Federal PLUS Loans

PLUS Loans

Federal guaranteed PLUS loans are available to credit worthy borrowers who are graduate students or the parents of an undergraduate student. In either case, the student must complete the FAFSA, be accepted by Florida Tech as a degree-seeking student, and be registered for at least half time status. If the parent of an undergraduate student applies for a PLUS loan and is denied credit, the student becomes eligible for an additional amount in unsubsidized Stafford student loans.

There is also a dollar limit on the amount you may be eligilbe to borrow. Florida Tech must certify that each loan meets certain other conditions related to the student's estimated Cost of Attendance, other financial aid and the number of school terms the loan will cover. Consequently, you may want to discuss your situation with a Florida Tech Financial Aid Counselor to determine the amount you would be able to borrow.

Graduate Students with classes beginning after July 1, 2010:

Your lender will be the Federal Government -- even if you currently have a commercial bank providing your Grad PLUS Loan.  Florida Tech, like most schools, is converting to the Federal Student Direct Loan program effective with the 2010-2011 Financial Aid year.  Consequently, you must complete four things if you will be relying on a Grad PLUS Direct Loan to help finance your education..

Logon to the Federal Department of Education website: https://StudentLoans.gov and

  1. Complete the online Credit Check
  2. Complete the Grad PLUS Direct Loan application
  3. Complete the Grad PLUS Entrance Interview (Counseling) session
  4. Complete the Grad PLUS Master Promissory Note (MPN)

Parents of Students with classes beginning after July 1, 2010:

Your lender will also be the Federal Government -- even if you currently have a commercial bank providing your Parent PLUS Loan.  Florida Tech, like most schools, is converting to the Federal Student Direct Loan program effective with the 2010-2011 Financial Aid year.  Consequently, you will need to complete three things:

Logon to the Federal Department of Education website: https://StudentLoans.gov  and

  1. Complete the online Credit Check
  2. Complete the Parent PLUS Direct Loan application
  3. Complete the Parent PLUS Master Promissory Note (MPN)

Many of your questions about the Direct Loan Program can be answered on the StudentLoans.gov website.  If you have other questions about your Parent PLUS Loan at Florida Tech, you can email the Melbourne Financial Aid Office identifying yourself and your student and stating your interest in or question about the Parent PLUS loan.