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Office of FINANCIAL SERVICES

Types of Financial Aid Available at Macquarie University

There are several federal programs available for U.S. citizens or eligible non-citizens who are enrolled at least half-time in an eligible program, making satisfactory academic progress, and not in default or owing a return repayment on a grant or loan.

The following loans are available to students enrolled and meet the eligibility requirements at Macquarie University.

Federal Subsidized Direct Loan

This loan is based on financial need as determined by the Department of Education. The loan is "subsidized" because the government pays the interest while you are in university at least half time. It also pays the interest during any authorized period of deferment and for the six-month grace period after you leave university or drop below half-time enrolment. For subsidized undergraduate loans, the interest rates are noted below.

Date of First Disbursement and Fixed Interest Rate for DLP Subsidized Undergraduate Loan

July 1, 2006– June 30, 2007    6.80%

July 1, 2007– June 30, 2008    6.80%

July 1, 2008– June 30, 2009    6.00%

July 1, 2009– June 30, 2010    5.60%

July 1, 2010– June 30, 2011    4.50%

July 1, 2011– June 30, 2012    3.40%

July 1, 2012– June 30, 2013    3.40%

July 1, 2013– June 30, 2014    3.86%

July 1, 2014– June 30, 2015    4.66%

July 1, 2015– June 30, 2016    4.29%

July 1, 2016– June 30, 2017    3.76%

The current rate is subject to change for new loans at anytime as specified by the US Department of Education.

Federal Unsubsidized Direct Loan

This loan is not based on financial need. Because it is "unsubsidized", 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 authorized period of deferment, and for the six-month grace period after you leave university or drop below half-time enrolment. If payments are postponed, the interest accrues and is capitalized (added to your principal loan balance). If you choose this billing option, you won't make any payments while you are in university. However, this option adds to the amount you will have to repay on your loan when you leave university. It may also increase the amount of your monthly payment . As of July 1st, 2008, the mandated interest rate is fixed at 6.8% for both undergraduate and postgraduate students for loans that were disbursed between July 1, 2008 and June 30, 2013. Currently, the interest rate for new DLP Unsubsidized loans first disbursed on or after July 1, 2016 up to June 30, 2017 is a fixed 3.76% for Undergraduate students, and 5.31% for Postgraduate Students. This rate is subject to change for new loans at anytime as specified by the US Department of Education.

The Federal Parent / Graduate PLUS Loan

The Parent PLUS loans enable parents and family members with good credit ratings to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time in an approved college or university. The Graduate PLUS loans enable graduate students with good credit ratings, studying at least half time in an approved college or University, to pay their education expenses. As of July 1st, 2006, up to June 30th, 2013, the mandated Direct Loan Family/Graduate PLUS interest rate is fixed at 7.9%. Currently, the interest rate for new DLP Family and Graduate-PLUS loans first disbursed on or after July 1, 2016 up to June 30, 2017 is a fixed 6.31%.
July 1, 2006– June 30, 2013    7.90%
July 1, 2013– June 30, 2014    6.41%
July 1, 2014– June 30, 2015    7.21%
July 1, 2015– June 30, 2016    6.84%

All the current loan rates is subject to change at anytime as specified by the US Department of Education. It is important to check your account on the FAFSA and studentloans.gov websites as interest rates are subject to change from time to time (see https://studentaid.ed.gov/sa/types/loans/interest-rates).

Loan Comparison Table

Loan Type Basic Requirements Main Difference Possible maximum US$ amount per calendar year
Subsidized Direct Loan Loan: must be repaid; you must be at least a half-time* student Subsidized: U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods $3500 to $5500, depending on grade level and past loans.
Unsubsidized Direct Loan Loan: must be repaid; you must be at least a half-time* student Unsubsidized: Borrower is responsible for interest during life of the loan; $3500 to $20500, depending on grade level and any subsidized amounts received for the same period, and past loans.
Direct Parent or Graduate PLUS Loan Loan: must be repaid ; the student must be at least a half-time* student Available to parents of dependent undergraduate students (Parent PLUS), and graduate students (Graduate PLUS), who are enrolled at least half time. Maximum amount is cost of attendance minus any other financial aid available and received by the student.

 

Annual & Aggregate Loan Limits

FEDERAL DIRECT LOANS
Subsidized Annual Limit
Subsidized and Unsubsidized Combined Annual Limit
Dependent Undergraduates
   
1st Year
$3,500
$5,500
2nd Year
$4,500
$6,500
3rd Year and Up
$5,500
$7,500
Independent Undergraduates
1st Year
$3,500
$9,500
2nd Year
$4,500
$10,500
3rd Year and Up
$5,500
$12,500
Graduate/Professional Students
Up to 30 June 2012 $8,500
$20,500
 
From 1 July 2012 $0
$20,500

Aggregate (Accumulated) Limits

 
Subsidized
Sub and Unsub Combined
Dependent Undergrads
$23,000
$31,000
Independent Undergrads
$23,000
$57,500
Graduate & Professional
$65,500
$138,500

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