Loans

Award amount: see chart below

Interest: see table below for information on interest rates

Payment terms: six months after leaving school or dropping below half-time status

Available to undergraduates and graduates enrolled at least half time. The borrower will pay a fee of 1.066 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 and will begin accruing interest only after the six-month grace period has expired. However, loans made on or after July 1, 2012 and before June 30, 2014 will accrue interest even during the six-month grace period. 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:

• Loan Master Promissory Note
• Refund Authorization Form
• Loan Entrance Counseling

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 disbursed as follows:

To view the most up-to-date information on the Federal Direct Loans' interest rates and fees, please visit Federal Student Aid An Office of the U.S. Department of Education.

• Award amount: cost of attendance minus other financial aid

  Interest: see table above for information on interest rates

  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 4.264 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:

  • Loan Promissory Note (MPN)
  • Refund Authorization Form

  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 studentaid.gov. Applications for the 2016-2017 academic year are available starting April 2016. The Department of Education will notify the University and the borrower of loan approval or denial.

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 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 about loan repayment.

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.

We’ve teamed up with Solutions at ECMC (Educational Credit Management Corporation) to answer all of your student loan repayment questions. Solutions is a service of the nonprofit organization ECMC and is dedicated to helping students manage educational loans. Their resources are available to you free of charge. To contact a Solutions student loan repayment adviser, submit the email form or web chat, or call (877) 331-3262.

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.

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: Feb. 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.

• 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

  The Financial Aid Office provides this list of alternative loan lenders to assist students in identifying banks and lenders offering alternative educational loans. Students are encouraged to conduct their own research to identify the best loan options for their individual circumstances.

  To determine which lenders and loan options to display, the Financial Aid Office continuously monitors lender's updates to ensure borrower benefits and customer service adhere to our criteria. Any lenders or loan options that no longer adhere to our criteria are removed. At least three unaffiliated lenders will be presented to you at all times. Students may select any lender of their choice, including lenders not on UT's alternative loan lender list.

  The UT Financial Aid Office maintains professional relationships with all lenders. Our staff is prohibited from accepting financial or other benefits in exchange for displaying lenders and loan options. These include: receiving compensation to serve on any lender board of directors or advisory boards; accepting gifts including trips, meals and entertainment; allowing lenders to staff our Financial Aid Office; allowing lenders to place our institution's name or logo on any of their products; and owning lenders' stock (for those college officials who make loan decisions for our institution).

  Alternative loans should not be confused with direct-to-consumer loans. Direct-to-consumer (DTC) loans are NOT certified by the school and usually have higher interest rates. The loan funds are sent directly to the student borrower and not to the school; as a result, these loan funds will not appear as expected financial aid on the student's tuition bill. Although the maximum loan amount for a DTC loan should be cost of attendance minus other aid, without the school certification process there is no way for the school to ensure the cost of attendance is not exceeded. Other aid, including scholarship and grant funds, could be reduced or returned entirely because the cost of attendance was exceeded with a DTC loan.

  For most students, the traditional grant and loan programs are the best sources for financial aid, and direct-to-consumer loans should be avoided. Discuss your options with your financial aid counselor for assistance in making this determination.