Overview of United States Loans
The United States Department of Education has accredited UNSW to administer various loans to eligible students as part of the William D. Ford Federal Direct Loan Program. Loans under this program, known as Direct loans, are low-interest loans to help students and their parents meet the costs of tertiary education. The US Department of Education, rather than a financial institution, provides the loans. The loans are provided under US Title IV legislation.
Other loans under the Title IV legislation include Pell Grants, Perkins Loans and Direct Stafford Loans. As these loans are not available to students studying outside the United States, UNSW cannot award aid under these programs. However, UNSW can arrange for the loan repayments to be deferred while you attend UNSW full-time or at least half-time.
The US Department of Education federal school code for UNSW is G08670
Types of Loans Available
While studying at UNSW, students from the United States can apply for different types of loans provided by the US Department of Education.
|Direct Subsidised||A loan based on financial need, as defined by the US Department of Education.|
As the loan is subsidised, the US government pays the interest during the following periods:
|Direct Unsubsidised||A loan that is not based in financial need.|
As the loan is not subsidised, you are responsible for paying the interest from the time the money is disbursed.
You may choose to postpone payment while you study, but the interest accrues and is added to the principal loan balance.
|Direct Parent Plus||Your parents may be eligible for this loan if you are a dependent undergraduate, as defined by the US Department of Education.|
The loan must be used to pay for the entire cost of attendance, minus any other financial aid you receive. A credit check is conducted before the loan is approved.
|Direct Graduate Plus||You may be eligible for this loan if you are a graduate student. The loan may be used to cover the cost of attendance minus any other assistance you receive through Direct Loans. A credit check is conducted before the loan is approved, but only for bad credit. The financial standard is not as stringent as that for a private loan.|