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Any loans that you take plus any additional financial aid (awards, bursaries, scholarships etc.) must not exceed the yearly 'Cost of Attendance' (US regulations).
Subsidised loans are awarded to students based on financial need – the loan is subsidised because the US Government pays the interest while you are in University. It also pays the interest during any authorised period of deferment of the loan, and for the six-month grace period after you leave University.
Unsubsidised loans are not based on financial need and you are responsible for paying the interest from the time the money is disbursed. The interest may be paid as it comes due, or it may be postponed and allowed to accumulate while you are in University, during any authorised period of deferment, and for the six-month grace period after you leave University. If you choose to postpone the interest payments, you won’t make any payments while you are in University, but this option adds to the amount you will have to repay on your loan when you leave University.
The proportion of subsidised loan that you are eligible for is dependent on your Estimated Family Contribution (EFC) which is on your Student Aid Report. We calculate your eligibility by subtracting your EFC from your costs of attendance. In most cases the majority of students will be eligible for the full subsidised amount.
Note that some of our Graduate courses are not currently eligible for Federal Loans (e.g. Clinical Medicine, Diploma and Certificate courses).
|Dependent Undergraduates||Subsidised Stafford Loan||Unsubsidised Stafford Loan||Annual Loan Limit|
|Year 3 and above||$5500||$2000||$7500|
|Independent Undergraduates||Subsidised Stafford Loan||Unsubsidised Stafford Loan||Annual Loan Limit|
|Year 3 and above||$5500||$7000||$12500|
|Graduates or Professionals||Subsidised Stafford Loan||Unsubsidised Stafford Loan||Annual Loan Limit|
(with effect from July 1st 2012
no longer eligible for
A student’s dependency status is determined from information provided on the FAFSA. It affects the Expected Family Contribution (EFC) and the aid that you may be eligible to receive.
For purposes of Title IV aid, a student is considered independent if he or she meets one or more or the following criteria:
- the student is at least 24 years old by December 31 st of the award year
- the student is an orphan or ward/dependent of the court, or was a ward/dependent of the court until he or she reached age 18
- the student is a veteran of the U.S. Armed Forces
- the student is working on a master’s or doctorate programme at the beginning of the award year for which the FAFSA is completed
- the student is married as of the date the FAFSA is completed
- the student has at least one child who receives more than half of his or her support from the student
- the student has a dependent, other than a spouse or a child, who lives with the student and receives more than half of his or her support from the student at the time the FAFSA is completed, and through June 30 of the award year
- the student is currently serving on active duty in the U.S. Armed Forces for purposes other than training.
The student is considered dependent if he or she does not meet any of the preceding criteria for an independent student, unless the financial aid administrator determines that the student is independent on the basis of special circumstances and performs a dependency override.
Graduate Plus: These types of loans are available to graduates, and borrowers should first apply for the Stafford before applying for the Grad Plus. The Grad Plus can be the difference between the Stafford and the cost of attendance less any other financial aid. You may defer principle and interest payments on this loan whilst you are enrolled. There is no six month grace period after completion of the course.
Parent Plus: Parents of dependent undergraduates can take out a Parent Plus loan under their name to pay the entire cost of attendance less any additional financial aid. If a Stafford Loan has been taken, the maximum Parent Plus can be the difference between the Stafford and the cost of attendance less any other financial aid. We will require a statement from parents who apply for a PLUS loan without first completing a Free Application for Federal Student Aid to confirm that the student and parent will use the PLUS loan funds for educational expenses. Payments are normally due within 60 days after the loan has been fully disbursed, and deferment of payment may be available through selected lenders.
Private Loans: These are not part of the Federal Loan programme. The type of loan offered will depend on your credit rating, and a co-signer may be required. The maximum Private Loan can be the yearly cost of attendance less any other financial aid (loans, awards, bursary’s, scholarships etc.).
*Please note, there is no maximum amount for unsubsidised loans, and the total subsidised and unsubsidised loans cannot exceed the aggregate maximum.