Student and Parent Loans

Education loans are financial aid the student borrows and repays to a lender, with one exception -- the Parent PLUS Loan where a parent is the borrower. Federal loans are considered financial aid because the federal government provides the lender a guarantee that the loan will be paid. Commercial lenders provide Stafford and PLUS loans for Florida Tech students. Florida Tech is the lender for Perkins Loans.

To be considered for a Federal education loan:

  • Student must file the FAFSA
  • Student must be accepted by FL Tech
  • Student must be enrolled in a degree seeking program
  • Student must register for at least half time status

Alternative loans do not carry a Federal guarantee. They are considered financial aid because Florida Tech must certify three things to the lender:

  • Student is accepted at FL Tech
  • Student is enrolled in a degree seeking program
  • Amount being borrowed is within the student's Cost of Attendance less other financial aid

NOTE: Before you accept or refuse a loan, determine what your expenses and your resources will be for the upcoming year so as not to borrow more than you need. You may accept any amount up to the offered award amount. If you accepted a Stafford Loan via PAWS, you must contact the Office of Financial Aid to make any changes. You may contact us at (321) 674-8070, or via E-mail: finaid@fit.edu.

Loan Options

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 new limits that become effective with the 2008-2009 school year.

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

PLUS Loans for Parents of Undergrads & PLUS Loans for Graduate Students

The Federal PLUS Loan is one option for closing the difference between any financial aid that has been awarded and the total estimated cost of education, as approved by the Financial Aid Office.

PLUS Loans are based on credit standing of the borrower rather than on financial need.

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

Federal Stafford Loans -- Undergraduate Annual Limits:

The annual limits on Subsidized Stafford Loans are identical for both dependent and independent students with financial need:

  • Freshman - $3,500 per aid year
  • Sophomore - $4,500 per aid year
  • Junior/Senior - $5,500 per aid year

For 2008-2009, dependent students are now automatically eligible for $2,000 in Unsubsidized Loans. If the dependent student's parent has also applied for and been denied credit for a Parent PLUS loan, then the student's Unsubsidized Loan eligibility limit increases to the same amount reflected below for independent students with financial need.

For 2008-2009, independent students with financial need may borrow an additional $6,000 in Unsubsidized Loans as a Freshman or Sohpomore, or $7,000 as an upperclassman. Independent students without financial need may borrow up to $9,500 as a Freshman, $10,500 as a Sophomore, or $12,500 as an upperclass student in Unsubsidized Loans.

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. These limits did not change for the 2008-2009 school year.

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.

Private Education Loans

Florida Tech realizes that paying for higher education is a significant financial commitment. To help families successfully manage college costs, Florida Tech offers a list of financial institutions who have previously made private education loans to our students.

To view the list, see Private Loan Providers.

Federal Perkins Loan

The Perkins Loan is a need-based loan with an interest rate of 5%. Loan repayment begins nine months after graduating or leaving school. The loan is disbursed in two equal payments at the beginning of the Fall and Spring Semesters. The amount varies depending on the assessed need.

If you are awarded a Perkins Loan, you must electronically sign the Perkins Master Promissory Note (MPN) 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. The website for e-signing your Pekrins MPN is https://www.ecsi.net/promu7. 

After you graduate or leave Florida Tech, you will be required to complete a Perkins Exit Interview and provide reference contacts.