Florida Institute of Technology

PLUS Loans

Federal guaranteed loans to parents of undergraduates and to graduate students Engineering Building

Student files FAFSA -- use School Code 001469
Student is accepted at FL Tech
Student is enrolled in a degree seeking program
Student will register for at least half time status
Borrower is credit worthy **
Limit on amount borrowed: Cost of Attendance (COA) less other financial aid including loans

** If parent is denied credit, student becomes eligible for additional Stafford Loan amount (unsubsidized)

Apply directly with a lender from our List:

Parent PLUS Lenders

or

Graduate PLUS Lenders

What happens next?

Lender or servicer notifies borrower of credit decision
If approved, servicer requrests Loan Certification from FL Tech
FL Tech certifies loan, transmits Loan Application and creates student award
Loan sits "On Hold" pending scheduled disbursement date and student's completion of any Outstanding Financial Aid Requirements
FL Tech requests "Release" of loan for first semester disbursement
Servicer transmits funds via electronic transfer to FL Tech account
FL Tech disburses loan proceeds into student's FL Tech account
Loan proceeds are applied to current FL Tech tuition and fees
If student account has a credit balance, unapplied PLUS loan funds are refunded to student, or to parent if so designated by the parent
Repeat steps 7 thru 9 for next semester, if included in the loan period

Considerations when selecting your lender:

Students and parents are encouraged to consider a number of lenders
You are not limited, nor required, to use lenders on our Lender List
If you choose a different lender, provide the lender ID and address to the FAO

- Melbourne FInancial Aid Office

- University Alliance Financial Aid Office

Note for University Alliance students: You must select a lender who is able to process more than four disbursements per loan period.

For more details about all loan types, click here

FL Tech Federal PLUS Lender List Criteria