Student Loans
- Direct Subsidized and Unsubsidized Loans
- Direct Parent and Graduate PLUS Loans
- Federal Perkins Loans
- Private Loans
Direct Subsidized and Unsubsidized Loans
You must be enrolled at least 6 credit hours per term (semester) to qualify for a Direct Stafford Loan. Students borrowing Direct Stafford Loans must complete Direct Entrance Loan Counseling and a Master Promissory Note prior to receiving their financial aid disbursement.
More information on Direct Loan Procedures
Direct Parent and Graduate PLUS Loans
Direct Parent PLUS loans enable the parents of dependent undergraduate students, and independent graduate students, with good credit histories to borrow up to the student’s cost of attendance, less any other aid received.
Dependent undergraduate students are required to complete the Free Application for Federal Student Aid (FAFSA) before their parent can apply for a Direct Parent PLUS loan; a UTC-specific PLUS Information Form is required with or without submission of the FAFSA.
Independent graduate students must complete the FAFSA before applying for a Direct Graduate PLUS loan. These students need not submit the Direct PLUS Information Form, but do need to complete Graduate PLUS Loan Entrance Counseling and a Graduate PLUS MPN.
Students must adhere to all UTC enrollment and Satisfactory Academic Progress standards in order to be eligible for Direct PLUS loan proceeds.More Information on Plus Loan Procedures
Federal Perkins Loans
This federal loan program is awarded at UTC on a first come first served basis to undergraduate students with exceptional financial need. Complete the Free Application for Federal Student Aid (FAFSA) by February 15 before the upcoming Fall semester to meet UTC's April 1 priority deadline for this loan. All required financial aid documents must be on file in the UTC Financial Aid Office by April 1 to meet the priority deadline.
The annual undergraduate Perkins Loan limit is $5,500 (maximum of $2,000 per fall and $2,000 per spring), with an aggregate undergraduate limit of $20,000. The Perkins Loan has a fixed 5 percent interest rate and a maximum 10-year repayment period. Perkins Loan repayment begins nine months after the student graduates or drops below half-time enrollment. Interest accrues only during repayment periods.
The student must request the Perkins Loan by completing and submitting a Request for Counselor Review Form to the Financial Aid Office.
Private Loans
A private (alternative) education loan is a non-federal education loan, through a private lender typically issued in the student's name and requiring a cosigner. Generally, alternative loans have interest rates, repayment terms, and deferment options that are substantially less favorable than those of the Direct Stafford, Perkins, Parent PLUS and Graduate/Professional PLUS Loan programs.
Each lender has their individual eligibility requirements, interest rates, repayment terms and conditions. For example, some lenders require students to be enrolled at least half-time in a degree-granting program, while others will lend to students who are non-degree seeking or are enrolled less than half-time. Please be aware that Private Loan Processing may take up to 30 days.
