Financial Aid

This short-term loan is available to students on the first day of classes each semester for Fall or Spring.  It is designed to help students with their account balance so that they may confirm their schedule while allowing them 30 days to get their financial aid in order.  During Fall and Spring semesters the loan will only cover the amount needed to make their first deferred payment (25% of the account balance plus a $50 fee).  During the Summer, the loan can cover the amount needed to pay 50% of eligible charges, PLUS a $50 non-refundable service fee. However, it will be available before the first day of class during the summer term. Click here for the University Loan application page.

The SGA Emergency Loan is a short-term loan established by the Student Government Association to assist students with immediate educational needs. Students who wish to borrow SGA funds must meet Satisfactory Academic Progress (SAP) standards and must have already confirmed their enrollment for the requested semester. The maximum amount students may request is $500.  Students have 60 days from the loan's disbursal to repay the borrowed amount. For more information regarding the SGA Emergency Loan and to apply, please visit the SGA Loan Application page.

Federal Direct Stafford Loans are low-interest loans available to students to help pay their college costs. The lender is the U.S. Department of Education rather than a bank or other financial institution. Current interest rate information for Federal Direct Loans, loan calculators and repayment options are available on the Direct Loan Website.

With Federal Direct Stafford Loans, students:

• Borrow directly from the Federal Government and have a single contact, which will be one of several possible loan servicers chosen by the Federal Government.
• Get on-line access to their Direct Loan information 24-hours a day, 7 days a week at https://studentaid.gov .
• Choose from several repayment options which are designed to meet the needs of almost any borrower.

There are two types of Federal Direct Stafford Loans which a student may qualify for:

1. Federal Direct Subsidized Loan: Eligibility for this loan is based on the income and asset information you provided to us through your FAFSA. If you are eligible for this type of loan, no interest accrues on this loan as long as you are enrolled for at least 6 undergraduate semester hours. Repayment begins after you leave school or fall below half-time enrollment once your 6 month grace period has been exhausted. Graduate students are not eligible.
2. Federal Direct Unsubsidized Loan: Based on the results of your FAFSA, if you are not eligible for a subsidized loan you would be considered eligible for an unsubsidized loan. This type of loan is different from the subsidized loan in that you are responsible for the interest as it accrues while you are in school, and you must be enrolled half-time (6 UG hours for an undergraduate and 5 GR hours for a graduate student). You may, however, defer payment of both interest and principle until you leave school or fall below half-time enrollment.

All loans are limited on how much a student can borrow per academic year, based on the number of hours a student has successfully completed, dependency status, and Cost of Attendance. To receive Federal Direct Stafford Loan offers, students must complete and submit their FAFSA application for every year they attend.

A Parent PLUS Loan* allows a parent(s) to request funds to help cover educational expenses for their dependent undergraduate students. Students must complete a FAFSA application before their parent(s) can submit a PLUS Loan application. There are specific regulations concerning how much a parent may borrow, dependent on the amount of financial aid received by the student. PLUS Loans are credit-based, so some parents may not qualify. Direct PLUS Loans are funded and approved/denied by the U.S. Department of Education. While PLUS Loan interest accrues while students are enrolled, Parent PLUS borrowers may have the option to defer both interest and principle payments until the student graduates or falls below half-time enrollment if requested with their loan servicer. For more information on Direct PLUS Loans and to apply, please visit our Parent PLUS Loan page.

*Please note that Parent PLUS Loan information is submitted to the National Student Loan Data System (NSLDS), and is therefore accessible to guaranty agencies, lenders, and institutions determined to be authorized users of the data system.

Alternative Loans are credit based student loans and may or may not require a co-signer. These loans are provided through a private lender, such as a community bank, credit union, student loan lender, etc. The requested amount for an Alternative Loan for a term may be limited by federal/state/institutional aid received and a student's Cost of Attendance. For more information, visit our Alternative Loans page.

Grad PLUS Loans are Federal Loans that graduate students may borrow to help cover educational expenses. A student must enroll in at least 5 credit hours per semester and may borrow up to the total of the estimated Cost of Attendance that has not been covered by financial aid. To apply for a Grad PLUS loan, students must first complete and submit the FAFSA Application. Students who apply for a Grad PLUS are also required to sign a Grad PLUS Master Promissory Note and complete Entrance Counseling. To apply for a GRAD PLUS loan, please contact financialaid@tntech.edu for a preliminary application form to begin the process. These loans are credit based and may or may not require an endorser. A student's completed application allows Tennessee Tech to authorize the required U.S. Dept of Education credit check.

Are you considering consolidating your loans? Want to know more about what loan consolidation can offer you? Check out https://studentaid.gov .