US Federal Loan types
As a foreign school the University of Derby can disburse the following loans:
Direct Subsidized Loans
Available for undergraduate students - you need to demonstrate financial need. The interest is paid by the US Department of Education whilst you are studying and for six months after you graduate.
Direct Unsubsidized Loans
Available for undergraduate and postgraduate students – you do not need to demonstrate financial need. You are responsible for paying the interest for all periods unless you defer it during study. During this deferment period the interest will accrue.
Direct PLUS Loans (Parent Loan Undergraduate Students)
Direct PLUS Loans are available for postgraduate and professional degree students or the parents of a dependent undergraduate student. You/your parents are responsible for paying the interest for all periods unless it is deferred during study. During this deferment period the interest will accrue.
Information, interest rates and maximum amounts of these loans can be found here: http://studentaid.ed.gov/types/loans
Sallie Mae provides the private ‘Smart Option Student Loan’ for Undergraduates and Postgraduates. With a choice of repayment plans these non-federal loans generally have higher interest rates. More information can be found here: www.salliemae.com
As a foreign school we do not charge you a fee for processing and handling your application for Federal Student Aid. However prior to disbursements the US Government will deduct a loan fee as follows:
|Direct Subsidised Loan||1.072%|
|Direct Unsubsidised Loan||1.072%|
|Direct PLUS Loan||4.288%|