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. Any student who wishes to borrow from the fund must be within Satisfactory Academic Progress (SAP) and must have already confirmed enrollment for the semester they are requesting funds for. The maximum amount that may be disbursed to any borrow is $500. Borrowers shall have 60 days from the day the money was disbursed to them to pay back the amount they were given. Click here for the SGA Loan Application page.

Federal Direct Stafford Loans are low-interest loans for students to help pay for the cost of a student's education after high school. 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, the student will:

• 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 your 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.

These loans allow a parent to pay for educational expenses for their dependent undergraduate students. Student must complete a FAFSA. There are specific regulations as to how much a parent can borrow, depending on the amounts of other financial aid received by the student. These loans are credit-based, and some parents will not qualify. Direct PLUS Loans are funded and credit decisions made by the U.S. Department of Education. For more information on Direct PLUS Loans, please check our PLUS loan page. Interest accrues while student is in school; however, Direct PLUS borrowers may be able to defer both interest and principle payments until the student leaves school or falls below half-time enrollment if requested with their loan servicer.

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

These loans are credit based student loans and may or may not require a co-signer. These loans are provided through a private lender and you may use any lender you choose (community bank, student loan lender, etc.). For more information, visit our Alternative Loans page. The amount of loan the student can receive may be limited by other aid the student receives and their cost of attendance.

Grad PLUS Loans are Federal Loans which graduate students may borrow to help pay educational expenses. A student must be enrolled at least 5 credit hours per semester and may borrow up to the total of the Estimated Cost of Attendance less resources and other financial aid. To apply for a Grad PLUS loan you must complete the FAFSA. Additionally you will be 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, ATTN: Loan Specialist for a preliminary application form to begin the process. These loans are credit based and may or may not require an endorser. Your completed application will allow 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 .