Financial Aid for US students

Important Notices

From 1st July 2011, graduate diplomas, graduate certificates and the MBBS program will no longer be eligible for US Financial Aid due to U.S. government changes in regulations related to foreign institutions.

From 1 July 2012, Direct Subsidized loans will only be available to those studying an undergraduate degree. Postgraduate students may be able to access the full Stafford Loan amount solely from the Unsubsidized loan.

Subsidized Direct Loan interest rates have increased from 3.4% to 6.8%

From 1 July 2012 the origination fee rebate will no longer be available for all Direct Loan awards.

Links

Application procedure

Eligibility and Assessment

Cost of Attendance

Satisfactory Academic Progress

US Veterans Benefits

Direct Loans FAQs

UNSW Information and Disclosures

Contact

For more information about US loans, contact the UNSW Financial Aid Office:
UNSW International
Room 3103A, Level 3, East Wing
Red Centre Building
UNSW, Sydney NSW 2052
AUSTRALIA

Phone: +61-2 9385 6724
Fax: +61-2 9385 9907
Email: financialaid@unsw.edu.au

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: while you are enrolled at least half-time during any authorised period of deferment during the six-month grace period after you leave university
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.