Information for university students from the USA about Stafford Loans, and other types of loan that can complement the Stafford.
Subsidised loans are awarded to students based on financial need – the loan is subsidised because the US Government pays the interest while you are in University. It also pays the interest during any authorised period of deferment of the loan, and for the six-month grace period after you leave University.
Unsubsidised loans are not based on financial need and you are responsible for paying the interest from the time the money is disbursed. The interest may be paid as it comes due, or it may be postponed and allowed to accumulate while you are in University, during any authorised period of deferment, and for the six-month grace period after you leave University. If you choose to postpone the interest payments, you won’t make any payments while you are in University, but this option adds to the amount you will have to repay on your loan when you leave University.
Graduate Plus: These types of loans are available to graduates, and borrowers should first apply for the Stafford before applying for the Grad Plus. The Grad Plus can be the difference between the Stafford and the cost of attendance less any other financial aid. You may defer principle and interest payments on this loan whilst you are enrolled. There is no six month grace period after completion of the course.
Parent Plus: Parents of dependent undergraduates can take out a Parent Plus loan under their name to pay the entire cost of attendance less any additional financial aid. If a Stafford Loan has been taken, the maximum Parent Plus can be the difference between the Stafford and the cost of attendance less any other financial aid. We will require a statement from parents who apply for a PLUS loan without first completing a Free Application for Federal Student Aid to confirm that the student and parent will use the PLUS loan funds for educational expenses. Payments are normally due within 60 days after the loan has been fully disbursed, and deferment of payment may be available through selected lenders.
Private Loans: These are not part of the Federal Loan programme. The type of loan offered will depend on your credit rating, and a co-signer may be required. The maximum Private Loan can be the yearly cost of attendance less any other financial aid (loans, awards, bursaries, scholarships etc.).
We do not process PELL grants, this is only for domestic country.