Student Loan Information

Subsidized Stafford Loan

Long-term loan available to students who demonstrate need as shown from filing the FAFSA.

• Interest rate for the 2024-25 award year is set at 6.53%
• Entrance Counseling and a Master Promissory Note need to be completed at studentaid.gov
• Principal is deferred and interest is paid by the federal government while the student is enrolled at least half-time and during the 6 month grace period.
• Guarantee and Origination fees of 1% charged each year.
• Repayment of principal and interest begins 6 months after leaving school or if enrollment is below half-time.
• Exit Counseling needs to be completed after leaving school or enrollment below half-time status at studentaid.gov

Unsubsidized Stafford Loan

Long-term loan available to students, regardless of EFC, as long as a student has filed a FAFSA.

• Only the principal is deferred while the student is in school and during the 6 month grace period, not the interest.
• Interest rate is fixed at 6.53% for undergraduate students and at 8.08% for graduate students. Students may pay the interest during periods of enrollment or they may choose to have the interest accrue and be capitalized at the time of repayment.
• Entrance Counseling and a Master Promissory Note need to be completed at studentaid.gov
• Guarantee and Origination fees of 1% charged each year.
• Repayment of principal and interest begins 6 months after leaving school or if enrollment is below half-time.
• Exit Counseling needs to be completed after leaving school or enrollment is below half-time at studentaid.gov

Parent Loan for Undergraduate Students (PLUS)

The PLUS loan program is available to creditworthy parents of dependent undergraduate students regardless of income. Allows parents to borrow the difference between the Cost of Attendance and the financial aid the students is scheduled to receive during an academic year. View more information.

• Interest rate fixed at 9.08%.
• Guarantee and Origination fees of 4% charged each year.
• Parents must also fill out a PLUS Loan Application and sign a PLUS MPN.
• Repayment of PLUS loans begins approximately 60 days after the final disbursement of the loan in the current aid year. Payment options and information can be discussed with Student Loan Support Center (1.800.557.7394).

As a general rule these loans are only available to creditworthy students who are enrolled in baccalaureate programs. Loans are based on the student’s personal credit history and interest rates will vary between students and lenders. The interest rate is usually variable and the terms may be less favorable than the Stafford or PLUS loans; therefore the Financial Aid Office generally encourages pursuing other funding sources.

Students wanting to borrow these loans need to first develop a budget to see if they can reduce any living costs. The Oregon Tech Financial Aid Office will determine the amount of funds a student is eligible for by looking at the difference between the student’s Cost of Attendance minus all Financial Aid received and accepted. The lender will determine if the student is creditworthy, not Oregon Tech.

For additional information on Alternative loans please see section 128(e) of the Truth in Lending Act. Also associated with the Truth in Lending Act is a Self-certification form developed by the Department of Education used both by institutions and alternative educational loan lenders for processing these loans.

Please review and consider this Alternative Loan Information when selecting the right lender and private loan for you.

Click here or here to view a list of potential Alternative Loan lenders.

Whether cancelling a portion or the entire loan, the student or parent borrower will need to contact the financial aid office in written form explaining the cancellation the borrower wants. Written notice needs to include amount cancelled and what term it is to take effect.

To cancel a portion or future disbursements, students and parent borrowers can fill out a Loan Revision Form.

If you wish to cancel and return funds that have already been disbursed, repayment of the loan must be paid back to the students account before Oregon Tech will return funds back to the loan agency.

All Federal Loans obtained by a student or parent will be reported to NSLDS. This information will contain the borrowers personal and loan information associated with each loan taken out as a student or parent borrower from Oregon Tech. All of this information will be accessible by guaranty agencies, lenders and schools determined to be authorized users of the data system.