Illinois Institute of Technology is a private university located in Chicago, Illinois. The Institute was formed in 1940 by the merger of Armour Institute of Technology (founded in 1893) and Lewis Institute (founded in 1895). It is a member of the Association of Independent Technological Universities, a group that includes Caltech, Carnegie-Mellon, MIT, and RPI.

The main goal and mission of the Illinois Institute of Technology is to educate people from all countries for complex professional roles in a changing technological world and to advance knowledge through research and scholarship.

The Institute strives to advance knowledge through research and scholarship, to cultivate invention improving the human condition, and to educate students from throughout the world for a life of professional achievement, service to society, and individual fulfillment.

The Institute offers programs in engineering, science, psychology, architecture, business, communications, industrial technology, information technology, design, and law.

Many working professionals and full-time students pursue their degrees or certificates via IIT's online programs. There are numerous online programs currently offered. Distance Learning in INDIA and other global activities are also available. These initiatives are coordinated by the IIT Office of International Affairs.

The staff of the institute will assist students in developing customized training in cooperation with IIT Online, IIT's televised and Internet course delivery division. The institute is committed to quality remote learning and to making innovative use of technology for increased learning outcomes for the professional learner.

Illinois Institute of Technology recognizes paying for a high-quality education as a primary concern for students and their families. More than 97 percent of IIT students receive some form of financial assistance — from scholarships, loans, work-study, or a combination of these resources.

This aid is available in grants, scholarships, Federal Work Study, loans and other resources for which students may be eligible. The financial aid process begins when a student completes and submits the Free Application for Federal Student Aid (FAFSA) for each award year. Office of Financial Aid manages the financial aid process for all undergraduate students.

Financial aid funds are generally credited directly to students tuition account. Nevertheless, financial aid funds cannot be credited to student account until promissory notes are signed, entrance interviews are completed, and federal verification documents are submitted, if necessary.