tuition account. This process may take approximately 1-3 days beyond the scheduled disbursement date.
If you have a credit balance in your account after scholarships, loan funds, and any outside resources have been credited to your account, the Student Accounting Office may process a refund for you. You can sign up for direct deposit of these funds to your personal bank account on the myIIT portal. Please contact the Student Accounting Office directly at (312) 567-3785 or via email at email@example.com for any questions about the refund process.