Financial Aid for US Students – Direct Loans FAQs

How do I begin the process?

Once you have been accepted to the University, you must complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.gov You must file a FAFSA every academic year. Once you complete the FAFSA and enter UNSW school code (G08670) the information will be sent to the Financial Aid Office within a few days. It is important that you also complete the UNSW Financial Aid Application

What is a PIN and FAFSA?

The PIN serves as an electronic signature for financial aid documents, such as, FAFSA and Promissory Notes. In order to complete the FAFSA and receive financial aid, you must obtain a PIN from the US Government. You can apply for a PIN at www.pin.ed.gov and it will be sent to
you via email or mail within 3-10 days of your request. Please note that if you are a dependant, your Parents may need to request a PIN as well.

The FAFSA or Free Application for Federal Student Aid refers to the application that everyone who is seeking financial aid from the US government must complete, whether it’s loans, grants or work-study programs.

I applied for financial aid last year. Do I have to do everything again?

Yes, you must file a new FAFSA and UNSW Financial Aid application each year. As financial situations vary year to year, it is important to provide up to date information.

What is UNSW federal school code?

The UNSW Federal School code or FAFSA code is G08670.

What does the Cost of Attendance (COA) mean?

The Cost of Attendance (COA) is the budget used to determine your eligibility for financial aid. The figures are based on charges from UNSW (tuition), OSHC (health care) charges required for your visa and other estimations of expenses you may incur. These may include living costs,
airfare, transportation and books.

Students who hold Dual Citizenship or Permanent Residency will have different calculations on
their COA.

Do I need to complete the Entrance Counseling or sign an MPN?

It is a federal requirement that every student taking out federal aid complete the entrance counseling at www.studentloans.gov. Additionally, for every loan you take out it is compulsory you read and sign a Master Promissory Note (MPN) which is also found at www.studentloans.gov. Entrance counseling is typically only completed once for every University where you use financial aid. Whereas, a signed MPN is required for each loan and must be resigned every year to ensure you understand the terms and conditions.

When and how will I receive my reimbursement?

In accordance with US Federal Policy, UNSW will not disburse funds to students prior to the commencement of classes. The disbursement date is the date the money is transferred from the US to the university and placed in the student tuition account. Any credit after your tuition has been paid will be reimbursed to you for living expenses. You will be notified by email when the funds are received by the university. The refund will be in the form of a direct deposit to your nominated Australian Bank Account.

Disbursement of funds will coincide with the first week of class. Therefore, it is important to have sufficient private funds to support yourself during the first 4 – 6 weeks in Sydney.

Your loans will be disbursed in two equal disbursements according to US Department ofEducation Policy in regards to the Administration of the William D Ford Direct Lending Program.

What if I need to withdraw from UNSW early before completing my program?

The University of New South Wales has a clear refund policy for international students attending this institution. The following is an addendum for students who are utilising US federal student aid funds.

For students receiving US financial aid that withdraw from the university and are eligible for a refund of fees paid for that period of enrolment, a determination must be made as to whether any of the refund money must be returned to the US Federal Aid program. This is called a Title IV
refund. UNSW is required to complete this as per US Financial Aid policy in regards to the administration of US William D Ford Federal Direct Loans Program.

If it is determined that refund money must be returned to the aid program the distribution
of money will be as follows:
• Direct Unsubsidized
• Direct Subsidized
• Direct PLUS

Pro-rated refund calculations apply for any student in receipt of aid attending The University of New South Wales who withdraws within 60% of the payment period.

If UNSW is required to pay money on your behalf to the US Department of Education as a result of your early withdrawal you will be required to repay that money to UNSW. We strongly recommend you contact the Financial Aid Office if you are considering early withdrawal to discuss your options and possible implications.

What if I want/need more money after I’ve applied or received the initial disbursements?

You are able to borrow the maximum amount as calculated on your Cost of Attendance awarded to you for the year. If you initially chose to borrow an amount smaller than the maximum, you are able to access the remaining funds at any time within that year. You will need to contact the
Financial Aid Office and complete the Financial Aid Award Revision form and state the amount you need. As long as your total does not exceed the maximum, there should be no issues.

If you have already borrowed the maximum amount awarded to you for the year and think you need to borrow more in that year the only option is to submit a Cost of Attendance appeal form. Your appeal must be detailed explaining what your loan money has been spent on and how you
plan to use the additional amount. Please contact the Financial Aid Office for more information about the appeal process.

Can I study online or by distance mode and receive US Financial Aid?

The Higher Education Reconciliation Act specifies that a program offered by a foreign school that uses telecommunications as a method of delivery is not eligible for Title IV aid. (See 20 USC1088(b)).

As a result, beginning July 1, 2006, students enrolled in a program offered by a foreign school that uses telecommunications to provide some of the instruction to students who are separated from the instructor may not receive Direct Loan Program funds.

Foreign schools must cancel any Direct Loans Program funds scheduled for disbursement on or after July 1, 2006, for students enrolled in such a program. "Telecommunications" is defined as "the use of television, audio, or computer transmission, including open broadcast, closed circuit,
cable, microwave, or satellite, audio conferencing, computer conferencing, or video cassettes or discs." (See 20 USC 1091(l)(4) and 1002(a)(3)).

For which UNSW programs am I eligible for US Federal Aid?

UNSW is an eligible institution for US Federal Aid for students undertaking a Bachelor, Master or PhD program.

The Bachelor of Medicine/Bachelor of Surgery (MBBS), Graduate Diplomas and Graduate Certificates are no longer eligible programs for American students planning to use a U.S. government student loan, due to U.S. government changes in regulations related to foreign institutions. Please contact the U.S. Secretary of Education, your Congressional representatives within the House of Representatives or the Senate if this affects you. Students studying MBBS, Graduate Diplomas or Graduate Certificates may, however, be eligible to receive funding through Sallie Mae or other Private Lenders.

What are the implications if my GPA or Weighted Average Mark (WAM) falls?

UNSW is required by US Federal law (34CFR 668.16) to define and enforce standards of Satisfactory Academic Progress (SAP) on students who wish to access US federal funds. For more information on SAP guidelines and procedures please see Satisfactory Academic Progress
Requirements for Direct Loan Students.