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Financial Aid

Helping Fund Your Future

Did you know that there are different types of financial aid?

 

University Scholarships and Grants

University Scholarships and Grants

Florida Tech provides financial aid in the form of merit-based scholarships and need-based grants to qualified students. These are commonly referred to as "gift aid," in that the student is not responsible for paying any of the awarded funds back.

Scholarships are awarded at the time of admission. A student must be admitted and enroll as a full-time, degree-seeking undergraduate student in Melbourne in order to claim an awarded scholarship. Scholarships listed below are available to domestic (U.S.) freshman unless otherwise indicated; and are listed separately.

Florida Tech scholarships can be combined with state and federal scholarship and grant programs.

Academic Scholarships

Panther Fund Merit Scholarship

All applicants will be considered for a Panther Fund Merit Scholarship. Academic, or merit scholarships, are based on an applicant's academic performance in high school (weighted GPA plus standardized test scores) and are determined at the time of admission. These scholarships are available to all domestic (U.S.) students, whether in-state or out-of-state. Panther Fund Merit Scholarship awards range in value but may cover up to 50% of tuition, regardless of financial need.

Panther Fund NCSSS Scholarship

NCSSS high school graduates are eligible for a minimum Panther Fund Scholarship for 50% of tuition if they are admitted and enroll full-time. Students must meet the minimum merit scholarship requirements and submit a complete admission application indicating attendance at an NCSSS high school.

Florida Resident Merit Scholarship

The following scholarships are available to students who are residents of Florida. Florida Resident Scholarships and Panther Academic Scholarships (see above) are mutually exclusive; they do not "stack" and cannot be combined. If a student qualifies for more than one of the scholarships below, the student will be offered the higher scholarship, but not the sum of two or more. Scholarships in an amount less than full tuition may, however, be combined with Incentive Scholarships, Florida Tech Family Grants, and Need-Based Grants.

Panther Distinguished Scholar Award

High school students who qualify for the Bright Futures Florida Academic Scholars (FAS) award are eligible to be considered for a Florida Tech Distinguished Scholar Award, a combination of scholarships and grants that covers full tuition plus the facilities and activities fees to attend Florida Tech.

The Florida Tech Distinguished Scholar Award is only available to first-time freshmen. To be considered, applicants must:

  • Complete the Florida Financial Aid Application while still in high school
  • Qualify for the Bright Futures Florida Academic Scholars award
  • Apply and be admitted to Florida Tech as a full-time, on-campus, degree-seeking student by February 1 of the year immediately preceding your first semester.
  • Complete and submit the Free Application for Federal Student Aid (FAFSA) listing Florida Tech as a receiving institution (financial aid code: 001469) by February 1 of the year immediately preceding your first semester.
Farmer Scholars Programs

Annually, Florida Institute of Technology selects one exceptionally qualified student to receive a Farmer Scholarship, which includes full tuition, room and board, and fees.

Incentive Scholarships

Participation in certain extracurricular programs makes you eligible for the following add-on scholarships.

FIRST Robotics & Vex Robotics Award

Current members of an official high school FIRST Robotics or Vex Robotics team will be awarded an additional $2,500 Panther Fund Scholarship per year if they are admitted and enroll full-time. Students must submit a letter from their FIRST team adviser verifying participation during the year of application prior to their admission to the university, and complete the admission and financial aid process by May 1st of their senior year in high school.

Scouting - Eagle Scout And Girl Scout Gold Award

Any new first-year student who has either earned the rank of Eagle Scout or achieved the Girl Scout Gold Award, and is accepted as a full-time undergraduate at Florida Tech’s Melbourne campus is guaranteed an additional scholarship of $2,500 Panther Fund Scholarship per year. Students must submit a copy of the certificate verifying their achievement prior to their admission to the university, and complete the admissions process by February 1 of the year immediately preceding their first semester.

Athletic Scholarships

Florida Tech competes in 20 NCAA Division II sports. The following sports offer athletic scholarships: baseball, men’s basketball, women’s basketballmen’s golf, men’s lacrosse, women’s lacrosse, men’s rowing and women’s rowing, men’s soccer, women’s soccer, softball, men’s swimming, women’s swimming and volleyball. For more information on athletic scholarships, please contact the athletic department.

Florida State Scholarships and Grants

Florida State Scholarships and Grants

Florida resident? You're in luck. Florida Tech works with the state to provide eligible students with Florida Bright Futures Scholarships and Florida State grants. You may also apply your Florida Prepaid College Plan savings to your Florida Tech education.

What You Need To Do

  • Apply for admission to Florida Tech.
  • Complete and file the FAFSA. Make sure to list Florida Tech's school code: 001469.
  • Consult your high school guidance counselor anytime after November of your senior year to fill out the Florida Financial Aid Form.

Residency Requirements

The Florida Bright Futures Scholarship program is only available to Florida residents who have graduated from a Florida high school and are citizens or permanent residents of the United States. Florida residency and eligibility for the Florida Bright Futures Scholarship and the Effective Access to Student Education (EASE) grant are based on state law and administrative rules. Generally, students whose families have been living in Florida twelve (12) months prior to the start of the school year are considered residents. A full and complete description of rules and regulations regarding Bright Futures and other state aid can be found through the state's Office of Student Financial Assistance.

Florida State Scholarships

Bright Futures Academic Scholars

Eligible students receive approximately $6,930 (30 credits x $211/credit hour, plus $600) per year. Eligible applicants must have a 3.5 high school GPA, a 1290 SAT or 29 ACT composite and 100 hours of community service.

Bright Futures Medallion Scholars

Eligible students receive approximately $4,800 (30 credits x $158/credit hour) per year. Eligible applicants must have a 3.0 high school GPA and a 1170 SAT or 26 ACT composite and 75 hours of community service.

Bright Futures Renewal Requirements (continued Eligibility)

Grade Point Average (GPA) Requirement

Students must have a minimum 3.0 cumulative GPA to renew their Florida Academic Scholars (FAS) award and a minimum 2.75 cumulative GPA to renew their Florida Medallion Scholars Award (FMS). FAS awardees who earn less than a 3.0 cumulative, but higer than 2.75 cumulative GPA will be renewed at the FMS award level, so long as they meet the credit hour requirement (see below).

Credit Hour Requirement

Term 1 Hours FundedTerm 2 Hours FundedAnnual Earned hours Requirement
Full-Time (12 or more)

Full-time

12+12=24
Three-Quarter Time 12+9=21
Half-Time 12+6=18
Three-Quarter Time (9-11) Full-time 9+12=21
Three-Quarter Time 9+9=18
Half-Time 9+6=15
Half-Time (6-8) Full-time 6+12=18
Three-Quarter Time 6+9=15
Half-Time 6+6=12

Note that Bright Futures funds will not pay for withdrawn courses, repeated courses or remeidal courses. Satisfactory Academic Progress (SAP) appeals approvals through the university will not apply to this award and a separate appeal must be made, if the student is eligible to do so. Appeal eligibility requirements are limited and outlined by the state. For more details on Bright Futures requirements, reinstatements and otherrules, please visit their website.

Florida State Grants

Effective Access to Student Education (formerly known as FRAG)

All full-time undergraduate students who meet the Florida residency requirements are eligible to receive this financial assistance from the state. The award amount varies from year to year and is based on available state funds; however, the amount awarded for 2020-2021 is $2,841. The state legislature will determine the amount for each academic year.

Florida Student Assistance Grant (FSAG) 

Grants approximately $1,000 per year and are based on demonstrated financial need, as determined by the FAFSA application. Florida State Grant Renewal Requirements (Continued Eligibility).

To be eligible for renewal, students must have a 2.0 or higher cumulative GPA and must have completed at least 24 credit hours in the past academic year (or 12 credit hours in each term during the aid year in which the eligible student received aid). If a student does not meet the eligibility requirements at the start of the new academic year, the student must sit out a full year before being considered for renewal. Students who sit out a year must meet the minimum GPA requirements to be reinstated. Note that Satisfactory Academic Progress (SAP) appeals through the university will not apply to these awards and a separate appeal must be made, if the student is eligible to do so. Appeal eligibility requirements are limited and outlined by the state. For more information on requirements, reinstatements and other rules, please visit Florida Department of Education's Website.

Florida Prepaid College Plan

Florida Tech is an eligible institution for the Florida Prepaid College Plan (FPCP) program. Accumulated funds may be applied toward expenses at Florida Tech. Visit the FPCP office for further details. Visit MyFloridaPrepaid.com for complete details.

Other state Grant Programs

If you're home state is not Florida, you may still be eligible for state grant assistance. Visit State Financial Aid Programs to find out more information about state grant opportunities from your home state.

Federal Financial Aid

Federal Financial Aid

Federal Financial Aid refers to loan programs made possible by the federal government. These include Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), and federal student and parent loan programs.

Federal Stafford Loans

The U.S. Department of Education offers eligible students at participating schools Direct Subsidized (“Stafford Loans”) and Direct Unsubsidized Loans ("Direct Stafford Loans").

To be considered for a federal student loan:

  • Student must be accepted by FL Tech
  • Student must file the FAFSA
  • Student must be a U.S. citizens or eligible non-citizens
  • Student must be enrolled in a degree-seeking program
  • Student must register for at least half-time status (at least six credit hours per semester)

If you qualify, your loan options will be presented to you in your financial aid award letter. If you wish to take advantage of the loan(s) presented to you, you must then accept your loan(s).

Federal Parent PLUS Loans

Federal PLUS loans are not based on financial need.  They are available to parents of dependent undergraduate students.  Credit checks are required for Federal PLUS Loans.  The decision to approve or deny the loan is based on the results of a credit check that is conducted by the US Department of Education.  This loan can help the student cover any educational expenses not covered by other financial assistance up to the cost of education.  Eligible borrowers can apply at studentloans.gov.  When applying for a PLUS loan, it is important to note that it is a loan and must be paid back.  PLUS loans are unsubsidized, meaning they begin to accrue interest starting from the date the funds are disbursed to the student’s account.  These loans also have an origination fee deducted by the lender before funds are disbursed to Florida Institute of Technology.  The interest rate and origination fees are a set rate each academic year and set by the federal government.  Rates are typically announced during the summer before the academic year begins. 

Who Is Eligible?

Parents, adoptive parents, and stepparents of dependent undergraduate students attending college at least half time (6 credit hours) in a degree-seeking program are eligible for Parent PLUS loans. Borrowers must be U.S. citizens or eligible non-citizens. Loan approval is subject to credit criteria established by the U.S. Department of Education. A credit report will be obtained by your lender from a national credit bureau once you apply.

Application Process
  • Step 1: You must complete the Free Application for Federal Student Aid (FAFSA).  Our Federal School Code is 001469.
  • Step 2: The parent applicant should log into studentloans.gov web site using his/her FSA ID. (This is the same FSA ID the parent would have used to complete and sign the FAFSA electronically.) From there, select Request a Direct PLUS Loan from the menu, and then select Parent PLUS on the following page. Be sure to request Florida Institute of Technology as the school of choice to ensure we receive the PLUS information.
  • Step 3: Promissory note and entrance counseling While on the studentloans.gov website, the borrower should also complete and sign the Plus Master Promissory Note (MPN) and loan entrance counseling.
  • Step 4: Loan Certification The Florida Institute of Technology Financial Aid Office will certify your PLUS loan request and submit it for final approval, guarantee and disbursement.
  • Step 5: Loan Disbursement PLUS loans are disbursed directly to the school via electronic funds transfer (EFT). Funds are deposited into the student's school account upon verification of the student's enrollment. There is an origination fee deducted from each disbursement by the lender prior to the transfer of funds. For the current rate, please visit the Student Federal Aid web site
  • Step 6: Refund  Refunds from proceeds of PLUS loans will be issued to the student.

Parent PLUS Loan Denials & Counseling

Loan Denials

A dependent student whose parent has been denied a Parent PLUS loan during the current aid year may be eligible to receive Federal Stafford loans at the independent level with proof of Parent PLUS loan denial from the lender. A Parent PLUS loan denial is only valid for one aid year.

If your credit has been denied for the Parent PLUS Loan, you will be given four options on the application to choose from:

  • I do not wish to pursue a PLUS loan at this time. You must contact the Florida Institute of Technology financial aid office to let us know you would like the additional Federal Direct Unsubsidized Stafford loan
  •  I will obtain an endorser. Choose this option if you would like to add a co-signer. Borrowers whose Direct PLUS Loan credit checks are denied and then approved with an endorser, must complete PLUS Counseling before the Direct PLUS Loan can be disbursed.
  •  I want to appeal the credit decision. Choose this option if you believe the credit check is inaccurate or you can provide updated information about extenuating circumstances.

PLUS Counseling

PLUS Counseling is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have obtained an endorser or documented to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to your adverse credit history.

PLUS Counseling can be completed voluntarily at any time. If PLUS Counseling is completed voluntarily and you are determined to have an adverse credit history by the U.S. Department of Education within 30 days of PLUS Counseling completion, your PLUS Counseling requirement will be considered to be fulfilled.

Borrowers can access the PLUS Counseling after they login by selecting PLUS Counseling from the menu, then selecting Parent PLUS to complete the counseling.

Private Loans

Private Loans

Private Loan Providers are loans contracted with private lending companies directly by the borrower.

Florida Tech works with FASTChoice to make finding a private loan provider as simple as possible. The lenders listed on FASTChoice are lenders that have previously made private education loans to our students and have met our university’s strict criteria.

Florida Tech’s Loan Options page is reviewed annually. Note that at least two lenders will always be presented to you. You are free to choose any lender, including those not presented. Please note that private education loans do not carry a federal guarantee, and are considered financial aid because Florida Tech must certify three things to the lender:

  • Student is accepted at Florida Tech
  • Student is enrolled in courses
  • Borrowed amount is within the student's Cost of Attendance less any other financial aid

Our officials are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in FASTChoice.

Code Of Conduct

 Code Of Conduct

Florida Tech explicitly prohibits any conflict of interest between our counselors and Federal or private education loans.  All counselors responsible for loans are informed annually of the provisions of this code of conduct.  The code of conduct prohibits the following:

  • Revenue-sharing arrangements with any lender
  • Receiving gifts from a lender, a guarantor, or a loan services
  • Contracting arrangement providing financial benefit from any lender or affiliate of a lender
  • Directing borrowers to particular lenders, or refusing or delaying loan certifications
  • Offers of funds for private loans
  • Call center or financial aid office staffing assistance
  • Advisory board compensation