Student and Parent Loans

Federal student loans are financial aid the student borrows and repays to a lender, except for the Parent PLUS Loan where a parent is the borrower.  The U.S. Department of Education provides Stafford Direct Loans and PLUS Direct Loans with commercial companies performing loan servicing functions for the government.  Florida Tech is the lender for Federal Perkins Loans and Education Computer Services, Inc. (ECSI) provides loan servicing for the university.

To be considered for a federal student 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

Private education 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 email:

Loan Options

Federal Stafford Direct Loans

Stafford Loans come in two types. Subsidized Loans are based on financial need.  The government pays the interest while the student is in school, subject to new limitations imposed by federal regulations that take effect for first-time undergraduate borrowers beginning July 1, 2013.  Unsubsidized Loans are not need-based.  Interest accrues to the student borrower from the date of disbursement, but the borrower has the option of making interest only payments while in school or of adding the interest to the principal amount of the loan until leaving school.

Federal regulations impose both annual and lifetime limits on student borrowing under the Stafford Loan program. There is a special limit for Subsidized Loans and new limitations that apply to first-time borrowers beginning July 1, 2013.  The changes are significant and affect both the time period when borrowers are eligible to receive a subsidized loan and the time period when the government will pay interest on the loan.  There are also limits on the combined amount of Subsidized and Unsubsidized Loans. There are also separate limits for freshman and sophomore students, upper class undergraduates and graduate students. Additional information is available on the Direct Loan web page, but the most recent changes may not yet be identified on the website. 

To learn how to apply, go to Federal Stafford loans.

Federal PLUS Loans for Parents of Undergrads and for Graduate Students 

The Federal PLUS Loan is one option for closing the difference between the total financial aid awarded to the student and the student's 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.

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 that have previously made private education loans to our students.

To view the list, see Private Loan Providers.

Federal Perkins Loan

The Perkins Loan is available to Melbourne Campus undergraduates only.  It 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 Perkins MPN is

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