Financial Aid - U.S.A

Bond University OPE ID:  030954-00

Types of Aid

Overview

Am I eligible for financial aid?

Interest Rates

Application Guide

How to apply for Stafford & PLUS loans

University/School Code

Annual loan limits for Stafford Loans

Financial need assessment

Disbursement of loan

Loan counseling

Documents you need to submit to Bond University

Requirements for Study Abroad students

Policies

Satisfactory academic progress policy

Contact Information

Bond University - US Financial Aid Administrator
Email: financial.aid@bond.edu.au

Overview of THE DIRECT LOAN Program

Bond University participates in the William D. Ford Direct Loan Program, which offers Stafford and PLUS loans to U.S. Citizens.

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.

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 Bond 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.

Interest Rates

How to apply for Stafford & PLUS Loans

Stafford Loan

1. Complete a FAFSA application
2. Enter the Bond University Federal School Code (G30954).
3. Sign a Master Promissory Note (at www.StudentLoans.gov)
4. Complete loan program entrance counseling (at www.StudentLoans.gov)

If you have never applied for federal student loans, the first step is to complete a Free Application for Federal Student Aid (FAFSA). You must list Bond University as one of your preferred schools. Processing of your application will take 1-4 weeks so apply early. Once processed you can print your Student Aid Report (SAR) from the FAFSA website.

If you applied for federal student loans last year, you may qualify to use a Renewal FAFSA. Renewal FAFSAs are generally available on the FAFSA website between November and December each year. They have fewer questions to answer because you only need to update information that has changed since you last applied.

Remember, applying for federal student aid is FREE.

PLUS Loan

Parents of dependent undergraduate students, or Graduate students themselves should go to www.StudentLoans.gov and complete the following:

1) Sign in (you can use your PIN from your FAFSA application)

2) Complete a Direct PLUS Loan Request (Application).

3) Sign a Master Promissory Note (MPN) for the Direct PLUS Loan.

The PLUS Loan application requires the borrower to pass a simple credit check. The amount you will apply to borrow is the amount required for 2 semesters (8 months) at Bond. A renewal loan application will then be lodged for additional semesters.

University / School code

One of the final steps in completing the FAFSA is supplying Bond University's US Dept of Education federal university / school code.

Bond University 's school code is G30954.

Annual loan limits for Stafford loans

Dependent Undergrad Students

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

Graduate Students

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

Undergraduate Dependency Status

If you are an undergraduate student, you will be classed as a dependant 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 dependants (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.

Financial Need Assessment

Once your documents are received, the maximum loan amount you are eligible for is determined by a process called Financial Needs Analysis (FNA). Firstly, your Cost of Attendance (COA) is determined based on the cost factors below. This is an estimate of your expected educational costs for the period in which you enroll (maximum period one year). The Expected Family Contribution (EFC), reported on the top right corner of your SAR, is then deducted from your COA as well as your Estimated Financial Contribution (EFC), e.g. sponsorships or scholarships, to determine your financial need.

Cost of Attendance (All figures shown in Australian dollars only)

Costs unrelated to the completion of your course of study will not be included.

Disbursements

Your loan will be disbursed in a minimum of two disbursements (and usually 3). Annual loans cover two semesters of study so will be split evenly over those 2 semesters. The disbursement date may not be earlier than 10 days prior to the first day of semester.
 

2012 Disbursement dates:

January semester:          6 January 2012
May semester:               4 May 2012
September semester:     31 August 2012

Important:

You should ensure you have sufficient funds available for accommodation, books, supplies and any other personal expenses during the first four weeks of classes in the event that there is some delay in your financial aid arriving from the U.S.

Loan counseling

Loan program rules require all students using financial aid to complete loan counseling. Loan counseling is critical, because new students often have little or no experience with repaying and managing debt. Loan counseling is not required for parents who borrow from the PLUS Loan Program.

You can complete your loan entrance and exit counseling at www.StudentLoans.gov using your login PIN previously setup at this site.

Documents you must submit to Bond University :

1. Student Aid Report (SAR)
   Download and print this from the FAFSA website.

2. Loan Application Student Information Sheet - pdf
   This must be fully completed and signed.

3. Signed Master Promissory Note. This can be done completely online at: https://StudentLoans.gov. You will need to establish a PIN first.

4. Evidence of Loan Entrance Counseling.

5. A signed copy of your award letter (we will send you this to sign after the above 4 items are completed).

If you have above-average medical costs or other non-standard expenses, you may request they be considered. You must provide evidence of these costs. This may include receipts, quotes or letters certified by a Notary Republic.

Requirements for Study Abroad Students

Your home univeristy will normally agree to continue to certify your financial aid whilst you are studying at Bond University. However, you will need to direct your financial aid office to send a Consortium Agreement for Bond University to sign. This allows us to invoice your school directly for your fees and you are not required to pay any tuition upfront.