How Much You Can Borrow - US Federal Loan - University of Derby

The total amount of loans you can borrow depends on a number of factors. These will be your status as either a dependent or independent student, the type and length of your course, the types of loans you are eligible for and what the Cost of Attendance (CoA) is. The exchange rate being used is £1 > $1.29 as of the 1st May 2017.

 

What is the Cost of Attendance (CoA)?

The CoA is the total amount of money you require to attend your course at Derby per year. This includes the cost of the course itself and your living costs. For 2017-18, we have calculated the living costs per year to be as follows:

Undergraduate (36 week year):                  $9,702

Postgraduate (52 week year):                    $14,015

You may find that the amount you can borrow in Subsidised/Unsubsidised loans may not be enough to cover the CoA. To make up the difference you may be eligible for a Direct PLUS loan. Please see below for more information.

 

Am I a dependent or independent student?

All students studying a postgraduate (Masters and above) course at Derby are independent. For undergraduate students it depends on their age or their personal circumstances. The criteria to determine which one you are can be found on the Student Aid website.

 

How much can I borrow in Subsidised/Unsubsidised loans?

Please see the below table for details on how much you can borrow.

Dependent students studying undergraduate programmes

Year

Subsidised

Subsidised/Unsubsidised total

First year

$3,500

$5,500

Second year

$4,500

$6,500

Third year and beyond

$5,500

$7,500

Aggregate limit

$23,000

$31,000

 

Independent students (and dependent students whose parents cannot get a Direct PLUS loan) studying undergraduate programmes

Year

Subsidised

Subsidised/Unsubsidised total

First year

$3,500

$9,500

Second year

$4,500

$10,500

Third year and beyond

$5,500

$12,500

Aggregate limit

$23,000

$57,500

 

All students studying postgraduate programmes

Year

Subsidised

Subsidised/Unsubsidised total

Each year

n/a

$20,500

Aggregate limit

$65,500

$138,500

 

The aggregate limit is the total amount of this loan type you are eligible for. You may not exceed this amount owed at any time, regardless of any further study you wish to undertake. However, if you repay some of your loans to reduce your outstanding debt then you can borrow again to bring the amount allowed back up to the aggregate loan limit. The postgraduate limit includes any loans taken out for undergraduate study.

For example: a 25 year old student undertaking a three year Bachelors programme. This student would be independent due to their age and can borrow up to $9,500 in the first year, $10,500 in the second and $12,500 in the third for a total of $32,500.

Please see the Student Aid website for more information on Subsidised/Unsubsidised loans.

 

Can I borrow a Direct PLUS loan?

Only postgraduate students can take out a PLUS loan in their own name. If you are a dependent student then your parent can take out a PLUS loan in their name on your behalf. Independent students studying undergraduate programmes are not eligible.

 

How much can I borrow in Direct PLUS loans?

With a Direct PLUS loan you can borrow the difference between the amount of Subsidised/Unsubsidised loans you are eligible for and the Cost of Attendance (CoA) (see above). For example:

  • A student is to study MSc Integrative Counselling and Psychotherapy.
  • This course costs $15,860.
  • This is a postgraduate course so the living costs are $14,015.
  • The total CoA is $29,875.
  • As it is a postgraduate course the student is eligible for $20,500 in Subsidised/Unsubsidised loans.
  • The difference remaining is $9,375 so this is the amount that can be borrowed as a Direct PLUS loan.

There is no aggregate limit for Direct PLUS loans.

Please see the Student Aid website for more information on Direct PLUS loans.

 

What if I cannot borrow a PLUS loan?

If you are unable to secure a PLUS loan then you will have to seek out loans from a private lender (such as a bank) to cover any costs that a Subsidised/Unsubsidised loan wouldn’t. This would be subject to any appropriate terms and conditions. The University of Derby will not be able to aid you in securing such a loan.