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Credits and Refunds

Funding Your Graduate Education
Institutional and Perkins Loans

The Illinois Institute of Technology Refund Policy is maintained by the Controller's Office.

Financial Aid Refunds

Refunds of credit balances resulting from financial aid credits will be processed once the credit balance is reflected on the student account.  Students receiving federal loans, state loans and/or grants should be aware that credit for such aid may not be available until some time after the add/drop deadline.

To receive your refund, you will enroll in direct deposit through your myIIT portal. If you do not have an active bank account on file, we will not be able to deposit your refund. You will not be able to pick up a refund check in our offices

Receiving your Financial Aid refund via direct deposit

Title IV Refund Policy

Refunds from Dropped Courses

You will not be charged for courses dropped prior to the official add/drop date. Any payments made towards courses dropped prior to the add/drop date will be held as a credit on your account and applied to future charges.

Requests for refunds of credit balances due to course drop, overpayment or reasons other than financial aid will be accepted and processed when the credit balance is reflected on the student's account. The deadline to request a refund of credit balances is one month from the first day of the semester. All credit balances not requested by that deadline will be held as  a credit on your account and applied to future charges.

Tuition Overpayment

Overpaid tuition is considered a credit on your account to be applied to future charges. To request a refund from an overpayment, submit a Refund Request Form. Requests will take 7-10 business days to review, and you will be notified by email if your request is approved. The deadline to request a refund of any overpayment is one month from the start of the semester in which the overpayment was made.

Refunds must be issued back to the method of payment. If your overpayment was made via wire transfer, your refund will be issued by reverse wire transfer back to the issuing bank. Unless otherwise specified, overpayments made via third party check will be refunded back to the issuer.

No tuition will be charged and full refund will be made on any amounts paid, upon application supported by proof as necessary, under the following circumstances:

  • A course for which the student is registered is canceled by the university.
  • Student's serious injury causes incapacity to take a course

Under exceptional circumstances, such as withdrawal for involuntary military service, serious illness or action by the university, consideration may be given for a refund or credit for unused tuition upon written request to the Dean.

Electronic Refund User Guide