US Financial Aid - William D Ford Federal Direct Loan Program

As a US citizen studying at the University of Adelaide you may be eligible to apply for Federal Student Aid under the William D Ford Federal Direct Loan Program (Direct Loans).

Students studying a degree program (Bachelors degree, Masters, PhD) may be eligible to apply for loans under the William D Ford Federal Direct Loan Program (Direct Loans).

Under the William D Ford Federal Direct Loan Program (Direct Loans) eligible students can apply for Direct subsidised loans, Direct unsubsidised loans, Parent Plus loans for parents of dependant students and Grad Plus loans for graduate/professional students.  Further information is available on the US Department of Education websites Student Aid on The Web and Direct Loans.

Students studying a Graduate Certificate or Graduate Diploma program are not eligible for Federal Student Aid under the William D Ford Federal Direct Loan Program (Direct Loans).  For further information regarding private loan options contact Student Finance.

From 1 July 2012 Nursing programs at The University of Adelaide are no longer eligible for US Federal Student Aid. This applies to all Nursing programs within the School of Nursing.

Benefits

Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education. The lender is the U.S. Department of Education rather than a bank or other financial institution.

With Direct Loans, you

• Borrow directly from the US Federal Government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
• Have online access to your Direct Loan account information 24 hours a day, 7 days a week at the US Department of Education website Federal Student Loan Servicing.

• Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

Loan Amounts

The amount you can borrow is determined based on a number of factors including:

• whether you are a dependent or independent student
• what level or year you are studying
• whether you have previous outstanding Federal loans
• the cost of attendance (COA).
• Expected Family Contribution (as assessed during the loan application process).
• Expected Financial Aid (any other student grants, loans or scholarships).

Below are the maximum limits of Federal Loans effective 1 July 2012 (loans amounts are quoted in United States Dollars [USD]).

*Subsidised: US government pays interest while student is enrolled at least half-time in an Academic program, and for six months after completion/withdrawal.

From 1 July 2012 Graduate/Professional students with a study period commencing on, or after, 1 July 2012 are not eligible for Direct subsidised loans.

Delivery of Teaching

From 1 July 2006 students in receipt of Federal Loans may not enrol in courses that contain any online component. Enrolment in a course that contains online delivery as the only method of delivery will make you ineligible for Federal Loans for the remainder of your program. Homework and assignment submission is not considered an online component for this purpose.

How to apply

If you have applied to study at The University of Adelaide, to apply for US Financial Aid under the William D Ford Federal Direct Loan Program you need to:

1. Complete the Free Application for Federal Student Aid (FAFSA) at the US Department of Education website FAFSA Free Application for Federal Student Aid.  The school code for The University of Adelaide is G31000.  Upon completion of the FAFSA you will be able to view and print your Student Aid Report (SAR).
2. Notify Student Finance at The University of Adelaide of your intention to apply for US Federal Student Aid and confirm that you have completed the FAFSA. It is recommended that students initiate this process as early as possible before arriving in Australia.
3. The University Financial Aid Officer will access your SAR, assess your loan eligibility, calculate your Cost of Attendance (COA) and eligible loan amounts.
4. Subject to eligibility you will need to complete the loan entrance counselling and Master Promissory Note (MPN) at the US Department of Education website StudentLoans.gov.
5. Graduate/Professional students or parents of a dependant undergraduate student applying for a Plus loan are required to complete a Master Promissory Note for Plus Loan.  Eligibility for a Plus loan is subject to a satisfactory credit check.  The result of the credit check should be available upon completion of the Master Promissory Note.
6. Subject to loan eligibility notify Student Finance in writing of the loan amounts you wish to apply for and whether you are receiving any other student loans, grants or scholarships.

Satisfactory Academic Progress

Students in receipt of US Federal Student Aid must maintain minimum standard of Academic Progress to retain eligibility for further loans. Standards are applied to both academic standing and the timeframe to complete the program. Failure to maintain these standards could result in the suspension of your financial aid.

1. Academic Standing
   All coursework students receiving US Federal Student Aid must maintain a cumulative Grade Point Average (GPA) of 4.0 or greater to remain eligible for US Federal Student Aid.
2. Maximum Timeframe
   Postgraduate and undergraduate students are entitled to receive aid for 150% of the allocated program time frame, e.g. a student studying a 3 year degree program will be eligible for aid for 4.5 years.

Students enrolled in a Masters by Research or a Phd are required to maintain satisfactory academic progress as determined by their Academic supervisor.

Students who fail to attain the Academic Standing requirement will be placed on Financial Aid probation and will be notified in writing.  Financial Aid probation will cover one semester of enrolment.  Students remain eligible for Federal Student Aid whilst on probation.

Students on probation who, during the semester, attain the Academic Standing Requirement will have the probation lifted.

Students on probation who do not attain the Academic Standing requirement during the semester will be suspended from receiving Federal Student Aid and will be notified in writing.  Further eligibility for receiving Federal Student Aid will be subject to attaining the Academic Standing Requirement.

Students who exceed the Maximum Time frame for their program will be suspended from receiving further Federal Student Aid.

A student may seek to have a decision made under these procedures reviewed.  To seek a review a student must submit a request in writing setting out the reasons for the decision to be reviewed.  The request for review should be submitted to:

Manager
Student Finance
The University of Adelaide
Adelaide   SA   5005

US Constitution Day

Constitution Day commemorates the formation and signing of the US Constitution on 17 September 1787.  US Citizens are encouraged to celebrate this day each year.  Information regarding celebrations and activities can be found at The National Archives.

Cohort Default Rate

The US Department of Education calculates cohort default rates (CDR) annually to determine the percentage of Federal Student Aid borrowers at each University who default on their loan repayments.  The Cohort Default Rate for The University of Adelaide for the 2010 fiscal year is 0%.

Leaving the University

Before you leave the University or graduate you are required to complete loan exit counselling.  The loan exit counselling provides important information regarding your rights and obligations under the William D Ford Federal Direct Loan Program (Direct Loans).  It includes repayment options including consolidation, when repayment begins, solutions to repayment problems, implications of defaulting on loan repayments and estimating your budget.  The loan exit counselling is completed on the US Department of Education website StudentLoans.gov.  Further information is available in the Exit Counselling Guide for Federal Student Loan Borrowers.

You can access your Direct Loan account information 24 hours a day, 7 days a week at the US Department of Education website Federal Student Loan Servicing.

Post 9/11 GI BILL for US Veterans

The University of Adelaide participates in the US Department of Veterans Affairs POST 9/11 GI BILL for US Veterans.  Enquiries should be directed to Student Finance.