Available funding for United States students
Federal and private loans are available for eligible undergraduate and postgraduate students from the US.
Undergraduate funding
Federal Stafford Loan: this has US Government subsidised and unsubsidised components. The US Government pays the interest during periods of study and a six-month grace period. The grace period begins when you:
- complete your study
- withdraw from your course or
- drop below half-time attendance.
The amount of loan for which you are eligible depends on your year of study and whether you are classed as dependent or independent.
Federal Stafford loan amounts
Dependent (except students whose parents are unable to obtain PLUS Loans)
| Year of study | Total | Subsidised (Max) |
|---|---|---|
| 1 | $5,500 | Greater than $3,500 |
| 2 | $6,500 | $4,500 |
| 3-5 | $7,500 | $5,500 |
Independent (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
| Year of study | Total | Subsidised (Max) |
|---|---|---|
| 1 | $9,500 | $3,500 |
| 2 | $10,500 | $4,500 |
| 3-5 | $12,500 | $5,500 |
Federal Parent PLUS Loan: parents of dependent undergraduate students can apply for a Federal Parent PLUS Loan, which can be used to cover any shortfall on the cost of attendance once the Stafford Loan has been taken into account. If you are unable to take a Parent PLUS Loan, you may be able to borrow a Stafford Loan up to the increased limits for an independent student.
Private loans: these are credit based. A co-signer may not be essential but could improve the loan’s interest rates.
Postgraduate funding
Federal Stafford Loan: you may be eligible for up to $20,500 per year, the whole of which is unsubsidised.
Federal Graduate PLUS Loan: you can apply without involving a parent. The amount available can cover anything up to the full cost of attendance.
Private loans: these are credit based. A co-signer may not be essential but could improve the loan’s interest rate.
Interest rates and charges
Direct Loan interest rates and charges
Private loan interest rates are dictated by the lender. You'll need to direct any questions to them.