Close Menu

Finances

How Much Will it Cost?

Below are some avenues of funding for your education with Illinois Tech. For information on other financing options, visit the Office of Financial Aid website or contact that office directly at finaid@iit.edu or 312.567.7219.

Graduate Fellowships and Assistantships

Graduate fellowships, teaching assistantships and research assistantships are awarded by individual academic departments to a limited number of highly qualified, full-time students (usually at the Ph.D. level) at the time of admission. If you receive a funding award, you will be notified of the award in your official admission letter. Departmental funding is based on merit and not on need, and every applicant is automatically considered upon timely submission of a complete application packet. Review Application Deadlines to see upcoming Financial Consideration deadlines. No additional paperwork is required.

Armour College of Engineering Scholarships

ACE Scholarship

The ACE award is a partial-tuition scholarship for Master's level study at Armour College of Engineering that encourages participation in various educational, research, and/or leadership activities and projects that are expected to enhance your educational experience and contribute to your professional competence in your chosen field of study. All applications for Master's level study at Armour College of Engineering will be considered.

College of Science Scholarships

Science Frontier Scholarship

Illinois Tech’s College of Science offers a scholarship of up to $9,000 in the first year for master’s-level study in applied mathematics, biology, chemistry, computer science, or physics. You must be a U.S. citizen, permanent resident, or dual citizen.  You are automatically considered for the scholarship if you meet these criteria. 

This scholarship is stackable with the Illinois Tech College Scholarship/smaller scholarships. Scholarship totals can not exceed tuition cost. This scholarship is generally not available for Master of Health Physics or Master of Science in Analytic Chemistry applicants.

The award breakdown is as follows:

  • Full-time students enrolled in 9 credit hours will receive $4500 per semester for the first 2 semesters.
  • Part-time students will receive a pro-rated scholarship amount based on credit hours. Unused portions of the $9000 award can be used in the third semester.

Illinois Tech College Scholarship

The Illinois Tech College Scholarship is awarded for four semesters for College of Science students. It is a flat amount and available only for full-time students pursuing master's-level degrees in applied math, chemistry, and physics. The total Illinois Tech College Scholarship amount in any given semester will not exceed tuition charges. 

Data science Excellence scholarship

A limited number of merit-based partial tuition scholarships are available to data science students. This merit-based scholarship is awarded to the top students based on consideration of their GRE score, GPA, and academic and professional experience. This scholarship is stackable and may be used in conjunction with other scholarships awarded from the College of Science.

School of Applied Technology Scholarships

Tech Edge Scholarship

A merit scholarship only available for the Master of Information Technology and Management (ITM) program. The Tech Edge Scholarship awards graduate ITM students up to $10,000 in support toward their total graduate tuition. In order to apply for the Tech Edge Scholarship, please submit your application to attend Illinois Tech. The deadline for the scholarship is the same as your application deadline, which you can find here.

Stuart School of Business Scholarships

Launch Scholarship

As a business school within a tech school, Stuart School of Business is uniquely positioned to link highly-skilled Illinois Tech graduates to advanced degrees that prepare them to be leaders in finance. Students applying for the Master of Science in FinanceMaster of Mathematical FinanceMaster of Science in Management Science (Quantitative Finance) programs are eligible to apply for the Launch Scholarship.

Other Financial Support

Financial support for graduate study is also available from a number of other sources. U.S. citizens and permanent residents may be eligible for federal student loan and work-study programs. For information on student loans and other financing options, visit the Office of Financial Aid website or contact that office directly at finaid@iit.edu or 312.567.7219.

Payment Plans

Illinois Tech offers tuition deferral and installment payment plans. If your employer offers a tuition reimbursement plan, you may be able to apply for a deferred payment plan that will allow you to delay payment until you have received reimbursement from your employer. You must submit an application and fee and a letter from your employer in order to participate. Illinois Tech also offers installment payment plans for full- and part-time students. For further information, please visit the Student Accounting Office website or contact that office directly at bursar@iit.edu or 312.567.3785.

On-Campus Jobs

Illinois Tech's Office of Career Services maintains an online database of on-campus jobs. If you are admitted to Illinois Tech, you can create an e-Recruiting account to search for open positions after you arrive on campus and check in during orientation.

Private Loans

When selecting a private loan, consider using FASTChoice, a compilation of lenders who are selected by our staff because of their friendly lending practices. Once a student selects a lender, the student will need to apply for the loan itself. If the student is approved for a loan, the lender will contact Illinois Tech requesting we certify the loan. Upon certification of the loan, the student will receive an email within 24 hours. The loan will disburse to your account within three weeks of certification (presuming class is in session) assuming no additional information is required by the lender or the Office of Financial Aid.

Career Placement & Planning

Career Services offers resume-writing assistance, mock interviews, career fairs and job postings, information about past Illinois Tech graduates' job placements, and many other career-related services to Illinois Tech students. Career Services also provides opportunities to members of business and industry seeking to recruit Illinois Tech students. For more information, please visit the Career Services website or contact them directly at careerservices@iit.edu or 312.567.6800.