Financial Overview

University Financial Support

The university is supported by tuition and fees, research grants and contracts, and assistance from foundations, industry and the local community. Careful attention to sound business policies has placed the institution on a sound financial basis year after year.

Florida Tech was ruled tax-exempt under Section 501(c)(3) of the Internal Revenue Code (IRC) of the U.S. Treasury Department in January 1960. The university was classified in October 1970 as an organization that is not a private foundation as defined in Section 509(a) of the IRC. Gifts to the university are thus tax-deductible.

Endowments

Endowment scholarships are available to eligible students.  Eligibility is subject to the terms set forth by the donating party and a majority of funds require a demonstrated financial need.  The Office of Financial aid considers all admitted students when awarding endowment funds.  Applications are not necessary for a majority of the funds.  All eligible students are solicited in instances where applications are required. 

Financial Aid

The Office of Financial Aid at Florida Tech is dedicated to supporting student success by guiding students and their families through the financial aid application process. We understand that attending college is a big step for students and their families and we are here to help. 

Types of Aid

University Scholarships and Grants

Florida Tech provides financial aid in the form of merit-based scholarships and need-based grants to qualified students. These are commonly referred to as “gift aid,” in that the student is not responsible for paying any of the awarded funds back.

Scholarships are awarded at the time of admission. A student must be admitted and enroll as a full-time, degree-seeking undergraduate student at the Melbourne Campus in order to claim an awarded scholarship. Scholarships listed below are available to domestic (U.S.) freshman unless otherwise indicated; and are listed separately.

Florida Tech scholarships can be combined with state and federal scholarship and grant programs.

Academic Scholarships

Panther Fund Merit Scholarship

All applicants will be considered for a Panther Fund Merit Scholarship. Academic, or merit scholarships, are based on an applicant’s academic performance in high school (weighted GPA plus standardized test scores) and are determined at the time of admission. These scholarships are available to all domestic (U.S.) students, whether in-state or out-of-state. Panther Fund Merit Scholarship awards range in value but may cover up to 50% of tuition, regardless of financial need.

Panther Fund NCSSS Scholarship

NCSSS high school graduates are eligible for a minimum Panther Fund Scholarship for 50% of tuition if they are admitted and enroll full-time. Students must meet the minimum merit scholarship requirements and submit a complete admission application indicating attendance at an NCSSS high school.

Florida Resident Merit Scholarship

The following scholarships are available to students who are residents of Florida. Florida Resident Scholarships and Panther Academic Scholarships (see above) are mutually exclusive; they do not “stack” and cannot be combined. If a student qualifies for more than one of the scholarships below, the student will be offered the higher scholarship, but not the sum of two or more. Scholarships in an amount less than full tuition may, however, be combined with Incentive Scholarships, Florida Tech Family Grants, and Need-Based Grants.

Panther Distinguished Scholar Award

High school students who qualify for the Bright Futures Florida Academic Scholars (FAS) award are eligible to be considered for a Florida Tech Distinguished Scholar Award, a combination of scholarships and grants that covers full tuition plus the facilities and activities fees to attend Florida Tech.

The Florida Tech Distinguished Scholar Award is only available to first-time freshmen. To be considered, applicants must:

• Complete the Florida Financial Aid Application while still in high school
• Qualify for the Bright Futures Florida Academic Scholars award
• Apply and be admitted to Florida Tech as a full-time, on-campus, degree-seeking student by February 1 of the year immediately preceding your first semester.
• Complete and submit the Free Application for Federal Student Aid (FAFSA) listing Florida Tech as a receiving institution (financial aid code: 001469) by February 1 of the year immediately preceding your first semester.
• Complete the Florida Tech Panther Distinguished Scholar application online by February 1st.

Farmer Scholars Programs

Annually, Florida Institute of Technology selects one exceptionally qualified student to receive a Farmer Scholarship, which includes full tuition, room and board, and fees.

Incentive Scholarships

Participation in certain extracurricular programs makes you eligible for the following add-on scholarships.

FIRST Robotics & Vex Robotics Award

Current members of an official high school FIRST Robotics or Vex Robotics team will be awarded an additional $2,500 Panther Fund Scholarship per year if they are admitted and enroll full-time. Students must submit a letter from their FIRST team adviser verifying participation during the year of application prior to their admission to the university, and complete the admission and financial aid process by May 1^st of their senior year in high school.

Scouting - Eagle Scout and Girl Scout Gold Award

Any new first-year student who has either earned the rank of Eagle Scout or achieved the Girl Scout Gold Award, and is accepted as a full-time undergraduate at Florida Tech’s Melbourne campus is guaranteed an additional scholarship of $2,500 Panther Fund Scholarship per year. Students must submit a copy of the certificate verifying their achievement prior to their admission to the university, and complete the admissions process by February 1 of the year immediately preceding their first semester.

Athletic Scholarships

Florida Tech competes in 20 NCAA Division II sports. The following sports offer athletic scholarships: baseball, men’s basketball, women’s basketball, men’s golf, men’s lacrosse, women’s lacrosse, men’s rowing and women’s rowing, men’s soccer, women’s soccer, softball, men’s swimming, women’s swimming and volleyball. For more information on athletic scholarships, please contact the athletic department.

Endowed Scholarships

Florida Tech thanks its donors who have endowed scholarships and fellowships to assist students and who have endowed the following funds to support faculty, departments and the institution. Endowment scholarships are available to eligible students.  Eligibility is subject to the terms set forth by the donating party and a majority of funds require a demonstrated financial need.  The Office of Financial Aid considers all admitted students when awarding endowment funds.  Applications are not necessary for a majority of the funds.  All eligible students are solicited in instances where applications are required.

Need-Based Grants

Panther Fund Grant

Florida Tech makes every effort to help make attending the university as affordable as possible for all students.  The Panther Fund Grant is available to students who have a demonstrated financial need, as determined by the FAFSA application.  All applicants with a completed FAFSA will be considered for a Panther Fund Grant.  Grant amounts are based on a student’s EFC and other gift aid.  As such, grant amounts are not fixed and may vary from year to year depending on variable data.

Florida State Scholarships and Grants

Florida Tech works with the state to provide eligible students with Florida Bright Futures Scholarships and Florida State grants. The Florida Prepaid College Plan can be applied to your Florida Tech education.

What You Need To Do

• Apply for admission to Florida Tech.
• Complete and file the FAFSA. Make sure to list Florida Tech’s school code: 001469.
• Consult your high school guidance counselor anytime after November of your senior year to fill out the Florida Financial Aid Form.

Residency Requirements

The Florida Bright Futures Scholarship program is only available to Florida residents who have graduated from a Florida high school and are citizens or permanent residents of the United States. Florida residency and eligibility for the Florida Bright Futures Scholarship and the Effective Access to Student Education (EASE) grant are based on state law and administrative rules. Generally, students whose families have been living in Florida twelve (12) months prior to the start of the school year are considered residents. A full and complete description of rules and regulations regarding Bright Futures and other state aid can be found through the state’s Office of Student Financial Assistance.

Florida State Scholarships

Bright Futures Academic Scholars

Eligible students receive approximately $6,930 (30 credits x $211/credit hour, plus $600) per year. Eligible applicants must have a 3.5 high school GPA, a 1290 SAT or 29 ACT composite and 100 hours of community service.

Bright Futures Medallion Scholars

Eligible students receive approximately $4,800 (30 credits x $158/credit hour) per year. Eligible applicants must have a 3.0 high school GPA and a 1170 SAT or 26 ACT composite and 75 hours of community service.

Bright Futures Renewal Requirements (continued Eligibility)

Grade Point Average (GPA) Requirement

Students must have a minimum 3.0 cumulative GPA to renew their Florida Academic Scholars (FAS) award and a minimum 2.75 cumulative GPA to renew their Florida Medallion Scholars Award (FMS). FAS awardees who earn less than a 3.0 cumulative, but higher than 2.75 cumulative GPA will be renewed at the FMS award level, so long as they meet the credit hour requirement (see below).

Note that Bright Futures funds will not pay for withdrawn courses, repeated courses or remedial courses. Satisfactory Academic Progress (SAP) appeals approvals through the university will not apply to this award and a separate appeal must be made, if the student is eligible to do so. Appeal eligibility requirements are limited and outlined by the state. For more details on Bright Futures requirements, reinstatements and other rules, please visit their website.

Florida State Grants

Effective Access to Student Education (formerly known as FRAG)

All full-time undergraduate students who meet the Florida residency requirements are eligible to receive this financial assistance from the state. The award amount varies from year to year and is based on available state funds; however, the amount awarded for 2020-2021 is $2,841. The state legislature will determine the amount for each academic year.

Florida Student Assistance Grant (FSAG) 

Grants approximately $1,000 per year and are based on demonstrated financial need, as determined by the FAFSA application. Florida State Grant Renewal Requirements (Continued Eligibility).

To be eligible for renewal, students must have a 2.0 or higher cumulative GPA and must have completed at least 24 credit hours in the past academic year (or 12 credit hours in each term during the aid year in which the eligible student received aid). If a student does not meet the eligibility requirements at the start of the new academic year, the student must sit out a full year before being considered for renewal. Students who sit out a year must meet the minimum GPA requirements to be reinstated. Note that Satisfactory Academic Progress (SAP) appeals through the university will not apply to these awards and a separate appeal must be made, if the student is eligible to do so. Appeal eligibility requirements are limited and outlined by the state. For more information on requirements, reinstatements and other rules, please visit Florida Department of Education’s Website.

Florida Prepaid College Plan

Florida Tech is an eligible institution for the Florida Prepaid College Plan (FPCP) program. Accumulated funds may be applied toward expenses at Florida Tech. Visit the FPCP office for further details. Visit MyFloridaPrepaid.com for complete details.

Other State Grant Programs

If you’re home state is not Florida, you may still be eligible for state grant assistance. Visit State Financial Aid Programs to find out more information about state grant opportunities from your home state.

Federal Grants

Federal Grants include Federal Pell Grants and the Federal Supplemental Educational Opportunity Grants (FSEOG).  These grants are referred to as ‘need-based grants,’ because they are based on Financial Need, as determined by the FAFSA applications.  Grants do not need to be repaid, except under certain circumstances.

Federal Pell Grants

Federal Pell Grants are available to eligible undergraduate students in a degree-seeking program who have not yet earned a baccalaureate degree.  The Maximum annual Pell grant is appropriated by Congress and may change from one academic year to the next.  A student’s EFC (expected family contribution), enrollment, Cost of Attendance and Lifetime Pell usage are all used to determine the amount of their Pell grant they are eligible for.

Students whose parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11 may be eligible for additional Federal Pell Grant funds if, at the time of your parent’s or guardian’s death, the student was less than 24 years of age OR enrolled in college or career school at least part-time.

Students who are incarcerated, in a federal or state penal institution, or are subject to an involuntary civil commitment upon completion of a period of incarceration for a forcible or nonforcible sexual offense, are not eligible to receive the federal Pell Grant.

Federal Supplemental Educational Opportunity Grants (FSEOG)

FSEOG funds are awarded to students who are considered to have exceptional financial need, as determined by the FAFSA and fund availability.  Unlike the Pell grant, each participating school receives a certain amount of FSEOG funds each year.  Once the funds have been awarded to students, no more awards can be made for that year.

Federal Loans

A loan is money that you borrow and must pay back with interest.  The Department of Education’s federal student loan program offers two types of loans to undergraduate students: Subsidized Stafford Loans, Unsubsidized Stafford Loans.  The Parent PLUS Loan is also available for parents of dependent, undergraduate students.  The interest rate and origination fee for these loans are set annually by federal law.  

To Be Considered For A Federal Student Loan A Student Must:

• be admitted to Florida Tech
• file a FAFSA application 
• be a U.S. citizens or eligible non-citizens
• be enrolled in a degree-seeking program
• register for at least half-time status (at least six credit hours per semester)

If you qualify, your loan options will be presented to you in your financial aid offer letter. If you wish to take advantage of the loan(s) presented to you, you must then accept your loan(s). 

Before you receive your loan funds, you will be required to

• complete entrance counseling, a tool to ensure you understand your obligation to repay the loan; and
• sign a Master Promissory Note, agreeing to the terms of the loan.

Federal Subsidized And Unsubsidized Stafford Loans

Subsidized Stafford Loans

These loans are available to students with financial need, as determined by the FAFSA.  The interest on these loans is subsidized, which means the borrower does not pay interest on the loan while the loan is in deferment.  Loans are in deferment while a student is enrolled at least half-time in an eligible degree-seeking program.  Once the student graduates or ceases to attend school, the student will have a grace period of six months before the loan enters repayment.  Students will pay interest on the principal balance of the loan during repayment.

Unsubsidized Stafford Loans

These loans are available to undergraduate students and are not based on financial need.  Unlike the subsidized loans, the unsubsidized loan will begin to accrue interest the day the funds are disbursed (paid) to a student’s account and continue to accrue interest through the life of the loan (until the principal and interest are repaid).  

Federal Stafford Loan Counseling

Students who wish to utilize their Federal Stafford Subsidized and/or Unsubsidized loan eligibility must complete both entrance and exit counseling. 

Entrance counseling must be completed prior to loan disbursement. The counseling provides students with information regarding student loans and the borrowing and repayment process to ensure that students understand the responsibilities and obligations they are assuming.

Exit counseling is required once the student has graduated, ceased enrollment or has dropped below half-time enrollment.  Students are required to provide the name, address, email address, and telephone number for your closest living relative, two references who live in the U.S., and your current or expected employer, if known.

Federal Parent PLUS Loans

Federal PLUS loans are not based on financial need.  They are available to parents of dependent undergraduate students.  Credit checks are required for Federal PLUS Loans.  The decision to approve or deny the loan is based on the results of a credit check that is conducted by the US Department of Education.  This loan can help the student cover any educational expenses not covered by other financial assistance up to the cost of education.  Eligible borrowers can apply at studentaid.gov.  When applying for a PLUS loan, it is important to note that it is a loan and must be paid back.  PLUS loans are unsubsidized, meaning they begin to accrue interest starting from the date the funds are disbursed to the student’s account.  These loans also have an origination fee deducted by the lender before funds are disbursed to Florida Institute of Technology.  The interest rate and origination fees are a set rate each academic year and set by the federal government.  Rates are typically announced during the summer before the academic year begins. 

Who Is Eligible?

Parents, adoptive parents, and stepparents of dependent undergraduate students attending college at least half time (6 credit hours) in a degree-seeking program are eligible for Parent PLUS loans. Borrowers must be U.S. citizens or eligible non-citizens. Loan approval is subject to credit criteria established by the U.S. Department of Education. A credit report will be obtained by your lender from a national credit bureau once you apply.

Application Process

• Step 1: You must complete the Free Application for Federal Student Aid (FAFSA).  Our Federal School Code is 001469.
• Step 2: The parent applicant should log into studentloans.gov web site using his/her FSA ID. (This is the same FSA ID the parent would have used to complete and sign the FAFSA electronically.) From there, select Request a Direct PLUS Loan from the menu, and then select Parent PLUS on the following page. Be sure to request Florida Institute of Technology as the school of choice to ensure we receive the PLUS information.
• Step 3: Promissory note and entrance counseling While on the studentloans.gov website, the borrower should also complete and sign the Plus Master Promissory Note (MPN) and loan entrance counseling.
• Step 4: Loan Certification The Florida Institute of Technology Financial Aid Office will certify your PLUS loan request and submit it for final approval, guarantee and disbursement.
• Step 5: Loan Disbursement PLUS loans are disbursed directly to the school via electronic funds transfer (EFT). Funds are deposited into the student’s school account upon verification of the student’s enrollment. There is an origination fee deducted from each disbursement by the lender prior to the transfer of funds. For the current rate, please visit the Student Federal Aid web site
• Step 6: Refund  Refunds from proceeds of PLUS loans will be issued to the student.

Parent PLUS Loan Denials & Counseling

Loan Denials

A dependent student whose parent has been denied a Parent PLUS loan during the current aid year may be eligible to receive Federal Stafford loans at the independent level with proof of Parent PLUS loan denial from the lender. A Parent PLUS loan denial is only valid for one aid year.

If your credit has been denied for the Parent PLUS Loan, you will be given four options on the application to choose from:

• I do not wish to pursue a PLUS loan at this time. You must contact the Florida Institute of Technology financial aid office to let us know you would like the additional Federal Direct Unsubsidized Stafford loan
•  I will obtain an endorser. Choose this option if you would like to add a co-signer. Borrowers whose Direct PLUS Loan credit checks are denied and then approved with an endorser, must complete PLUS Counseling before the Direct PLUS Loan can be disbursed.
•  I want to appeal the credit decision. Choose this option if you believe the credit check is inaccurate or you can provide updated information about extenuating circumstances.

PLUS Counseling

PLUS Counseling is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have obtained an endorser or documented to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to your adverse credit history.

PLUS Counseling can be completed voluntarily at any time. If PLUS Counseling is completed voluntarily and you are determined to have an adverse credit history by the U.S. Department of Education within 30 days of PLUS Counseling completion, your PLUS Counseling requirement will be considered to be fulfilled.

Borrowers can access the PLUS Counseling after they login by selecting PLUS Counseling from the menu, then selecting Parent PLUS to complete the counseling.

Federal Work Study

Federal Work-Study (FWS) is an employment program which allows students to earn a paycheck through a financial aid award paid by federal funds. The program provides part-time employment opportunities in two areas, On-Campus & Community Service. Since it is federal money, students must receive the aid in their Financial Aid offer each academic year (Fall through Spring) to work.  Eligibility is based on need, as determined by the FAFSA.

Students in the work study program are paid hourly for actual hours worked and receive their paycheck biweekly. Funds are not applied to balances on a student’s account; however, if a student wishes to use them to help pay their balance, they may do so when they receive their paycheck.

For more information on Federal Work study, please contact Career Services.

Private Loans

Private Loan Providers are loans contracted with private lending companies directly by the borrower.

Florida Tech works with FASTChoice to make finding a private loan provider as simple as possible. The lenders listed on FASTChoice are lenders that have previously made private education loans to our students and have met our university’s strict criteria.

Florida Tech’s Loan Options page is reviewed annually. Note that at least two lenders will always be presented to you. You are free to choose any lender, including those not presented. Please note that private education loans do not carry a federal guarantee, and are considered financial aid because Florida Tech must certify three things to the lender:

• Student is accepted at Florida Tech
• Student is enrolled in courses
• Borrowed amount is within the student’s Cost of Attendance less any other financial aid

Our officials are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in FASTChoice.

Code Of Conduct

Florida Tech explicitly prohibits any conflict of interest between our counselors and Federal or private education loans.  All counselors responsible for loans are informed annually of the provisions of this code of conduct.  The code of conduct prohibits the following:

• Revenue-sharing arrangements with any lender
• Receiving gifts from a lender, a guarantor, or a loan services
• Contracting arrangement providing financial benefit from any lender or affiliate of a lender
• Directing borrowers to particular lenders, or refusing or delaying loan certifications
• Offers of funds for private loans
• Call center or financial aid office staffing assistance
• Advisory board compensation

Graduate Student Assistantship

Graduate Assistantships are awarded to well-qualified students (GPA, grades etc.), however, not all qualified graduate students will receive assistantships. Normally, Graduate Assistantships are awarded on an academic year basis (Fall-Spring); some are available in the summer terms.

There are two types of Assistantships: Teaching and Research Assistantships.

Teaching Assistants

Teaching Assistants (TAs) serve in many roles to help faculty teach both undergraduate and graduate lecture courses and laboratories.
First-time TA’s must attend and successfully complete the Teaching Assistant Seminar prior to beginning their assignments.

In addition, there are specific, additional language proficiency requirements for TAs for whom English is not their home language.

TAs must be formally evaluated in writing by their faculty supervisor as a condition for renewal of their award normally once per academic year.

These evaluations become a part of the TA’s record.

Research Assistants

Research Assistants (RAs) work with faculty members on scientific and engineering research projects supported by governmental and private sponsors.
In many cases, these projects are directly related to the student’s thesis or dissertation research.

Formal evaluations are not required for RAs.

Both TAs and RAs must maintain appropriate grade point averages (GPAs) and must continue to pursue their full-time graduate studies in their disciplines in order to retain their assistantships.

Contact your offering academic department for more information concerning Teaching and Research Assistantships. 

Return Of Title IV Funds

Please contact the Financial Aid Office if you have questions about the return of Title IV Funds. The office can provide a draft Return of Title IV funds calculation to help you determine the financial impact of a complete withdrawal.

This policy applies to any student who withdraws from all courses after the last day to withdraw with a full tuition refund (click here for the Florida Tech Online calendar) OR any student who is considered to have unofficially withdrawn from all courses. If the student receives all non-passing grades (F, I, W, or no grade), attendance in the term cannot be verified and as a result they are determined to have unofficially withdrawn. The Financial Aid Office will contact the student’s professors to confirm attendance and, if applicable the last date of attendance. If no attendance can be verified, then all aid must be canceled.

Unofficial withdrawals are determined within 30 days of the end of term, and the return to Title IV calculation within 45 days of the end of the term.

What Is Return Of Title IV Funds?

Though your aid is posted to your account at the start of each term, you earn the funds as you complete the term. If you completely withdraw or unofficially withdraw during the term (your school can define these for you and tell you which one applies to you), the amount of Title IV program assistance that you have earned up to that point is determined by a specific formula. If you received (or your school or parent received on your behalf) less assistance than the amount that you earned, you may be able to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned by the school and/ or you. The latter of the two scenarios is most common.

What Aid Is Title IV Aid?

The Title IV programs that are covered by this law are:

• Federal Pell Grants
• Iraq and Afghanistan Service Grants
• TEACH Grants
• Direct Loans
• Direct PLUS Loans
• Federal Supplemental Educational Opportunity Grants (FSEOGs)

*Bright Futures recipients should be aware that the Bright Futures program will not pay for withdrawn courses; therefore, if a student withdraws from any courses, the university is required to return all (100%) of the Bright Futures funds disbursed based on enrollment in that course.  The repayment may result in a balance on the student’s account that must be paid to remain in good standing.

How Is The Return Of Title IV Funds Calculated?

The university is required to return the amount of Title IV aid that is considered unearned, and to calculate this, they will first determine the amount of aid you earned.  The amount of assistance that you have earned is determined on a pro-rata basis. For example, if you completed 30% of your payment period or period of enrollment, you earn 30% of the assistance you were originally scheduled to receive. Once you have completed more than 60% of the payment period or period of enrollment, you earn all the assistance that you were scheduled to receive for that period; therefore no aid is returned.

If you receive (or your school or parent receive on your behalf) excess Title IV program funds that must be returned, your school must return a portion of the excess equal to the lesser of:

1. your institutional charges multiplied by the unearned percentage of your funds, or
2. the entire amount of excess funds (i.e. Title IV funds times earned aid percentage).

The school must return this amount even if it didn’t keep this amount of your Title IV program funds.

Please note that the requirements for Title IV program funds when you withdraw are separate from the university’s tuition refund policy; therefore, you may still owe funds to the school to cover unpaid institutional charges. Your school may also charge you for any Title IV program funds that the school was required to return. If you don’t already know your school’s refund policy, you should ask your school for a copy. Your school can also provide you with the requirements and procedures for officially withdrawing from school.

How Are The Funds Returned?

The school will return the Title IV aid to the Department of Education electronically.  Funds will be returned in the following order until the full amount of unearned aid has been returned:  Unsubsidized Stafford Loan, Subsidized Stafford Loan, Direct Graduate Plus Loan, Direct Parent Plus Loan, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant.

Once the funds are returned, the student will be responsible for any balance on their account that is created by the return of Title IV funds.  In the event that a credit is created by a combination of a tuition refund and Title IV return, the funds will be refunded to the student via check or direct deposit.  Once the return is completed, the student will receive an email notifying them of the action and returned amounts.

If your school is not required to return all of the excess funds, you must return the remaining amount.

For any loan funds that you must return, you (or your parent for a Direct PLUS Loan) repay in accordance with the terms of the promissory note. That is, you make scheduled payments to the holder of the loan over a period of time. Any amount of unearned grant funds that you must return is called an overpayment. The maximum amount of a grant overpayment that you must repay is half of the grant funds you received or were scheduled to receive. You do not have to repay a grant overpayment if the original amount of the overpayment is $50 or less. You must make arrangements with your school or the Department of Education to return the unearned grant funds.

Post-Withdrawal Disbursements

In the unlikely event that you did not receive all of the funds that you earned, you may be due a post-withdrawal disbursement. If your post-withdrawal disbursement includes loan funds, your school must get your permission before it can disburse them. You may choose to decline some or all of the loan funds so that you don’t incur additional debt. Your school may automatically use all or a portion of your post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges (as contracted with the school). The school needs your permission to use the post-withdrawal grant disbursement for all other institutional charges. If you do not give your permission (some schools ask for this when you enroll), you will be offered the funds. However, it may be in your best interest to allow the school to keep the funds to reduce your debt at the school.

There are some Title IV funds that you were scheduled to receive that cannot be disbursed to you once you withdraw because of other eligibility requirements. For example, if you are a first-time, first-year undergraduate student and you have not completed the first 30 days of your program before you withdraw, you will not receive any Direct Loan funds that you would have received had you remained enrolled past the 30th day.

If you have questions about your Title IV program funds, please contact the Financial Aid Office.  You may also call the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). TTY users may call 1-800-730-8913. Information is also available on Student Aid on the Web at https://studentaid.ed.gov/sa/.

Satisfactory Academic Progress For Financial Aid Recipients

The academic records of all students admitted to Florida Tech for the first time will be considered sufficient to allow them to apply for financial aid. To remain eligible to receive financial aid, continuing students must meet the following satisfactory academic progress standards instituted by the university in accordance with federal law. Florida Tech applies standards equally between undergraduate and graduate students, in all academic programs.

Students are usually enrolled in a semester based program, or an 8-week term based program. All students who enroll in a semester-based program are evaluated for SAP at the end of each semester. Students enrolled on a semester-basis who concurrently enroll in an 8-week, Florida Tech Online course will be evaluated on a semester-basis. Eight-week-term students are evaluated at least once per year.

Students declared ineligible may appeal the decision under certain circumstances. If the appeal is approved, the student may continue to receive financial aid during probationary standing.

Minimum Academic Progress Measures

Grade Point Average (GPA)

Undergraduate students are expected to achieve and maintain a cumulative GPA of 2.0 or higher. Graduate students are expected to achieve and maintain a cumulative GPA of 3.0 or higher. PhD students are expected to achieve and maintain a cumulative GPA of 3.2 or higher. This GPA is calculated in accordance with the guidelines contained in the University Catalog. Courses taken under a pass/no credit grading option are not included in the GPA calculation, and are therefore not included as part of the GPA measure of satisfactory academic progress.

Hours completed 

All students are expected to satisfactorily complete 75 percent of their cumulative attempted coursework. Courses with grades of F, I, AU or W, or were taken for no credit under a pass/no credit option, are attempted courses but are not satisfactorily completed for the semester or term.

Maximum time limits 

All students are expected to complete their degree program within 150 percent of the required credit hours. Courses taken for no credit under a pass/no credit option are still attempted credit hours, and will count towards maximum time limit standards.

• Undergraduate programs generally require 120 credit hours, and students are expected to complete their degree within 180 credit hours attempted, including transfer credits earned at other institutions. 
• Graduate program requirements vary from 36-54 credit hours and may require perquisite coursework.  Students are generally expected to complete their graduate program within 80 credit hours, including prerequisite requirements.
• PhD programs generally require 80 credit hours and students are required to complete their program within 120 attempted credit hours, including transfer hours.  An exception is made for doctoral students enrolled in the clinical psychology program, where 160 credit hours are allowed to complete the program minimum of 108 credit hours.

Appeals

Appeals to financial aid decisions may be made under certain circumstances. These circumstances may include sudden, severe, illness; serious automobile or other accident; family tragedy or loss of a loved one; or another circumstance not listed here. It is the student’s responsibility to provide details with dates, forms or other paperwork, or any other information requested by the Office of Financial Aid in order to review the appeal.

A successful appeal is dependent on a number of factors:  mitigating circumstances that caused academic performance to fall below the standards of Satisfactory Academic Progress; the successful resolution of those mitigating circumstances so that they will no longer affect academic performance; the potential to meet the minimum academic progress measures within one academic year; and proper appeal documentation.  Proper documentation includes the Satisfactory Academic Progress Appeal form and any third party documentation corroborating the mitigating circumstance described in the appeal.

Once the appeal is reviewed, the student is informed of the decision through their Florida Tech email account. Any approved appeal will necessitate the student adhering to a prescribed program plan during the probationary period. A student who declines to accept the prescribed academic plan and is in good academic standing may continue without financial aid.

Students are assessed at the end of each term while in probationary standing and are removed from probationary standing when the minimum academic progress standards for financial aid recipients listed above are met. 

Fees and Expenses

Tuition for full-time Melbourne campus undergraduate students (12–19 credit hours) is charged on a flat rate by semester basis. Flat rate by semester tuition rates applies to the fall and spring semesters only. Melbourne campus undergraduate students registering for more than 19 semester credit hours pay per credit hour for the excess credit hours in addition to the semester flat rate. Summer tuition and tuition for part-time undergraduate students and all graduate students, except those seeking the Psy.D. degree, is charged on a credit hour basis. Florida Tech Online and Education Center students pay tuition on a per-credit-hour basis.

For undergraduate summer classes, the first six (6) credit hours will be charged at the published per credit hour rate. After the first six (6) credit hours, tuition will be 50 percent of the published rate.

This reduction applies to Melbourne campus academic programs only and does not include ESL courses or Florida Tech Online courses taken by non-Melbourne campus students, courses in non-credit or study abroad programs, or flight or other fees. This discount does not apply to study-abroad programs. See the individual departments for study-abroad pricing. Other exclusions may apply. Contact the Registrar’s Office for additional information.

Students enrolled and pursuing degrees on the Melbourne campus are assessed the Melbourne campus tuition and fees. Students enrolled and pursuing degrees through Education Centers are assessed tuition and fees for those centers. Students enrolled in programs and pursuing degrees through Florida Tech Online are assessed the tuition and fees approved by the partnership. 

Undergraduate Tuition Information

Tuition for full-time undergraduate students (12–19) varies according to the chosen major program of study and admission status (online, on campus). Undergraduate students enrolled in both undergraduate- and graduate-level courses pay the flat-rate tuition as shown. Tuition for full-time undergraduate students (12–19 credit hours) is charged on a semester basis.

Graduate Tuition Information

Tuition for graduate students is charged per credit hour based on the student’s admission status (Education Centers, Melbourne campus, Florida Tech Online). Melbourne campus graduate students are permitted to register for a maximum of 14 credit hours.

Other Programs/Fees

Other fees include those costs outside of tuition, such as fees to apply to the university, parking or examinations, etc., and are nonrefundable.

Flight Costs

Flight fees are to be used as guidelines only and are subject to change. Variations in fuel price, student aptitude and performance, and other factors beyond the university’s control may impact total flight course costs.

Payment Policies

Students are assessed tuition and fees based on the locations and programs in which they are enrolled and the degrees being pursued. Students enrolled and pursuing degrees on the Melbourne campus are assessed the Melbourne campus tuition and fees.

Students enrolled and pursuing degrees through Education Centers are assessed tuition and fees for those centers.

Students enrolled in programs and pursuing degrees through Florida Tech Online are assessed the tuition and fees approved by the partnership.

In determining the amount due each semester, students may subtract any scholarships, loans or grants that are paid through financial aid to the university. Students may also calculate other payment arrangements such as third party billing, corporate deferment, or Panther Payment Plan under which payments are either made directly to the university by a sponsor or organization; or according to installment or delayed payments as authorized by Florida Tech’s Student Financial Services. The student is responsible for submitting all necessary paperwork or applications required by their payment option and meeting all conditions on time.

All expenses including tuition, fees, room and board, must be paid on or before the date shown in the academic calendar appropriate to the student’s admission status online at www.fit.edu or in the payment and fees policy at www.fit.edu/registrar/registration/paymentpolicy.php each semester. Payments should be made online using the TRACKS account username and password established for each student after receipt of deposit and confirmation of intent to attend. Payments sent by mail should be mailed at least 10 days in advance of the payment due date to assure receipt by the payment deadline. Additional information regarding the university’s payment policy for Melbourne campus students can be found online or in the Schedule of Classes each semester. Payments should be addressed to Florida Institute of Technology, Office of the Controller, Attention: Student Accounting, 150 W. University Blvd., Melbourne, FL 32901-6975.

Student Accident and Health Insurance

Student health insurance is MANDATORY for full-time undergraduate (12 or more credits) and graduate (9 or more credits) students, including those enrolled in English as a Second Language (ESL) courses. Online students and students attending classes at Education Centers or Florida Tech Online do not meet the eligibility requirements.

Domestic students may apply to waive university-sponsored insurance by providing proof of coverage.

It is MANDATORY for all international students to be covered by the university’s health insurance plan.

Exceptions may be granted only if you have an insurance plan that meets very strict requirements in order for you to qualify for the waiver. A link to waive insurance will be emailed to all students 8 weeks prior to the start of the semester. All students must waive or activate the insurance. Florida Tech will not accept coverage by an insurance company outside the United States. Rates are subject to change when the policy is renewed.

Annual Cost

August 2021–August 2022

Veterans Accounts and Benefits

Satisfactory Progress Standards

Students receiving VA benefits are required to make satisfactory progress in their degree programs. All Florida Tech students are required to meet the academic standards and requirements as noted here. Florida Tech has an academic progress policy that allows for a period of academic probation before termination for unsatisfactory progress (academic suspension).

The law requires educational assistance benefits to veterans and other eligible persons to be discontinued when a student ceases to make satisfactory progress toward completion of his or her degree. Benefits can be resumed if the academically dismissed student veteran re-enrolls at Florida Tech in the same or other approved program at the university. In other cases, benefits cannot be resumed unless VA finds the cause of the unsatisfactory attendance, conduct or progress has been removed and the program of education or training to be pursued by the student is suitable to his or her aptitudes, interests, and abilities. To initiate action by VA to determine whether further payments of VA educational assistance allowance should be authorized, the student must submit a specific request for resumption of VA benefits following an interruption due to unsatisfactory progress or conduct.

After VA termination, an appeal may be made to the VA for the resumption of benefits. Based in part on the university’s recommendation, the VA will determine whether or not to resume the payment of education benefits to the student.

Teaching Locations

Florida Tech offers programs and classes at various off-campus locations. The following table provides information about those locations.

Benefit Eligibility

Melbourne Campus and Education Center Students

Veterans benefits are administered by the certifying official of the student’s site/campus. Veterans and their dependents eligible to receive VA education benefits should contact their certifying official after completing admission requirements.

Any student using Chapter 31 or 33 benefits will not be penalized while waiting for the VA to make tuition and fee payments for the first 90 days of the semester.

In accordance with Title 38 U.S. Code 3679 subsection (e), Florida Tech adopts the following additional provisions for any students using the U.S. Department of Veterans Affairs (VA) Post 9/11 G.I. Bill® (Ch. 33) or Vocational Rehabilitation and Employment (Ch. 31) benefits, while payment to the institution is pending from the VA. Florida Tech will not:

• Prevent or delay the student’s enrollment;
• Assess a late penalty fee to the student; 
• Require the student to secure alternative or additional funding; 
• Deny the student access to any resources available to other students who have satisfied their tuition and fee bills to the institution, including but not limited to access to classes, libraries, or other institutional facilities.

However, to qualify for this provision, such students may be required to:

• Produce the Certificate of Eligibility by the first day of class; 
• Provide written request to be certified; 
• Provide additional information needed to properly certify the enrollment as described in other institutional policies.  

Florida Tech reserves the right to follow normal collection procedures for any difference between the amount of a covered individual’s financial obligation and the amount of the VA education benefit disbursement.

For the purpose of certification, the following credit hour standards are used:

Florida Tech Online Students

Veterans benefits for Florida Tech Online students and their dependents eligible to receive VA education benefits should contact the military and veterans affairs coordinator at 321-674-8204 or email to OL-va@fit.edu.

For the purpose of certification of Florida Tech Online students receiving VA benefits, the following credit hour standards are used:

Active Military Refund Policy

Uniformed services students who are deployed, mobilized, or must change their duty assignment after classes have started don’t have to worry about financial penalties.

Students are considered a uniformed service student if they are on active duty in the armed forces, in the Reserves, or National Guard.

Military Activation Policy

In accordance with the “Virginia Tuition Relief, Refund, and Reinstatement Guidelines,” Florida Tech students in the uniformed services under call or order to active duty, after the beginning of a semester or summer session have two options they may consider with their academic department and Registrar’s Office in determining their enrollment status with the university:

1. Students may withdraw from courses in which they are enrolled as of the effective date of the call or order to report to active duty. A copy of the military orders must be provided to the Office of the Registrar as documentation. When this option is selected, a credit of tuition and fees, and any pre-paid tuition, room, or board deposits, will be made to the student’s account. Students will receive a pro-rated credit of dining service and housing contract charges. Financial aid awards that were credited to the student’s account will be recovered by the University in the amount of tuition and fees, dining, or housing credit. Loans used to cover the remaining charges will be subject to normal repayment procedures. For students receiving Title IV funds, financial aid recovery will be subject to requirements for return of Title IV funds to the federal government.
2. Students may take a grade of incomplete in all courses. Students may request an incomplete grade for military deployment, mobilization, or duty changes occurring in the final four (4) weeks of the course if a reasonable expectancy that completion of the remaining work would result in a passing grade. The conditions for completing course work and receiving a regular grade should be agreed to between the student, course instructors, and head of the academic unit. A copy of the military orders must be provided to the Office of the Registrar as documentation. The deadline for removing an incomplete given based on military service is before the beginning of the seventh week of the following semester (fourth week for Florida Tech Online). This option requires joint agreement of the student and faculty member. If a joint agreement can’t be reached, students may withdraw from the course and are eligible to receive a 100% reduction of tuition charges after withdrawal is approved for classes that have been discontinued.

Please coordinate requests under the Military Activation Policy with the Office of Military Services and Registrar’s Office. Students will need to discuss their situation with the appropriate representative from their academic department in consultation with Account Management and the Office of the Registrar.  A copy of the active duty orders is required.

Regardless of the option selected above, the following provisions govern reinstatement to the University upon release or return from service in the uniformed services.  Students that have a leave of absence under the military activation policy are entitled to reinstatement, to their program of study (if available), without having to reapply for admission if they return to the University after a cumulative absence of not more than five years. Throughout the entire process, former students/students will have access to advising to determine the impact of absence from the program, to evaluate the ability to resume study, and to assess options when a program is no longer available or suitable.

Applicants to the University who have accepted an offer of admission but who have not yet registered in a degree program may defer admission for up to two years by making a request to the admissions department. 

Housing and Board

Florida Tech has instituted an educationally-based policy requiring all first-time full-time Melbourne campus students to reside in university residence halls and participate in one of the meal plans for two years.

All full-time Melbourne campus undergraduate students entering college for the first time are required to live on campus and enroll in a university meal plan for both years of residency.

A housing deposit must be on file in the student’s account before the student receives a housing assignment and remain on file for as long as the student lives in university housing. The deposit is not covered by any scholarship or financial aid and cannot be waived. It is refundable, minus any outstanding university charges, provided the terms and conditions of the housing agreement are fulfilled.

Students who sign Florida Tech Housing and Meal Plan Contracts are obligated for the entire academic year. All university housing contracts are for the full academic year. Neither buyouts nor substitutions are allowed. Students cannot cancel their housing and meal plan contracts after the deadline dates as outlined in the Housing and Meal Plan Contract.

First- and second-year, and new transfer students who withdraw before the start of the fall semester must notify the campus services office in writing, no later than July 1, if they want to have their housing deposits refunded. Students not attending or returning spring semester must notify the campus services office in writing, no later than December 1, if they want to receive a refund.

Upper-division students who want to change the meal plan portion of their contracts complete and submit a written meal plan change request form available at the campus services office. Deadline dates are outlined in the Housing and Meal Plan Contract.

Changing meal plans after the cutoff date is not permitted except for non-enrollment, official withdrawal, graduation or dismissal from school for the remainder of the academic year. However, a student may opt to increase a meal plan or add Flex Credits at any time.

Residence Halls

Students desiring a specific housing assignment may submit their preference in the Florida Tech Housing and Meal Plan Contract. Requests for room assignments are honored on a first-come, first-served, space-available basis. Campus services make every attempt to grant requests for assignment to certain rooms and roommates. However, the university does not guarantee assignment to a specific type of accommodation, building, room or roommate. In all cases, students are billed based on the number of occupants registered for the room (double, single, etc.). Information about housing options at Florida Tech may be found at www.fit.edu/housing/.

Because of the high demand for on-campus housing, the university reserves the right to place three students in any residence hall room. If the university exercises this option during the semester, the room occupants receive a prorated adjustment for the semester based on the number of days that triple occupancy occurred.

Brownlie Hall: Houses Let’s Fly Living Learning Community (first-year students only) and upper-level students. Each room has a semi-private bathroom. All rooms feature built-in desks, closets, drawers and extra-long twin beds. Each room features two connections to the campus fiber-optic network, free cable TV, microwave, and minifridge. The residential pool is located right beside Brownlie Hall.

Columbia Village: First-year student community that features four-bedroom, fully furnished suites with efficiency kitchens. Four students are assigned to each suite. Each room features two connections to the campus fiber-optic network and free cable TV. Women in Stem Living Learning Community is housed in the Chawla building.

Evans Hall: Houses the Honors College Living Learning Community and upperlevel students on the third and fourth floors. All rooms either have a private bathroom or are connected by a bathroom. All rooms feature built-in desks, closets, drawers, wall-to-wall carpeting and extra-long twin beds. Each room features two connections to the campus fiber-optic network, free cable TV. microwave, and minifridge.

Harris Village Suites: Houses upper-level and graduate students. Features one-, two- and four-bedroom, fully furnished suites with full kitchens (refrigerator, range and dishwasher). Occupancy ranges from one to four students per suite, depending on the unit size. Each room features two connections to the campus fiber-optic network and free cable TV.

Mary Star of the Sea - Newman Hall: An all faith-based residence hall with apartment-style living for 148 students. Houses upper-level and first-year students. The furnished one-, two- or four-bedroom apartments create an environment to encourage students to grow in their faith while pursuing academic excellence. They feature fully appointed kitchens, individual bedrooms, bathrooms with shower or bathtub, full-size beds, and internet and basic cable service.

Panther Bay Apartments: Houses upper-level students and the Greek Village. Each apartment features five-bedroom apartments, each with a private bathroom, fully appointed kitchen, living room, dinette and laundry room. The apartment complex features a clubhouse with a large meeting room, computer lab, swimming pool, and basketball and volleyball courts.

The Quad: Includes Campbell, Shaw, Grissom and Wood halls, traditional-style residence halls with community baths and a shared common building layout. Houses both upper-level and first-year students. All rooms are spacious with built-in desks, closets, drawers and extra-long twin beds. All rooms feature two connections to the campus fiber-optic network, free cable TV, a microwave, and a minifridge.

Roberts Hall: Houses only first-year students and is the largest residence facility on campus. A traditional-style residence hall, it features community bathrooms. All rooms are bright and spacious with built-in desks, closets, drawers and extra-long twin beds. Each room features two connections to the campus fiber-optic network, free cable TV, microwave, and a minifridge.

Southgate Village Apartments: Feature studios and, one-, two- and three-bedroom apartments, and are reserved for upper-level students. Occupancy ranges from one to three students per apartment, depending on the unit size. Each room features two connections to the campus fiber-optic network and free cable TV. There is a pool located within the Southgate Vikkage Apartments. Not all apartments are furnished. Contact Campus Services.

Residence Halls (cost per semester/per occupant)

Meal Plans

Meal plans are offered by the university to make access to food service convenient and cost-effective, using the student ID card as the access card. Meal plans are contracted with individual students and the benefits are not transferable. Meal plans consist of two major components:

Meal Credits: Used for entry into Panther Dining Hall, our “all you care to eat” dining room. All meal plans (excluding Commuter Plan D) have unlimited meal credits for unlimited entry into Panther Dining Hall during their eligible time periods. The meal credit balance in Commuter Plan D declines with each entry into Panther Dining Hall until the balance reaches zero.

Flex Credits: Allows the meal plan holder to access goods and services from any dining location, including vending machines, pizza delivery and Groceries4U. Flex Credits represent available access and have no residual cash value. Flex Credits balances carry forward from fall semester to spring semester. Any balance remaining at the end of the spring semester is forfeited.

Meal Plan Costs (per semester/per person)

All freshmen are required to select meal plan A1 or A2. Upperclassmen may choose A1, A2, U1 or U2. Meal plan contracts are for the academic year and may be changed between semesters by contacting the Campus Services Office. Flex Credits carry over between Fall Semester and Spring Semester. All Flex Credits are zeroed out at the end of the Spring Semester.