What Your Costs Will Be
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Financial Aid programs were created with the idea that the primary responsibility for paying college costs rests with the student and his or her family. It is wise for you to plan your own budget and assess the resources you will need to meet your actual expenses. This Cost Estimator will help you calculate your budget and then determine the amount you and your family will need to contribute and borrow.
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Please note that loan amounts listed on your Award Letter are the gross amounts and loan fees may be subtracted from the listed amount. This Cost Estimator is only meant to serve as a planning tool and your account is subject to change. |
| Tuition and Fees |
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Tuition and Fees: Varies by major and academic level. May also include lab fees. See http://www.enrollment.iit.edu for specific rates |
| Room and Board |
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Room & Board: Includes McCormick Student Village and Meal Plan. Note the different rates between McCormick Student Village and State Street Village. If you are living off campus, be sure to include your rent, security deposit, utilities, groceries, and other expenses. |
| Books and Supplies |
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| Personal/Misc. |
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Miscellaneous expenses can include laundry, entertainment, medical/dental, and personal items. IIT budgets fulltime undergrads at $2,100 and fulltime grads at $1,600. |
Total Estimated Budget
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| How Much Will You Need to Pay or Borrow |
| By using the Total Estimated Budget and entering the award from your Award Letter, you will be able to complete this Cost Estimator. This will help you to see what you and your family will need to pay or borrow to cover your college costs. |
Total Estimated Budget
(from above) |
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Grants and Scholarships Listed on Your Award Letter |
| Grants |
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| Scholarships |
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| Other |
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Balance of Estimated Expenses You Need to Pay |
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| (EFC) Amount You/Your Family Can Contribute |
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| You can borrow a PLUS Loan or unsubsidized loan if you have no savings. The Estimated Family Contribution (EFC) from your Student Aid Report (from your FAFSA) is based on the required Federal Methodology formula. For this Cost Estimator, consult your family and fill in the amount YOU think you and your family can realistically contribute. |
Work-Study Award (from Award Letter)
This money is paid to student though a biweekly paycheck. |
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Loans Offered on Award Letter
Add these figures to reveal your total educational loan debt for this year. Consider what this amount will be for all the years you are in college. Remember what you borrow today, you will have to pay back after you graduate. |
| (You must repay this upon graduation or if you fall below halftime status) |
| Federal Perkins |
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| Federal Subsidized Stafford Loan |
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| Federal Unsubsidized Stafford Loan |
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| Federal Parent PLUS Loan |
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| Private Loan |
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| Other |
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Final Amount You and Your Family Will Need to Pay |
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