If you are awarded a Perkins Loan, you must electronically sign the Perkins Master Promissory Note before your initial loan funds can be disbursed into your student account. Your electronic signature is made with the same Federally assigned Personal Identification Number (PIN) used to sign the FAFSA.  After you graduate or leave Florida Tech for other reasons, you will be required to complete a Perkins Exit Interview and provide reference contacts.

Federal Stafford Loans
Stafford Loans come in two types. For Subsidized Loans, the government pays the interest while the student is in school.  Eligibility is based on financial need.  For Unsubsidized Loans, all interest is paid by the borrower; however, interest payments may be deferred by adding it to the principal.

Federal regulations impose both annual and lifetime limits on student borrowing under the Stafford Loan program.  There is a special limit on Subsidized Loans. There are also limits on the combined borrowing of Subsidized and Unsubsidized Loans.  In addition, there are separate limits for Freshman and Sophomore students, upper class undergraduates and graduate students.  These limits are addressed below.  The dollar figures reflect the limits that become effective with the 2007-2008 school year.

To learn How To Apply, go to Federal Stafford loans.

To learn How To Apply, go to Federal PLUS loans.

Federal Stafford Loans -- Undergrad Annual Limits:
The annual limits on Subsidized Stafford Loans are identical for both dependent and independent students:

- Freshman       $3,500 per aid year

- Sophomore     $4,500 per aid year

- Junior/Senior  $5,500 per aid year

Dependent students are only eligible for Unsubsidized Loans if a parent has first been denied credit for a Parent PLUS loan. Then the limit is the same as for independent students.

Independent students with financial need may borrow an additional $4,000 in Unsubsidized Loans as a Freshman or Sohpomore, or $5,000 as an upperclassman.  Independent students without financial need may borrow up to $7,500 as a Freshman, $8,500 as a Sophomore, or $10,500 as an upperclass student. 

Alternative Loans
Florida Tech realizes that paying for higher education is a significant financial commitment. To help families successfully manage college costs, Florida Tech has negotiated for special student rates from Key Education Resources^®  on their Key Alternative Loan^® .  Other financial institutions offer similar loan products and it is always wise for students to shop around for the best overall loan features.

For more information, check the Web sites of any of our alternative loan lenders.

Federal Stafford Loans -- Graduate Student Limits:
The annual borrowing limit on Subsidized Stafford Loans for Graduate students with financial need is $8,500.  The same student may borrow up to an additional $12,000 per year in Unsubsidized Stafford Loans to meet education related costs approved by the Financial Aid Office. Graduate students without financial need may borrow up to $20,500 in Unsubsidized Loans.

The lifetime borrowing limit for all Stafford Loans, including amounts received as an undergraduate, is $138,500, of which only $65,500 may be in Subsidized Loans.