What type of loan and how much you can borrow

• Direct Loans
• Dependent or Independent Student
• Aggregate Federal Loan Maximum Amount

Any loans that you take plus any additional financial aid (awards, bursaries, scholarships etc.) must not exceed the yearly 'Cost of Attendance' (US regulations).

Direct Loans

Subsidised loans are awarded to Undergraduate 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. Subsidized loans cannot be awarded to Postgraduate students.

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 undergraduate students will be eligible for the full subsidised amount.

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.

Note that some of our Graduate courses are not currently eligible for Federal Loans (e.g. Clinical Medicine, Diploma and Certificate courses).

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Dependent or Independent Student

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.

Direct (Postgraduate) Plus: These types of loans are available to Postgraduates, and borrowers should first apply for the Direct Loan before applying for the Direct Plus Loan. The Direct Plus Loan can be the difference between the Direct Loan and the cost of attendance less any other financial aid. You don't have to make any payments while you're enrolled in school at least half-time, and for an additional six months after you complete your studies, withdraw or drop below half-time enrolment. During any period when you're not required to make payments, interest will accrue on your loan(s). You may choose to pay the accrued interest or allow the interest to be capitalized (added to your loan principal balance) when you have to start making payments. Your loan servicer will notifiy you when your first payment is due.

Direct (Parent) Plus: Parents of dependent undergraduates can take out a Direct (Parent) Plus Loan under their name to pay the entire cost of attendance less any additional financial aid. If a Direct Loan has been taken, the maximum Direct (Parent) Plus Loan can be the difference between the Direct Loan and the cost of attendance less any other financial aid. We will require a statement from parents who apply for a Direct (Parent) PLUS Loan without first completing a Free Application for Federal Student Aid to confirm that the student and parent will use the Direct (Parent) PLUS loan funds for educational expenses. if you are a parent borrower, you'll generally be expected to start making payments on your Direct (Parent) PLUS Loan once your loan is fully disbursed (paid out). However, you may request a deferment while your child is enrolled at least half-time and for an additional six months after your child completes their studies, withdraws, or drops below half-time enrollment. You should have the option of requesting a deferment as part of the loan request process. You can also contact your servicer to request a deferment. During any period when you're not required to make payments, interest will accrue on your loan(s). You may choose to pay the accrued interest or allow the interest to be capitalized (added to your loan principal balance) when you have to start making payments. Your loan servicer will notifiy you when your first payment is due.

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.).

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Aggregate Federal Loan Maximum Amount

* Postgraduates are not eligible for the subsidized loan. The Postgraduate aggregate limit includes all Federal Loans received for Undergraduate studies too.

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