US Financial Aid
Overview | Eligibility | Application Process | General Information
Overview
Swinburne University of Technology (SUT) is accredited by the United States Department of Education to administer various loans to eligible students as part of the Federal Family Educational Loans Program (FFELP). These loans include:
- Student Loans (Subsidized)
- Student Loans (Unsubsidized)
- Parent Loans for Undergraduate Students (PLUS)
- PLUS Loans for Graduate Students (Grad PLUS)
Stafford Loans (Subsidized)
Awarded to students who demonstrate financial need. The federal government pays your interest, (subsidizes you) while you are studying at least half-time, during the grace period and during an authorised period of deferment. Although you are not required to make payments whilst you are studying, you will enter repayment six months after you graduate, withdraw from study, or drop below half-time enrolment (less than 4 units per semester at SUT).
For more information on eligibility, interest rates and repayment details visit Stafford Loans at Student Aid on the Web.
Stafford Loans (Unsubsidized)
Available to all eligible students, regardless of income or need. Unlike the Subsidized Stafford Loan, you are responsible for paying the interest. Interest accrues from the time of the first disbursement; however, you have the option of deferring your interest and principal payments until you enter the repayment period (at which point this interest is ‘capitalized’). This option may increase your monthly repayment amounts when you leave university. Alternatively, you can opt to make a minimum repayment per month or the unpaid balance including interest, whichever is less. This will save you a considerable amount and reduce your debt in the long run.
For more information on eligibility, interest rates and repayment details visit Stafford Loans at Student Aid on the Web.
Parent Loans for Undergraduate Students (PLUS)
Federally guaranteed loans that allow parents to borrow funds to pay for the educational expenses of their dependent undergraduate student. These loans are need based and parents are eligible for this loan if the child is a dependent undergraduate student as defined by the US Department of Education. Parents may borrow up to the total cost of attendance minus any other funding. The program requires the borrower (Parents) to pass a simple credit check. Interest begins to accrue when funds are disbursed and repayment begins within 60 days after the loan has been fully disbursed.
For more information on eligibility, interest rates and repayment details visit PLUS Loans at Student Aid on the Web.
PLUS Loans for Graduate Students (Grad PLUS)
Federally guaranteed loans that allow graduates to borrow funds to pay for educational expenses on their own signature. The program does require the borrower to pass a simple credit check. Before applying for this loan the borrower must apply for and the school must determine their eligibility for the maximum annual Stafford loan amount.
For more information on eligibility, interest rates and repayment details view the Loan Question and Answer Sheet at Student Aid on the Web.
