Federal Stafford Loans

Stafford Loans

Federal guaranteed Stafford student loans are available to both undergraduate students and graduate students.  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.  In addition, students must complete additional actions, described below, before any loan proceeds can be deposited in their student account.

 

Florida Tech is transitioning to Federal Direct Loans

Up until April 2010, all Federal Loans for Florida Tech students were provided by commercial lenders under the Federal Family Education Loan (FFEL) Program.  The FFEL Program is being terminated by the Health Care and Education Reconciliation Act of 2010 (HCERA), Public Law 111-152 signed on March 30, 2010.  The law specifies that no new Federal student loans will be made under the FFEL Program after June 30, 2010.  Therefore, beginning July 1, 2010, all new subsidized and unsubsidized Stafford Loans made to students, PLUS loans made to parents and to graduate/professional students, and consolidation loans made to borrowers, can only be made under the William D. Ford Federal Direct Loan Program.

 

All students with classes beginning after July 1, 2010:

Your Stafford lender will be the Federal Government -- even if you currently have a commercial bank providing your Stafford Loan.  Consequently, you must complete three things if you will be relying on Stafford loans to help finance your education.

  • Logon to Florida Tech's Panther Access Web System (PAWS) and accept your Stafford Direct Loan
  • Logon to the Federal Department of Education website: https://StudentLoans.gov 
    • Complete the Entrance Counseling session
    • Complete a new Master Promissory Note (MPN) for your Direct Loan

To help prepare for completing Loan Counseling and the new Federal Direct Loan MPN, you may want to download our tutorial about StudentLoans.gov:          New Requirements for Federal Direct Loans