Loans

The Financial Aid Office will assist you in administering loans from a variety of student loan programs, including loans available from federal, state and private resources. On most loans, the student is the borrower and must complete the loan application process, which includes signing a promissory note. Parents are eligible to apply for the Parent PLUS Loan on behalf of their dependent student. Students should check their SpartanWeb account to ensure all paperwork requested by the Financial Aid Office is received.

SALT money management program

The University of Tampa has partnered with the nonprofit organization American Student Assistance (ASA) to provide access to SALT. The SALT program teaches students to be financially savvy and borrow wisely for college and beyond. This is a free lifetime membership for University of Tampa students. Modules are available to assist students through many milestones in their lives, from entering repayment period on student loans to purchasing a car or home, obtaining credit scores and more.

Federal Loans

Federal loans are available to U.S. citizens and permanent residents of the U.S. only. Complete the FAFSA to be considered for the loans listed below. First-time student borrowers are required to complete loan entrance counseling prior to disbursement.

Direct Loans

Award amount: see chart below
Interest: graduates, 6.21 percent; undergraduates, see below
Payment terms: six months after leaving school or dropping below half-time status

Available to undergraduates and graduates enrolled at least half time (six credit hours per semester for undergraduates; four credit hours per semester for graduates). The borrower will pay a fee of 1.073 percent of the loan amount, deducted each time a loan disbursement is made. If you have remaining Direct Loan eligibility, it is possible that it can be used for the Summer Session. Processing for summer financial aid begins in April. Contact your financial aid counselor for more information regarding eligibility. Federally funded Direct Loans come in two kinds: subsidized and unsubsidized.

The subsidized Direct Loan is based on need, as determined by the FAFSA. No interest accrues while you are enrolled at least half time; however, loans originated after July 1, 2012, will begin to accrue interest when the student drops below half time, withdraws or graduates. Subsidized loans made prior to this date will begin accruing interest only after the six-month grace period has expired. Beginning July 1, 2012, subsidized Direct Loans will be available to undergraduate students only. 

The unsubsidized Direct Loan is available to students regardless of need, and interest begins to accrue at disbursement. You may choose to make payments while enrolled or defer payment until you leave school.  

Direct Loan Amount
  •  Freshmen: up to $5,500 per year (plus $4,000 per year unsubsidized for independent students)
  •  Sophomores: up to $6,500 per year (plus $4,000 per year unsubsidized for independent students)
  •  Juniors/seniors: up to $7,500 per year (plus $5,000 per year unsubsidized for independent students)
  •  Graduate students: up to $20,500 per year (unsubsidized only)


HOW TO APPLY: A completed FAFSA and a loan promissory note are required for both types of Direct Loans. The U.S. Department of Education is the lender for all Direct and PLUS loans through the William D. Ford Federal Direct Loan Program. New students must accept or decline Direct Loan offer(s) in SpartanWeb, in the Financial Aid section from the Finances tab.

To disburse your federal student loan(s), the following documentation is required:

INTEREST RATES: The following fixed interest rate schedule applies for undergraduate Direct Loan borrowers for the subsidized portion of their loan only. The following interest rates apply for loans made in the academic year indicated: 

  • 2010-2011 term: 4.5 percent
  • 2011-2012 term: 3.4 percent
  • 2012-2013 term: 3.4 percent
  • 2013-2014 term  3.86 percent
  • 2014-2015 term and beyond 4.66 percent

Unsubsidized Direct Loans for undergraduate students accrue at a fixed 4.66 percent interest rate. Unsubsidized Direct Loans for graduate students accrue at a fixed 6.21 percent interest rate.

PERKINS

Award amount: $500-$2,500
Interest: 5 percent
Payment terms: nine months after leaving school or dropping below half-time status

Available to full-time undergraduates (taking at least 12 credit hours per semester) who demonstrate financial need (determined by the FAFSA). No interest accrues while you are enrolled at least half time (six credit hours per semester).

To disburse your Perkins student loan, the following documentation is required:

Instructions to complete the MPN and Loan Entrance Counseling online will be sent to your UT email account from our loan administrator, Campus Partners, shortly before the beginning of the semester.

Direct PLUS Loans for Parents and Graduate Students

Award amount: cost of attendance minus other financial aid
Interest: 7.21 percent fixed 
Payment terms: 60 days after disbursement. Borrowers can also request in-school deferments from the Department of Education.

This is a credit-based loan for parents of dependent undergraduate students or graduate students enrolled at least half time. The annual limit on a PLUS Loan is equal to the student's cost of attendance minus any other financial aid the student receives. The U.S. Department of Education is the lender for all PLUS Loans through the William D. Ford Federal Direct Loan Program. The borrower will pay a fee of 4.292 percent of the loan amount, deducted each time a loan disbursement is made.

To disburse your Parent of Graduate PLUS Loan, the following documentation is required:

If a parent is denied a PLUS Loan, the student becomes eligible for an additional unsubsidized Direct Loan (freshmen/sophomores up to $4,000; juniors/seniors up to $5,000). Parents denied the PLUS Loan for credit reasons also may pursue an endorser option to be approved for the loan. Applicants who are denied for credit reasons will be asked to pursue this option during the online application process.


HOW TO APPLY:
To apply for a PLUS Loan, parent borrowers and graduate students submit an application with the Department of Education at www.studentloans.gov. Applications for the 2014-2015 academic year are available starting April 2014. The Department of Education will notify the University and the borrower of loan approval or denial.

FEDERAL LOAN REPAYMENT

After you graduate, leave school or drop below half-time enrollment, you have a grace period of six months for Direct Loans (nine months on Perkins) before beginning to repay your loans. Your first payment is due within 60 days after your grace period. Your lender(s) will notify you of your payment due dates.

Federal regulations require that you complete a loan exit counseling session before you graduate and every time you drop below half-time status. The counseling session provides information about how to manage your student loans. 

Use the National Student Loan Data System (NSLDS) Financial Aid Review service for information on loan and/or grant amounts, outstanding balances, loan status, lender contact information and disbursements.

Several repayment plans are available. Generally, you'll have from 10 to 25 years to repay your loan, depending on which plan you choose. Learn more.

You may be able to consolidate your Direct Loans, if you have at least one loan in grace, repayment, deferment or default status. In-school status loans are not included. Learn more about consolidation loans.

The parent-borrower has the option of beginning repayment either 60 days after the loan is fully disbursed or six months after the dependent student drops to below half-time enrollment. Parent-borrowers must request deferment from their lender each year they wish to delay repayment. During this time, interest may be paid or capitalized.

If, at any time, you're having difficulty making payments, please contact the Financial Aid Office. A counselor will be happy to discuss the options available to help keep you from defaulting on your student loans.

INSTITUTIONAL LOANS

Award amount: $500-$2,500
Interest: 5 percent
Payment terms: six months after leaving UT

This loan is available to full-time undergraduates (taking at least 12 credit hours per semester) who demonstrate financial need (determined by the FAFSA). No interest accrues while you are enrolled at UT.

MOTT ENDOWED BOOK FUND

Award amount: up to $1,000 per year
Interest: none
Payment terms: money from resale of books

This loan is for the purchase of textbooks and other course-related materials from The University of Tampa bookstore. Funds are limited. Preference is given to students who received Mott funding in the prior year. This is a non-renewable loan; recipients may reapply each year.

Eligibility:

  • Must be a continuing undergraduate student
  • Demonstrate financial need (determined by the FAFSA)
  • Applicants should email finaid@ut.edu, subject: Mott Book Fund
  • Application deadline: March 1

Recipients must sign an agreement with the manager of the Mott Book Fund in the Office of Development stating they will:

  • Return the receipt to the manager of the Mott Book Fund
  • Pay a 2 percent origination fee based on the receipt amount
  • Resell the book(s) to the UT bookstore and return the receipt of resale to the manager of the Mott Book Fund with the proceeds from the resale
  • Write a thank-you letter to the donor within one week of the book purchase


The Mott Book Fund Loan was created by UT alumnus Clifford R. Mott '49. Mr. Mott, in his desire to help University students with ancillary college expenses, established the loan program through his endowment gift to UT. The interest earned from the endowment assists students with the purchase of their University textbooks. Mr. Mott takes great pride in the use of his generous gift by students at The University of Tampa.

ALTERNATIVE LOANS

Many private banks and lenders offer loans for financing educational costs. However, we recommend you exhaust all federal aid options before taking an alternative loan (federal loans are generally less expensive). A FAFSA is not required for alternative loans. Students who wish to take an alternative loan and do not complete the FAFSA must complete private loan counseling with their financial aid counselor prior to receiving the alternative loan funds.

Award amount, interest and payment terms vary. These are credit-based loans and students must complete the lender's application process.

Lenders may require a co-borrower, that the student makes payments while in school, or have other stipulations. Even if not required by the lender, students may choose to apply with a cosigner because it could reduce the interest rate. See UT's alternative loan lender list for more information: Graduate Students; Undergraduate Students.