UTI will apply funds received from a Title IV financial aid disbursement to unpaid allowable charges for the current payment period. Any remaining Title IV credit balance will be disbursed in the form of a stipend check to the student or parent, in the case of a PLUS loan, the disbursement will occur no later than the end of the academic year for which it was received. Receipt of a stipend does not signify all balances due for other periods have been paid in full. Students and/or parents are advised that any stipend check generated as a result of Title IV funds will be voided if it remains uncashed for 90 days or more, and the funds will be returned to the U.S. Department of Education.
Federal Pell Grant
The Federal Pell Grant is a need‑based grant that generally does not have to be repaid. For eligible students, Federal Pell Grants are the foundation upon which all other financial aid awards are built. Current award year amounts range up to $7,395. The amount a student may receive depends on financial need as determined by the student’s SAI, the student’s cost of attendance and the percentage of the student’s enrollment at UTI/NASCAR Tech/MMI that is within the current federal award year.
Federal Supplemental Education Opportunity Grant (SEOG)
Federal SEOG is a need‑based grant that generally does not require repayment. SEOG awards are made to students who are also Federal Pell Grant recipients with exceptional financial need. UTI/NASCAR Tech/MMI is allocated a limited amount of SEOG funds from the U. S. Department of Education each year to award to eligible students, so no assurance of an award can be made. Current awards of SEOG at UTI range up to $1,000.
Iraq and Afghanistan Service Grant Program
A student may be eligible to receive the Iraq and Afghanistan Service Grant if they are not eligible for a Federal Pell Grant on the basis of your Expected Family Contribution/Student Aid Index but
- you meet the remaining Federal Pell Grant eligibility requirements;
- your 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; and
- you were under 24 years old or enrolled in college at least part‑time at the time of your parent’s or guardian’s death.
For more information please visit: https://studentaid.gov/understand‑aid/types/grants/iraq‑afghanistan‑service
William D. Ford Federal Direct Loan Program
Federal Direct Student Loans are made by the U.S. Department of Education. Federal Direct Student Loans may be subsidized (need‑based) or unsubsidized (non‑need‑based). Depending on financial need, UTI/NASCAR Tech/MMI students often receive a combination of both subsidized and unsubsidized loans each academic year. As required by federal regulation, UTI/NASCAR Tech/MMI will report information about borrowers’ loans to the National Student Loan Data System (NSLDS). Information in NSLDS is accessible to schools, lenders and guarantors for specific purposes as authorized by the U.S. Department of Education.
Subsidized Federal Direct Student Loans
Subsidized Federal Direct Student Loans are interest‑free while the student is enrolled in school at least half‑time. Loan repayment follows a six‑month grace period that starts the day after the borrower graduates, drops below half‑time or withdraws from school. Interest rate information can be found here: https://studentaid.gov/understand‑aid/types/loans/interest‑rates .
Repayment begins after the end of the grace period.
Upon completion of the financial aid application process, UTI/ NASCAR Tech/MMI will recommend the Federal Direct Student Loan amounts to be borrowed based on a student’s need and will also advise on next steps. A student may choose to borrow an amount up to financial need, but not more than the annual maximum eligible loan amount based on student grade level and dependency status. Other terms and conditions for Federal Direct Student Loans can be reviewed online here: https://studentaid.gov/understand‑aid/types/loans/subsidized‑unsubsidized
Federal Direct Plus Loan Program
The Federal Direct PLUS Loan is for parent borrowers of dependent students and provides additional funds for educational expenses. PLUS loans are made by the U.S. Department of Education. Applicants do not have to show financial need but must complete the FAFSA to ensure all potential federal grant aid is first determined and undergo a credit check by the Department of Education. Currently, PLUS interest rates can be viewed here: https://studentaid.gov/understand‑aid/types/loans/interest‑rates. Interest is charged during all enrollment, deferment, and forbearance periods.
Repayment begins within 60 calendar days of disbursement, with deferments available under certain conditions. Federal Direct PLUS loans cannot exceed the cost of education minus other financial aid. Parents may request to borrow up to this amount. More information, including other terms and conditions, can be reviewed at https://studentaid.gov/sa/types/loans/plus or with a Campus Financial Aid Advisor