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Loan types

Explore the types of US Federal Student Aid loans that you may be eligible for.

If you meet the eligibility criteria for US Federal Student Aid, there are several types of loan you may qualify for.

Direct Subsidised

  • Direct Subsidised Loans are based on financial need.
  • The US government pays the interest while you are enrolled at least half time
  • The US government also pays the interest during any authorised period of deferment and the six-month grace period after you leave university or drop below half-time enrolment.

Direct Unsubsidised

  • Direct Unsubsidised Loans are not based on financial need.
  • You are responsible for paying the interest from the time the money is disbursed.
  • Interest may be paid as it comes due or it may be postponed and allowed to accumulate while you are enrolled at least half time, during any authorised period of deferment, and for the six-month grace period after you leave university or drop below half-time enrolment.
  • Interest accrues on postponed payments and is capitalised (added to your principal loan balance).

Direct ParentPLUS

Direct GradPLUS

  • Direct GradPLUS Loans are for graduate students to cover the difference between cost of attendance and all other awarded aid, after applying for other Direct Loans
  • A check for bad credit will be completed.
  • You do not have to meet any other financial standards.

Private loan

  • Private loans are available from private non-government lenders.
  • Approval is based on credit history.
  • You can use private education loans to borrow the difference between the maximum cost of attendance and any Federal or other loans and scholarships borrowed.
  • Private loans are less favourable than Federal loans due to higher interest rates and fewer associated benefits.
  • You will need to contact your private loan provider to supply proof of funds for student visa purposes.

Go to the US Department of Education’s website for more information, then apply for US Federal Student Aid.