Florida Institute of Technology
High Tech with a Human Touch
- Online Learning
- Financial Aid
- Contact Info
-
Online Learning
Florida Institute of Technology
150 W. University Blvd Melbourne, Florida 32901
Email: apolinfo@fit.edu
Financial Aid Information
The Office of Financial Aid is available to assist students and their families to identify sources of financial aid, obtain application information and complete the application process. Our goal is to help provide you with the means to finance your Florida Tech education.
All Students
- Complete your FAFSA
- Drug Conviction Issues
- Stafford Loan Providers
- PLUS Loan Providers
- Private Loan Providers
- Other Aid Resources
- Satisfactory Progress Standards
- Federal Loan Exit Interview
FAFSA.ed.gov
Students must complete the Free Application for Federal Student Aid (FAFSA) in order to be considered for Federal loans or undergraduate Federal grants. The FAFSA can be completed at no cost on the U.S. Department of Education website http://www.fafsa.ed.gov. Be sure to include Florida Tech School Code 001469 when you designate the colleges you want to receive your FAFSA information.
- Avoid commercial websites that charge a fee to enter your information in the free Federal application.
- Preclude delays in preparing your Award Letter by reviewing or printing FAFSA Tips and avoiding the most common FAFSA mistakes. FAFSA Tips are provided courtesy of NASFAA, the National Association of Student Financial Aid Administrators.
Drug Conviction Issues
Notice: Students convicted of violating any federal or state drug possession or sale law will become ineligible for Federal Title IV financial aid under the circumstances identified below. Title IV aid includes the Federal Pell Grant, Federal SEOG Grant, Federal Direct Loans, Federal Stafford, PLUS and Perkins Loans and Federal Work-Study programs.
Conviction of Drug Possession: Students convicted of drug possession are suspended from eligibility for
- One year on the first offense.
- Two years on the second offense.
- Indefinitely on the third offense.
Conviction of Drug Sales: Students convicted of drug sales are suspended from eligibility for
- Two years on the first offense.
- Indefinitely on the second offense.
Early Relief from Suspended Eligibility: A student's suspended eligibility may be lifted if one of the following conditions exists.
- Satisfactory completion of a drug rehabilitation program that complies with criteria established by the Federal Department of Education. The program must include two unannounced drug tests.
- The conviction is reversed, set aside or otherwise rendered nugatory (i.e., invalid or without force).
Stafford Loan Providers
Federal guaranteed Stafford student loans are available to both undergraduate students and graduate students. 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.
In addition, students must complete several actions themselves before any loan proceeds are deposited in their student account: (1) Accept your loan online in PAWS or by emailing your Florida Tech Financial Aid Office. (2) If you are a first time Florida Tech borrower, you must select a lender and complete their Master Promissory Note (MPN). (3) You must also complete an online Stafford Entrance Interview. If you choose one of the lenders from our list below, you will be guided to complete both the MPN and the Entrance Interview during your online session.
If you previously had a Stafford loan as a Florida Tech student, you only need to accept your loan online in PAWS or by emailing your Florida Tech Financial Aid Office. We automatically request the loan from your previous lender -- unless you advise us otherwise -- and you only need to complete the Entrance Interview one time while attending Florida Tech.
To learn more about each lender or to complete the Master Promissory Note and Entrance Interview now, select one of the lenders from our list and click the Apply Now hyperlink.
| Lender | Toll Free | Lender Code | Apply |
| Edamerica | (800) 337-1009 | 831453 | Apply Now |
| Fifth Third Bank | (800) 222-7192 | 808780 | Apply Now |
| Regions Bank | (800) 734-4667 | 810612 | Apply Now |
| Sallie Mae | (888) 272-5543 | 802218 | Apply Now |
You may apply with a lender from our list or you may select a lender of your choosing. Florida Tech's Lender List criteria: (1) lenders can process more than four disbursements per loan period, a requirement for University Alliance students, and (2) lenders disburse loans via electronic transfer; no check to sign.
If you do choose a different lender, please provide the lender ID and address to the appropriate Financial Aid Office:
| Melbourne FInancial Aid Office | University Alliance Financial Aid Office |
PLUS Loan Providers
Federal guaranteed PLUS loans are available to credit worthy borrowers who are graduate students or the parents of an undergraduate student. 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 becomes eligible for an additional amount in unsubsidized Stafford student loans.
There is also a dollar limit on the amount you may be eligilbe to borrow. Florida Tech must certify that each loan meets certain other conditions related to the student's estimated Cost of Attendance, other 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 able to borrow.
To learn more about each lender or to complete an application now, click on the appropriate hyperlink for your status as a graduate student or the parent of an undergraduate student:
| Lender | Toll Free | Lender Code | Apply |
| Edamerica | (800) 337-1009 | 831453 | |
| Fifth Third Bank | (800) 222-7192 | 808780 | |
| Regions Bank | (800) 734-4667 | 810612 | |
| Sallie Mae | (888) 272-5543 | 802218 |
You may apply with a lender from our list or you may select a lender of your choosing. Florida Tech's Lender List criteria: (1) lenders can process more than four disbursements per loan period, a requirement for University Alliance students, and (2) lenders disburse loans via electronic transfer; no check to sign.
If you do choose a different lender, please provide the lender ID and address to the appropriate Financial Aid Office:
| Melbourne Financial Aid Office | University Alliance Financial Aid Office |
In addition, if you apply to a different lender for a Graduate PLUS loan, you also need to complete a new Grad PLUS Entrance Interview requirement that is conveniently available online.
Private Loan Providers
If low interest rate Federal education loans are insufficient to finance your education, a private education loan is one alternative to consider. These loans carry higher interest rates because there is no Federal repayment guarantee.
The dollar amount you may be eligible for is also limited. Florida Tech must certify that each loan meets certain other conditions related to the student's estimated Cost of Attendance, other financial aid and the number of school terms the loan will cover. Consequently, we highly recommend you discuss your situation with a Florida Tech Financial Aid Counselor before completing the application for a private education loan.
Below are several financial institutions offering private education loans. Click on a hyperlink to review details about their education loan or to complete an application.
| Lender | Get more information or Apply for Loan |
| Fifth Third Bank |
Fifth Third - SM Smart Option Student Loan®
|
| Regions Bank |
Regions - SM Smart Option Student Loan®
|
| Sallie Mae |
|
| SunTrust |
SunTrust Academic Answer Private Loan
|
| Wells Fargo |
|
Other Aid Resources
There are other sources of financial aid, independent of Florida Tech, that may help pay for your undergraduate or graduate education. The scholarship search engines listed below will provide you a starting point. Please keep in mind that you should not need to pay a fee to apply for a scholarship, but you do need to contact the financial aid office and inform them of any outside scholarships you are awarded.
| Main campus email: finaid@fit.edu | University Alliance email: uafinaid@fit.edu. |
Scholarship Websites
http://www.microsoft.com/COLLEGE/SS_OVERVIEW.MSPX
www.studentscholarshipsearch.com
http://www.abbottandfenner.com/scholarships.htm
http://www.bigsunathletics.com/
http://www.journyx.com/company/scholarship.html
http://ceae.aicpa.org/Resources/Scholarships+and+Awards/
http://www.thesalliemaefund.org/smfnew/scholarship/index.html
www.collegeplanning.nelnet.net/
http://www.princetonreview.com/college/finance/
Satisfactory Progress Standards
Florida Tech complies with federal statues requiring that students be enrolled in a degree-seeking program and maintain satisfactory academic progress in order to continue receiving financial aid.
For those admitted to Florida Tech for the first time, the academic records reviewed by the admission office are considered sufficient for the student to apply for an initial financial aid package. To remain eligible, students must meet Satisfactory Progress Standards instituted by Florida Tech. The Financial Aid Office reviews student records at the end of each semester, except for University Alliance students, to assess compliance and to validate student eligibility for all financial aid— including federal student loans. Satisfactory Progress for University Alliance students is measured twice a year, at the end of Summer Term 1 in July and at the end of Fall Term 2 in December.
Three measures of student progress:
1. Grade Point Average (GPA) - Undergraduate students are expected to maintain a cumulative GPA of 2.0 at Florida Tech. Scholarship recipients must maintain a higher cumulative GPA at the end of each academic year. Recipients of the Florida Academic Scholarship must earn a 3.0 cumulative GPA and recipients of Florida Tech scholarships must earn a 2.6 cumulative GPA at the end of each academic year to receive the scholarship the following year. Graduate students are expected to maintain a cumulative GPA of 3.0, but different GPA thresholds apply for master's degree students before they achieve 18 credit hours attempted.
2. Credit Hours Completed - successfully complete 80% of attempted course work for graduate students or 75% for undergraduates (grades of F, I, AU or W are attempted courses, but are not satisfactorily completed). In general, full-time students—and especially scholarship recipients—should complete 24 credit hours each academic year. Part-time students should complete at least 12hours per academic year.
3. Credit Hour Limit to Earn Degree - Undergraduate students are expected to complete a degree program within 180 credit hours attempted. For transfer students, the limit includes credit hours earned at other institutions. Graduate students at the Masters Degree level are expected to complete within 80 credit hours attempted. Doctoral level students are allowed 120 credit hours attempted except for the clinical psychology program where 160 credit hours attempted is the limit.
Financial Aid Warning or Suspension will result if a student is unable to maintain satisfactory progress. The first time a student fails to maintain satisfactory progress the student will be placed on financial aid warning. A second infraction automatically suspends the student's eligibility for financial aid unless and until the student files an appeal and that appeal is approved by the Financial Aid Office. These requirements are specified in the University Catalog and your current status is available online on PAWS. Consequently, there is no separate requirement to officailly notify students of a change in their status, but we make a best effort to do so for those receiving any financial aid.
Federal Loan Exit Interview
Students with Federal Stafford loans and/or Federal Grad PLUS loans who graduate, or otherwise discontinue attendance at Florida Tech, are required to complete an Exit Interview -- an online process.
To satisfy your Exit Interview requirement(s), login to the appropriate USA Funds sponsored website: Stafford Exit Interview and/or Grad PLUS Exit Interview.
Undergraduate
- Florida State Aid Eligibility Requirements
- Florida Bright Futures Scholarship Program
- Florida Resident Access Grant (FRAG)
Florida State Aid Eligibility Requirements
Florida residency and eligibility for Florida State aid programs are based on state law and administrative rules. Generally, students whose families have been living in Florida 12 months prior to the start of the school year are considered residents. Please speak to your financial aid counselor for more information. The following programs are only available to Florida Residents who are citizens of or permanent residents of the US.
Florida Bright Futures Scholarship Program
Florida Tech rewards Florida's brightest high school students for their efforts and high academic achievement. The Florida Tech Bright Futures program is only available to Florida residents who have graduated from a Florida high school and are citizens or permanent residents of the U.S. To qualify, a student must have at least a 3.0 high school GPA, be identified as an eligible recipient by the Florida Department of Education, and achieve required minimum scores on the SAT or ACT. More information about the requirements and other ways to qualify can be found at http://www.floridastudentfinancialaid.org/ssfad/bf/.
Florida Resident Access Grant (FRAG)
All full-time undergraduate students who meet the Florida residency requirements are eligible to receive this financial assistance from the State. This amount varies from year to year based on available State funds; however, the maximum 2008-09 award amount is $2,837. You may find out more information about FRAG residency or other requirements at http://www.floridastudentfinancialaid.org/SSFAD/factsheets/FRAG.htm. In addition to Florida residency, undergraduate students must also be full-time and enrolled in at least 12 credit hours in the Fall and Spring terms.