#5 Best Private Colleges in Illinois

IIT Tuition & Cost

Chicago, Illinois

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How much does it cost to attend?

Sticker Price

Costs for Illinois Institute of Technology
Fee Cost
Books and Supplies$1,200
Other Fees$1,820
Room and Board $15,240
Other Expenses Budget$4,150

Annual Tuition & Costs

The annual tuition to attend Illinois Institute of Technology is $48,670. The cost is the same for both in-state and out-of-state students. Room and board fees are an additional $15,240. For educational materials, students should allocate approximately $1,200 for books and supplies plus $1,820 for other fees charged by the school. Finally, students should budget $4,150 for miscellaneous expenses throughout the year. With all these fees considered, the expected total cost to attend Illinois Institute of Technology on a full-time basis is $71,080 per annum.

All price data is sourced from the 2021/2022 U.S. Department of Education National Center for Education Statistics survey.

Net Price

The average reported annual net price for Illinois Institute of Technology for students receiving grants or scholarship aid was $28,161 in 2019/2020. Net price includes tuition and required fees, books and supplies, and average cost for room and board and other expenses

The net price provides a more realistic estimate of the true cost of attending Illinois Institute of Technology, once common grants and scholarships have been taken into account. It's important to note that this net price can fluctuate based on factors such as family income and individual financial need.

Average Net Price 2019/2020

Net Price by Income Illinois Institute of Technology
Family Income Net Price Paid
$0 to $30,000$18,515
$30,001 to $48,000$21,101
$48,001 to $75,000$22,339
$75,001 to $110,000$24,673

Financial Aid

100% of full-time undergrad Illinois Institute of Technology received financial aid in the form of grants, scholarships, fellowships from the institution or from Federal, State or local government agencies. This aid averaged $37,280 per student during the 2019/2020 school year. Grant and scholarship aid does not need to be paid back. 48% of students received Federal Student Loans averaging $5,350 and 6% of undergrads took out private student loans averaging $15,928.

Finanical Aid Illinois Institute of Technology
Type Avg./Student Students Receiving
Total Grant and Scholarship Aid $37,280 100%
Institutional Grants and Scholarships $34,074 100%
Pell Grants $5,063 29%
Other Federal Grants $2,003 16%
State and Local Grants $5,068 28%
Federal Student Loans $5,350 48%
Other Student Loans $15,928 6%

Student Loans

To gauge a more realistic picture of what it may really cost you out of pocket to go to Illinois Institute of Technology, we've modeled a ten year student loan with an original principal value of $77,824. The loan balance of $77,824 is a four year multiple of the $19,456 average net price. This is a estimate of what you could owe upon graduation if you were to qualify for average financial aid and what a degree really may cost. Should you not qualify for financial aid, you may owe significantly more when you graduate. Based on these assumptions, a monthly repayment of $825 could be required to satisfy your student loan.

Please note that financial aid is not guaranteed and is only available for qualifying students. Federal Student Loans are not grants and must be repaid with interest. The current Stafford loan interest rate is 4.99%.

Example Loan $77,824
Stafford Loan Interest Rate 4.99%
Time to Pay Off Student Loan 10 years
Example Monthly Payment $825.06
Total Interest Paid $21,183.67
Sum of All Loan Payments $99,007.67

Projected 4 Year Degree Price

4 Year Sticker Price

Year All Residents
1 $71,080
2 $72,770
3 $74,499
4 $76,270

Based on published tuition prices, we estimate the current cost of a 4 year bachelor's degree and living expenses at Illinois Institute of Technology to be $284,320 - assuming graduation in normal time. The estimation assumes a 2.4% annual increase over the next 4 years which has been the recent trend for this school.

Credit Hour Cost and Price per Class

Credit Hour and Class Costs at Illinois Institute of Technology
Price Per Credit 3 Credit Class 4 Credit Class
All Residents $1,517 $4,551 $6,068

Estimated cost for a class at Illinois Institute of Technology based on published credit hour prices. Note that not all schools allow single class enrollment. These prices should be used for comparison purposes as to how much it may cost to take a class at Illinois Institute of Technology versus other colleges.

Tuition Payment Plans Available

Illinois Institute of Technology Payment Plans
Tuition Payment Plan Yes
Prepaid Tuition Plan No
Alternative Tuition Plan Yes
Guaranteed Tuition Plan No

Costs for Similar Colleges 

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Primary data source, U.S. Department of Education https://nces.ed.gov/collegenavigator/?id=145725 IPEDS survey data for Illinois Institute of Technology.