These loan programs are provided by the U.S. Department of Education and offer fixed interest rates and flexible repayment options.
Students must complete a Free Application for Federal Student Aid (FAFSA) every year. Your FAFSA must be received and processed by the federal processing system.
Additionally, students must meet all of the basic eligibility requirements below to receive a Federal Direct loan:
Federal Subsidized Direct Stafford Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs to attend Florida Polytechnic University. Financial need is determined based on the University’s published cost of attendance minus the student’s expected family contribution.
The U.S. Department of Education pays the interest on a Direct Subsidized Loan
Federal Unsubsidized Direct Stafford Loans are loans made to eligible undergraduate, graduate, and professional students. Unlike the Subsidized Direct Stafford Loan, the student does not have to demonstrate financial need to be eligible for the loan. Borrowers are responsible for paying all accrued interest on Unsubsidized Direct Stafford Loans. If you choose not to pay the interest during deferment and forbearance periods, interest will accrue and be capitalized (added to the principal amount of your loan).
Parent PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay for costs to attend Florida Polytechnic University. An applicant must be a biological, adoptive, or in some cases, step-parent of the dependent student. The parent who applies must not have an adverse credit history in order to borrow a PLUS loan.
PLUS loans can help pay for education expenses not covered by other financial aid. Parents may borrow up to the University’s published Cost of Attendance minus any other estimated financial assistance.
If a parent is ineligible for a PLUS loan (credit not approved or due to exceptional circumstances), the dependent student may be able to borrow additional Unsubsidized Direct Loans.
Grad PLUS loans are federal loans that graduate students can use to help pay for costs to attend Florida Polytechnic University. The graduate student who applies must not have an adverse credit history to borrow a Grad PLUS loan.
PLUS loans can help pay for education expenses not covered by other financial aid. Graduate students may borrow up to the University’s published Cost of Attendance minus any other estimated financial assistance. Direct Unsubsidized loans must be used before Grad PLUS loans.
Students who withdraw, drop below less than part- time enrollment status, or graduate will receive notification to complete exit counseling if they received a Direct Loan while attending Florida Polytechnic University.
Exit counseling topics include:
Exit counseling can be completed by logging into the studentaid.gov website with your FSA ID. You are also able to use the repayment estimator on this site. This estimator can import your federal student loans directly and provide you with an estimated monthly payment amount under each repayment plan available to you.
The Office of Financial Aid determines the loan type(s), if any, and the actual loan amount you are eligible to receive each academic year. However, federal regulations set limits on the amount in subsidized and unsubsidized loans you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). The actual loan amount you are eligible to receive each academic year may be less than the maximum annual loan limit listed below. These limits vary depending on: your grade level and dependency status (dependent or independent).
|
Grade Level |
Dependent Students |
Independent Student (and dependent undergraduate students whose parents are unable to obtain PLUS loans) |
| Freshmen (0-29 credits earned) | $5,500 – No more than $3,500 of this amount may be in subsidized loans | $9,500 – No more than $3,500 of this amount may be in subsidized loans |
| Sophomore (30-59 credits earned) | $6,500 – No more than $4,500 of this amount may be in subsidized loans | $10,500 – No more than $4,500 of this amount may be in subsidized loans |
| Junior and Beyond (60+ credits earned) | $7,500 – No more than $5,500 of this amount may be in subsidized loans | $12,500 – No more than $5,500 of this amount may be in subsidized loans |
| Graduate or Professional | Not applicable (all graduate and professional students are considered independent) | $20,500 (unsubsidized only) |
| Subsidized and Unsubsidized Aggregate Loan Limit | $31,000 – No more than $23,000 of this amount may be subsidized loans |
$57,500 for undergraduates – No more than $23,000 of this amount may be subsidized loans $138,500 for graduate or professional students |
| Loan Type | Borrower | Interest Rate (for loans disbursed 7/1/2023-6/30/2024) | Origination Fee (for loans disbursed on or after 10/1/2020) | Repayment | Required Documentation/Application |
| Subsidized | Student | 5.5% fixed | 1.057% | Begins 6 months after you graduate or enroll for less than half-time | |
| Unsubsidized | Student | 5.5% fixed for undergraduates and 7.05% fixed for graduates | 1.057% | Begins 6 months after you graduate or enroll for less than half-time | |
| Parent PLUS | Parent (biological, adoptive, or in some cases, step parents | 8.05% fixed | 4.228% | Once your loan is fully disbursed for the Academic Year (i.e. if disbursing Fall and Spring, payment will begin after spring disbursement). Deferment option may be available. | |
| Grad PLUS | Student | 8.05% fixed | 4.228% | Begins 6 months after you graduate or enroll for less than half time |
