I’m going to Illinois Institute of Technology (IIT) for another 3 years and every year I have to take out $9,678 worth of loans every year. My major is engineering and I have already taken many of my classes at a community college and I predict I just have 3 more years of schooling left. How much is to much when it comes to taking out loans ? Would you consider a different school?
What other schools would you consider? How do they compare? Since you have succeeded at community college and been able to transfer, you sound like you are on your way toward a degree in engineering, and not a risk to drop out. Compared to someone NOT finishing a 4 year degree, the 30K would be a great investment.
Yes I finished at a community college in the Fall of 2015. There I attainted my Associates in Science degree. Now I am going to (IIT) for Mechanical Engineering to obtain my Bachelors Degree. From talking with a finicial aid advisor today they told me I would have to take out $9,568 worth of loans every year. I predict I just need to fulfill 3 more years of school because my school goes by semesters. So I have the fall and spring semester each year. Thank you for that I feel much more confident with my investment. IIT offered me the Presidential scholarship which pays $12,500 for tuition and $5,000 for room and board. The other in schools I applied for like to UIUC, Univeristy of Iowa, University of Illinois at Chicago and Purdue University did not offer me as much money and required me to take out way more loans.
For a MechE degree it’s doable. The loan principal amount is only slightly more than the loan limit for a federally subsidized student loan.
You should be able to get some internships or co-ops where you can make a good chunk of that every year. A friend of my daughter’s (at another Tech school) earned $20k this summer in Alaska. I’m sure she spent some of it living there and traveling, but still has some for this upcoming year.
IIT is less well-known than the other 4 you mentioned (at least to me in North Carolina) but had a higher SAT and ACT Freshman profile than each of them except for UIUC. (Although the scores of the applicants to engineering at those schools will be higher than the school average). Going to the least expensive school is not a good decision if the school is mediocre, but IIT is a great school. You are making a wise financial choice.
COA of IIT:
Total is $62,211. Great deal if all you have to pay is $9,568.
If you have been classified as a junior, you can only borrow $7,500 with the standard student loans. Did the financial aid office award you some Perkins Loans as well?
My Stafford Student Subsidized Loan is 4,500 ---- 4.29 interest rate
Stafford Student Undergraduate Loan is 2,000 ------ 4.29 interest rate
Perkins Loan is 2,000 ------------- 5.0 interest rate
Plus the financial aid lady told me I would have to take out an additional 1,447 loan. I have no idea how much this interest rate will be. For this I would have to have my mom cosign for me. She does not have a good credit history and I know for a fact she will be denied.
So my loans add up to 9,947 every year.
This has really discouraged me about school. Like maybe I should wait a year and keep applying to more schools and scholarships. Although I was awarded the Presidential scholarship at (IIT) I can put it off a semester or a year. Any advice? I am so lost :l
Many people on here are even saying (IIT) is not a good school for engineering… I could be wasting my time going there.
‘People’ are not correct. IIT is a good school for engineering. Do you not have 60 credits to transfer? They are giving you the sophomore loan amount of $6500, (and those interest rates are last year’s rate; this year it is 3.76) not the junior level of $7500. If you could get that extra $1000 you could just earn the additional $500.
I think you have a good deal and should make it happen. Next year you may have to borrow less if you get a good internship for the summer. Can you get a job on campus right away?
IIT is not as widely known outside the area - it’s certainly not one of the schools that pop up all the time when asked where to go for engineering. Just because it doesn’t have high name recognition does not mean it isn’t a good school. IIT offers quite a number of accredited engineering degrees and has a solid reputation with those who have heard of it.
If it was an non-accredited engineering program that would be different.
Yes I have exactly 60 credit hours I will call the IIT financial aid office and talk to them about that thank you kindly for the information. I saved up almost $2,000 while working at my part time job this summer and I will definitely be able to pay the $500. Thank you so much your reassurance is allowing me to keep the faith <3 .
This is a reasonable amount of debt for an engineering degree, assuming you can graduate. If your physics and math grades from community college are good, the odds are in your favor.
Be sure to make connections at the internship office as soon as possible after you start school. Engineers need internships to build their resumes, and they generally pay well. You could have less loans in the following years if you get good internships.
@InigoMontoya, it is well know among the Tech school groups, and with employers.
@twoinanddone - which is why I said it’s “not widely known” outside the area. I didn’t say no one has heard of it. I’m sure it’s well known among tech groups in the Midwest, but once you get outside of the region it doesn’t have the name recognition of something like a Purdue. Doesn’t mean it isn’t a great school, just that it’s more of a regional school. There are plenty of great colleges in the South that folks in the Midwest have never heard of. That’s where having an accredited program is critical - it sets a baseline expectation for all employers.
There is sometimes a perception that if a school isn’t mentioned a lot it can’t be good, Which is probably how the OP got the feeling people don’t think this is a great school. It’s more a “if I never heard of it then it can’t be good” than actually knowing anything negative.
You’re comparing apple to orange.
You should not have problem landing a job with an IIT engineering degree. I know that it well regarded among Chicago area businesses that hire engineers.
Exactly my point. The point I’m trying to make is that IIT is a good school, especially for engineering - but doesn’t get as much love because it’s not a big name.
There are many solid schools that don’t have high name recognition, especially outside of the Midwest, as other larger schools (like Purdue) or more prestigious schools do (like a Rose-Hulman) [NOTE: I am not equating these schools in any way - just saying if you haven’t heard of it that doesn’t mean it’s sub-par]
There are many lesser-known schools that can be more affordable for certain students.
I’m not sure why this is such an issue and don’t mean to hijack the thread so I’ll quit responding now.
@tallkekepink95 I would not let national name familiarity influence your decision. Growing up in NC, for example, I had always heard of Purdue and Kansas State and Georgia Tech, but only because of their football or basketball teams. Then when I started doing research for my daughters going to college and reading thru guidebooks, I found great STEM schools I had never heard of: Michigan Tech, Stevens, Rose-Hulman, Illinois Tech. Employers who hire engineers have heard of these, and that’s what counts.
Taking a year off, when you have a scholarship in hand? I don’t see how that would help. Good luck at IIT this fall!