USA Financial Aid (Government Student Loans)

Bond University OPE ID:  030954-00

 

 

Overview

Bond University participates in the William D. Ford Direct Loan Program, which offers Stafford Loans (Subsidized and Unsubsidized) and PLUS loans to U.S. Citizens. Loans can only be used for Bachelors, Masters and Ph.D programs (and not Diploma or Certificate programs).

 

The loan types that are available are:

 

Subsidized Stafford Loans are awarded to students who demonstrate financial need. The federal government pays your interest while you are in school at least half-time, during the grace period and any periods of deferment. Although you are not required to make payments whilst you are studying, you will start repayment six months after you graduate, leave school, or drop below half-time enrolment.

 

Unsubsidized Stafford Loans are available to all eligible students, regardless of income. 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’). Alternatively, you can opt to make a minimum repayment of $50 per month or the unpaid balance including interest, whichever is less. This will save you a lot of $$$ in the long run.

 

Parent Loans for Undergraduate Students (PLUS) are federally guaranteed loans that allow parents to borrow funds to pay for the educational expenses of their dependent student. The program does require the borrower to pass a simple credit check though. Interest begins to accrue when funds are disbursed and repayment begins within 60 days after the loan has been fully disbursed.

 

PLUS Loans for Graduate Students are 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.

 

Once you graduate (or leave), you will have the option to pick from a number of repayment plans:

 

• Standard Repayment - A fixed payment each month based on your principal and interest. Standard repayment is the least expensive repayment plan available and typically has a repayment term of 10 years.
• Graduated Repayment - Lower payments at the beginning of repayment. Then over time, payments increase and become standard. This is a helpful option for graduates who need time to establish their careers and build a financial base.
• Income-Sensitive Repayment - Monthly payments are based on your annual income and remaining outstanding loan balance.
• Extended Repayment - For Graduate PLUS loans totaling more than $30,000, this plan offers a choice of fixed or graduated payments over a period of up to 25 years. Because repayment is stretched beyond the standard 10 year term, the total amount paid is higher.

 

Helping You Choose

Stafford and PLUS loans are available for both undergraduate and graduate studies.

The main advantages of Stafford loans are that they have lower interest rates and

better repayment terms. However, because there are annual loan limits for Stafford Loans (see below), many students apply for both a Stafford and a PLUS loan in order to meet the costs of their education.

 

Am I Eligible for Financial Aid?

To be eligible for financial aid at Bond University, you must meet the following criteria:

 

• Be enrolled at least half time in an eligible program i.e. degree, certificate, or other recognized educational credential offered by Bond University .
• Agree to maintain satisfactory academic progress
• Be a citizen, national permanent resident or eligible non-citizen of the United States.
• Not be in default on a Stafford , PLUS, SLS or Consolidation Loan.
• Not owe a refund on any Title IV funding – Title IV refunds may be required for funds you may have received during periods when you were ineligible to receive those funds.
• Not have been convicted of any offence under state or federal law involving the sale or possession of a controlled substance.
• Be in compliance with Selective Service registration requirements if you are male and between the ages of 18-25.
• File a Free Application for Federal Student Aid (FAFSA).
• For PLUS loans, your parents must also pass a simple credit check.
• Comply with requests for documentation if selected for verification by the U.S. Department of Education, as indicated on your Student Aid Report.
• Finally, you need to submit all documentation required by Bond University to verify your eligibility and determine your financial need.

 

NOTE: You cannot receive financial aid for audited coursework subjects.

 

How Much Can I Borrow?

There are two types of loans you can combine to cover up to 100% of your costs of attending Bond.

 

1. Subsidized and Unsubsidized Loans (commonly known as Stafford Loans). The Stafford Loan Limits are shown in the table below.
2. PLUS Loan. The PLUS Loan limits are determined by your total costs of attendance and are subject to good credit. Dependent Undergrads need a Parent to obtain the loan (Parent PLUS Loan). Graduate students apply for a Grad PLUS loan in their own name with their own credit (ie. parents are not involved at all).

 

Dependent Undergrad Students Stafford Loan Limits

Independent Undergrad Students (and Dependents denied a Parent PLUS loan)

Graduate Students

- loan fees not deducted; amounts shown are in US dollars.

- Each year equates to 3 semesters (12 months) so the annual loan award will be equally divided into three installments.

 

Undergraduate Dependency Status

If you are an undergraduate student, you will be classed as a dependent student unless you can answer “yes” to one of the following conditions:

• You are at least 24 years old by December 31 of the award year
• You are working on a master’s or doctorate program
• You are married (if you are separated but not divorced, you should answer ‘yes’)
• You have children who receive more than half their support from you
• You have dependents (other than children or spouse) who live with you and receive more than half of their support from you now and through the award year
• You are an orphan or ward of the court or were a ward of the court until age 18
• You are a veteran of the U.S. armed forces

 

If you answered YES to at least one of these conditions, you will be considered an independent student.

 

Interest Rates (2019)