Tennessee Student Assistance Corporation (TSAC) Grants
Grants are made by the Tennessee Student Assistance Corporation to residents of the State of Tennessee who show financial need according to the FAFSA. TSAC annual awards range from $1,314 to $2,322. Students must apply before March 1 because these funds are limited.
Georgia Tuition Equalization Grant
The Georgia Finance Authority provides grants of approximately $400 per semester to Georgia residents who are juniors or seniors at UTC. Students must live within 50 miles of UTC and more than 50 miles from a four-year Georgia educational institution. Full-time enrollment at UTC is required, and the student must have completed 60 credit hours. Applications are available in the UTC Financial Aid Office and must be filed by the last day to register for classes in the term.
Student Loans
Federal Stafford Loans
The Federal Stafford Loan program provides students with interest free or low interest student loans based on financial need as determined by the FAFSA. Most students with good academic standing and satisfactory academic progress for continuing financial aid are eligible for the Federal Stafford Loan program.
There are two types of Stafford Loans: subsidized and unsubsidized. For a subsidized Stafford Loan, the interest is paid by the Federal government as long as the student is enrolled at least half-time. For an unsubsidized Stafford Loan, the student is responsible for the interest at a low government fixed rate while enrolled at least half time in college. The repayment of the loans is deferred for 6 months after a student graduates, terminates his or her education, or drops below halftime; and then the payments are structured over a 10-year repayment plan.
The maximum Stafford loan amount for a dependent undergraduate (as defined by the FAFSA) in a 12-month period is $3,500 for freshmen; $4,500 for sophomores; and $5,500 for juniors and seniors. Independent students, as defined by the FAFSA, are eligible for additional unsubsidized funds in the amount of $4,000 for freshmen or sophomores, and $5,000 for a juniors or seniors.
The Federal Stafford loan maximum aggregate may not exceed $23,000 for the dependent undergraduate or $46,000 for the independent undergraduate or post-baccalaureate student. The Federal loan aggregate limit for Stafford Loans for graduate and professional students is $138,500. A list of recommended lenders for the Stafford loan program may be found on the UTC Financial Aid website or in the UTC Financial Aid Office.
Federal Parents Loan for Undergraduate Students (PLUS)
Federal PLUS loans allow parents with good credit histories to borrow for each dependent child who is enrolled half-time or more. These loans, like Federal Stafford Loans, are made by a lender. A list of recommended lenders for the PLUS loan is available on the UTC Financial Aid website or in the UTC Financial Aid office. The yearly loan limit is the student's cost of attendance minus any estimated financial aid the student receives. The interest rate, as set by the Federal government, will be variable but not higher than 9.0 percent. If a parent is denied a PLUS loan by a lender, the student may be eligible for an additional unsubsidized Stafford loan at the independent loan amount.
Federal Perkins Loans
The Federal Perkins Loan Program is a long-term loan available to students at a 5.0 percent interest rate. This program is funded through the U.S. Department of Education and awarded by UTC on a first come first serve basis. These funds are limited. Eligibility for the Perkins loan is based on demonstrated financial need as determined by the FAFSA. Loan repayment and interest on Perkins Student Loans are deferred for 9 months after graduation or as long as the individual remains in half-time attendance at an eligible accredited institution of higher education. The maximum repayment period is normally 10 years. Upon making a properly documented written request, portions of the Federal Perkins Student Loan may be canceled if the borrower performs full-time service in one of the several service areas. More information about Perkins Loan forgiveness may be found on the U.S. Department of Education's website www.ed.gov. An undergraduate may be extended a maximum loan of $4,000 per year up to an accumulated loan total of $20,000. Due to limited funding, UTC awards all of its Perkins Loans to undergraduate students. The above regulations and provisions of the Federal Perkins Loan Program are subject to change by Federal legislative action.
Alternative/ External/ Private Loans
Additional funds are available to students through a lender in the form of an alternative loan. These loans are also referred to as private loans or external loans. A list of recommended lenders for alternative loans is available on the UTC Financial Aid website or in the UTC Financial Aid Office. Interest rates, origination fees, deferment options and terms vary by lender, so students are encouraged to comparison shop. These loans should be a student's last resort in attempting to pay for college costs. Students who are not in good standing with the office of Financial Aid (Unsatisfactory Academic Progress) may apply for these loans as an option to cover educational expenses.
Student Employment
Federal Work-Study Program
The University participates in the Federal Work-Study Program administered by the U.S. Department of Education. To be eligible for the Federal Work-Study Program, a student must be accepted for admission and enrolled with good standing. A student's eligibility is determined by the FAFSA. On-campus part-time work opportunities are available in various departments, offices, and agencies of the University. Off-campus work in community service organizations may also be available through the Federal Community Service Learning Program.
Additional Employment Opportunities
Additional part-time employment opportunities, both on and off campus, are handled by the Job Location and Development Program in the Financial Aid Office. These positions are available to any student, regardless of financial need. To be eligible for this part-time employment, the student must meet the requirements established by the employing agency. The UTC Placement and Student Employment Center also provides job postings.
