Policies

Policies

Federal Student Loans

Effective Date Oct 25, 2017

Federal Student Loans

Federal Student Loans include Federal PLUS Loans and two types of Federal Direct Loans available to undergraduate and/or graduate borrowers who satisfy eligibility requirements. (The Federal Perkins Loan has been discontinued and is no longer available unless it is re-authorized in new Federal legislation.)

  • Direct Subsidized Loans are only available to undergraduate students whose FAFSA demonstrates financial need.
  • Direct Unsubsidized Loans are available to both undergraduate and graduate students who file the FAFSA.
  • Other eligibility requirements include:
    • The student must be a U.S. citizen or an eligible non-citizen.
    • The student must be accepted by Florida Tech as a degree-seeking student.
    • The student must be registered for at least half time status.

The amount that may be borrowed will depend on limits set by Federal legislation and Florida Tech's calculation of the student's Cost of Attendance. The Cost of Attendance limits the amount of financial aid a student is eligible to receive each year including the Direct Loan and the total of all other loans, scholarships and grants from Federal, state, Florida Tech and outside sources.

Direct Loan interest rates, and any associated fees, are set by Federal legislation and subject to change each year. Current rate and fee information is available from our financial aid counselors and from StudentAid.ed.gov at https://studentaid.ed.gov/sa/types/loans/interest-rates

Students must complete all steps below before their loan will Memo or Disburse on their student account. If you are ready to begin, proceed to the steps below. For more information see Subsidized and Unsubsidized Loans at StudentAid.Ed.gov.

  • Accept your Florida Tech Federal Direct Loan:
    • Logon to Access Florida Tech (http://access.fit.edu) with your TRACKS Username and Password.
    • Click the PAWS icon hyperlink in the Launch Pad bar.
    • Select the Financial Aid tab and then the menu item Award.
    • On the Award menu, select Award for Aid Year, choose the applicable Aid Year and Submit.
    • Select the Accept Award Offer tab and follow the instructions to accept your loan
  • Freshmen and Transfers:  Logon to the Federal Department of Education website: https://studentloans.gov/
    • Complete the Entrance Counseling session
    • Complete a Master Promissory Note (MPN) for your Direct Loan