As a prospective college student evaluating your options for higher education, cost is undoubtedly an important factor in your decision-making process. When considering Illinois Institute of Technology, located in the heart of Chicago, it is wise to understand the total cost of attendance and options available to help make an IIT education affordable. According to the university’s website, for the 2022-2023 academic year, the total cost of attending IIT including tuition, fees, room, board, and other expenses for incoming freshmen is $62,560. While this number may initially seem daunting, the majority of IIT students do receive some form of financial aid and scholarship. By exploring the various pathways to an affordable IIT degree, you can gain access to an esteemed STEM-focused education that will prepare you for career success. With the right combination of scholarships, and cost-saving strategies, an IIT education may be within your reach.
Educational cost and Expenses at Illinois Established of Innovation
The cost of attending Illinois Institute of Technology for an academic year will depend on whether you are an undergraduate or graduate student. According to the school’s website, undergraduate tuition for the 2022-2023 academic year is $45,524 per year, while graduate tuition ranges from $17,136 to $45,524 per year depending on your program of study.
In addition to tuition, you will need to budget for mandatory fees like the student life fee ($390 per semester), student health insurance ($2,094 per year), and campus housing (between $6,738 to $14,838 per year for a shared room). The total estimated cost of attendance for an undergraduate living on campus during the 2020-2021 school year is $63,116. For graduate students, the total cost will vary significantly based on your housing situation and program.
To help make an IIT education more affordable, the university offers a number of scholarships, grants, student employment opportunities, and loan options. Merit-based scholarships for incoming undergraduate students include the Presidential Scholarship of $10,000 to $25,000 per year and the Founder’s Scholarship of $5,000 per year.
Additional Costs to Consider at IIT
Housing and Meals
On-campus housing and meal plans will add significantly to your total cost of attendance. Living in IIT residence halls and participating in meal plans can cost between $10,000 to $15,000 per academic year. Off-campus housing in Chicago can vary greatly depending on location and amenities, but often costs between $500 to $1,500 per month for a one-bedroom apartment.
Getting around Chicago and commuting to campus requires money for public transit fares, gas, parking, ride-sharing, or other options. CTA bus and ‘L’ train fares are $2.50 per ride. Metra commuter rail fares range from $2.50 to $7.50 each way depending on distance. Monthly CTA passes offer unlimited rides for $75 to $105. Having a car in the city also means paying for insurance, parking, gas, and potential parking tickets.
Books and Supplies
The cost of required textbooks, software, tech devices, art supplies, or other materials will vary significantly based on your field of study and course load. Budget at least $500 to $1,500 per semester for books and supplies. Some courses may require one-time purchases of equipment like graphing calculators, drafting tools or specialized clothing that can add to your initial costs.
Various student services, activities and facilities at IIT like health insurance, athletic facilities, and career services typically charge additional mandatory or optional fees. Be sure to budget for any relevant fees associated with your program, residency, or extracurricular activities.
With prudent budgeting and cost management, the total cost of your degree at Illinois Institute of Technology can remain reasonable despite the additional expenses beyond tuition. Make the most of your investment by taking advantage of the opportunities and resources available to you as an IIT student.
Ways to Save on the Cost of Attending IIT
Apply for Scholarships and Grants
IIT offers merit-based scholarships and need-based grants for both incoming and current students. Incoming freshmen are automatically considered for merit scholarships based on their high school GPA and test scores. Current students can apply for scholarships through the IIT portal. Needs-based grants are also available for students with a FAFSA EFC of $0 to $25,000.
Take Advantage of the Net Price Calculator
Use the Net Price Calculator on IIT’s website to get an estimate of your total cost of attendance based on your unique situation. Input information about your family’s income, assets, and number of family members in college to determine your potential need-based grant and final costs.
Consider Work-Study Programs
IIT’s Federal Work-Study program provides jobs for undergraduate and graduate students with financial need. Working part-time on or off campus can provide income to help pay for tuition and living expenses. Jobs may involve research, tutoring, resident advising, and more. Students earn at least $10 per hour and are paid biweekly.
Explore Alternative Housing Options
Living off campus can save thousands per year on room and board. Look for apartments within walking distance or along public transit routes to stay connected to campus life. Sharing an apartment with roommates is an affordable option for students. IIT also offers family housing for students with spouses, domestic partners, and children.
By taking advantage of the resources and programs IIT offers, you can achieve your goal of earning a degree from this prestigious university at a lower cost.
You now have a better sense of what you can expect to pay for a degree from Illinois Institute of Technology. While the total cost of attendance is on the higher end for private colleges, IIT does offer generous merit scholarships and need-based aid for those who qualify. By living off-campus after your first year and taking advantage of work-study programs, you may be able to lower the overall cost. An IIT education is a worthwhile investment that can pay off through networking opportunities, career support services, and a degree from a top-ranked school. Though the price tag may seem steep, you will gain knowledge and experiences that stay with you for life.