The 18-year-old student was struck in the 1800-block of Sheridan Road around 12:40 a.m. Saturday, according to Evanston police.
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The initial investigation revealed the victim was a pedestrian attempting to cross the Sheridan from the east side of the street. While crossing, the victim was struck by an SUV that was traveling southbound on Sheridan, police said.
After striking the victim, the driver of the SUV failed to stop and continued southbound, police added.
The victim was transported to a nearby hospital with serious injuries but has since been released.
Evanston police and Northwestern University police conducted the investigation that included reviewing surveillance video that identified the offending vehicle as a Jeep Compass and the driver as 52-year-old Javier Castaneda-Vargas, officials said.
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On Tuesday, Castaneda-Vargas was contacted by police and agreed to come into the Evanston Police Department for an interview, where he allegedly admitted to hitting the victim and driving away without rendering aid.
Castaneda-Vargas is facing a felony charge for failure to report an accident with serious injuries, according to the Cook County State's Attorney's Office.
His bond was set at $100,000 and his next court date is set for September 29 at the Skokie Courthouse.