Institutional scholarships for students are applied to student accounts on the first day of classes each semester, providing full-time (12 credit hours for undergraduates, 9 credit hours for graduates) enrollment or approved part-time enrollment. Graduate student scholarship, assistantship, or fellowship funds are applied when the academic department processes the funding via the Office of Financial Aid or the Office of Student Accounting, depending on the type of funding.
All federal financial aid awards are paid to students on the first day of class, providing all requirements, including all applicable promissory notes, have been satisfied and the student is enrolled at least half-time (6 hours for undergraduates, 4.5 hours for graduates). Requirements are listed on the myIIT portal, under the "Finances" tab in the "Eligibility Requirements" section. The Office of Financial Aid communicates with students via email regarding all additional information needed.
Regulations governing the administration of the Federal Perkins, Federal Stafford, and the Federal PLUS Loan programs require institutions of higher learning to distribute funds in at least two equal installments—one in the fall semester and the second at the midpoint of the enrollment period (normally, the spring semester).
Scholarships, grants and loans administered by the Office of Financial Aid are first applied directly to student accounts to pay for tuition, fees, university-operated housing, and other applicable university charges.
Students whose financial aid exceeds the charges on their student account will receive these funds (referred to as a "refund") to pay other educationally related expenses in accordance with the Office of Student Accounting refund process.