Federal PLUS Loans

PLUS Loans

Federal guaranteed PLUS loans are available to credit worthy borrowers who are graduate students or the parent of an undergraduate student. The student/parent must be a U.S. citizen or an eligible non-citizen. 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 may become eligible for an additional amount in unsubsidized Stafford student loans.

There is also a dollar limit on the amount you may be eligible to borrow. Florida Tech must certify that each loan meets certain conditions related to the student's estimated Cost of Attendance, the total amount of 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 eligible to borrow.

Instructions to begin applying for a PLUS loan are provided in the sections below titled Graduate Students and Parents of Undergraduate Students.  If you would like additional information about other loan options and considerations, review this StudentAid.Ed.Gov web page on Federal Versus Private Loans.

The interest rate for new Direct PLUS Loans disbursed on or after July 1, 2014, and before July 1, 2015, is 7.21%.  More information on interest rates and fees can be found on this StudentAid.Ed.Gov web page.

Graduate Students:

  • Accept your Graduate PLUS Loan on Florida Tech's Panther Access Web System (PAWS).
  • 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 Undergraduate Students:

  • Student:  accept the Parent PLUS Loan on Florida Tech's Panther Access Web System (PAWS).
    • The Student Award Letter may include a Parent PLUS Loan option. 
    • If offered, the loan amount reflects maximum loan eligibility as of the offer date.
    • The student may accept the full offered amount or any lesser amount.
  • Parent:  logon to the U.S. 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)

If you have other questions about your Parent PLUS Loan at Florida Tech, you can also email the Melbourne Financial Aid Office identifying yourself and your student and stating your interest in or question about the Parent PLUS loan.