Federal Financial Aid
Federal Financial Aid
Additional support from Uncle Sam
When you file the FAFSA, you will be considered for all of the following federal aid programs (as a new student; may differ for returning students).
Grants and Work-Study
Based on demonstrated financial need by filing the FAFSA. Awarded to students whose Expected Family Contribution (EFC) is less than $5,273. The grants averaged $3000 but ranged up to $5,730 for Fall and Spring semesters 2014–2015. Students taking summer classes may be eligible for additional Pell funds. The grant amount depends on need and the total amount of funds appropriated by Congress for the program.
Federal Supplemental Education Opportunity Grant (FSEOG)
Grants are available to a limited number of students who demonstrate exceptional financial need. Priority is given to the students with the greatest need. The average award per year is $1,200.
The Federal Work-Study program provides part-time jobs for students who need financial assistance. Jobs are available both on and off campus. Students receive paychecks to help with personal expenses up to a maximum of $2,000 per year.
Education loans are financial aid that is paid back by the student, except for Parent PLUS Loans where a parent is the borrower. Federal loans are considered financial aid because the federal government guarantees to the lender that the loan will be paid. Florida Tech is the lender for Perkins Loans and the federal government provide Stafford and PLUS loans. To be considered for a federal education loan:
- Student must file the FAFSA
- Student must be accepted by Florida Tech
- Student must be enrolled in a degree-seeking program
- Student must register for at least half-time status
Types of Loans
Federal Stafford Loans (student loan)
Stafford Loans come in two types. For Subsidized Loans, the government pays the interest while the student is in school. Eligibility is based on financial need. For Unsubsidized Loans, all interest is paid by the borrower; however, interest payments may be deferred by adding it to the principal. The grace period for Stafford Loans is six months after graduation or leaving school.
Parents Loan for Undergraduate Students (PLUS)
The Federal PLUS Loan is one option for closing the difference between any financial aid that has been awarded and the total estimated cost of education, as approved by the Financial Aid Office. PLUS Loans are based on the credit standing of the borrower rather than on financial need. To learn how to apply, visit the Office of Financial Aid PLUS overview. Payment generally begins 60 days after the second disbursement. In other words, repayment is normally scheduled to begin while the student is still in school.