Federal Loans

The Direct Loan Program includes the Unsubsidized Stafford Loan and the PLUS loan. When you complete a FAFSA you will automatically be offered all of the loans that you are eligible to apply for. You are required to actively accept or decline your loans on the myIIT portal.

The Office of Financial Aid recommends students borrow conservatively, and does not encourage students to borrow unnecessary federal student loan funds.

Federal Direct Unsubsidized Loan

  • Not based on financial need
  • $20,500 maximum amount per academic year
  • $138,500 maximum lifetime limit 
  • 6.08% fixed interest rate as of July 1, 2019-July 1, 2020 and starts to accrue once loan is disbursed
  • 1.059% loan origination fee deducted at disbursement for loans first disbursed on or after October 1, 2019 and before October 1, 2020
  • Repayment begins 6 months after student graduates or is not enrolled at least half-time
  • Deferment and forbearance available 
  • Variety of payment plans available 

Click here for Unsubsidized Loan Requirements

Federal Direct Graduate PLUS Loan

  • Credit based
  • Not based on financial need
  • No lifetime limit
  • Annual limit is Cost of Attendance minus any other financial aid
  • 7.08% fixed interest rate as of July 1, 2019-July 2020 and starts to accrue once loan is disbursed
  • 4.236% loan origination fee deducted at disbursement for loans first disbursed on or after October 1, 2019 and before October 1, 2020
  • Repayment starts immediately once the student graduates or ceases to be enrolled at least half time. However, if a student has also borrowed the Federal Direct Unsubsidized Loan, repayment is automatically aligned with the six month grace period, and starts once this expires.
  • By accepting the loan you are authorizing a credit check to be performed and the loan to be processed with Direct Loans
  • Students may appeal the credit decision or provide a co-signer to Direct Loans if denied
  • Deferment and forbearance available
  • Variety of payment plans available 

Click here for Plus Loan Requirements