USA Financial Aid (Government Student Loans)

Bond University OPE ID:  030954-00




Bond University participates in the William D. Ford Direct Loan Program, which offers Stafford Loans (Subsidized and Unsubsidized) and PLUS loans to U.S. Citizens. Loans can only be used for Bachelors, Masters and Ph.D programs (and not Diploma or Certificate programs).


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 enrollment.


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.


Once you graduate (or leave), you will have the option to pick from a number of repayment plans:


  • Standard Repayment - A fixed payment each month based on your principal and interest. Standard repayment is the least expensive repayment plan available and typically has a repayment term of 10 years.
  • Graduated Repayment - Lower payments at the beginning of repayment. Then over time, payments increase and become standard. This is a helpful option for graduates who need time to establish their careers and build a financial base.
  • Income-Sensitive Repayment - Monthly payments are based on your annual income and remaining outstanding loan balance.
  • Extended Repayment - For Graduate PLUS loans totaling more than $30,000, this plan offers a choice of fixed or graduated payments over a period of up to 25 years. Because repayment is stretched beyond the standard 10 year term, the total amount paid is higher.


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 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.


How Much Can I Borrow?

There are two types of loans you can combine to cover up to 100% of your costs of attending Bond.


  1. Subsidized and Unsubsidized Loans (commonly known as Stafford Loans). The Stafford Loan Limits are shown in the table below.
  2. PLUS Loan. The PLUS Loan limits are determined by your total costs of attendance and are subject to good credit. Dependent Undergrads need a Parent to obtain the loan (Parent PLUS Loan). Graduate students apply for a Grad PLUS loan in their own name with their own credit (ie. parents are not involved at all).


Dependent Undergrad Students Stafford Loan Limits

Base Subsidized Additional Unsubsidized Combined Maximum
First Year $3,500
$2,000 $5,500
Second Year
$4,500 $2,000 $6,500
Third and Remaining Years $5,500 $2,000 $7,500

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

Base Subsidized Additional Unsubsidized Combined Maximum
First Year $3,500
$6,000 $9,500
Second Year
$4,500 $6,000 $10,500
Third and Remaining Years $5,500 $7,000 $12,500

Graduate Students

Base Subsidized Additional Unsubsidized Combined Maximum
Per Year $0
$20,500 $20,500

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

- Each year equates to 3 semesters (12 months) so the annual loan award will be equally divided into three installments.


Undergraduate Dependency Status

If you are an undergraduate student, you will be classed as a dependent 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 dependents (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.


Interest Rates (2020/21)

Undergraduate Subsidized Loan (Stafford): 2.75%

Undergraduate Unsubsidized Loan: 2.75%

Graduate Unsubsidized Loan:  4.3%

Undergraduate & Graduate PLUS Loan:  5.3%

How to Apply for Stafford and 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
  4. Complete loan program entrance counseling (at


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.



Parents of dependent undergraduate students, or Graduate students themselves should go to 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 3 semesters (12 months). A renewal loan application will then be lodged for additional years.


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.


Financial Needs 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.




Disbursement Dates

Your loan will be disbursed in three disbursements. Annual loans cover three semesters of study so will be split evenly over those 3 semesters. The disbursement date may not be earlier than 10 days prior to the first day of semester.


2020 Disbursement dates:

January semester: 4 January 2020

May semester: 3 May 2020

September semester: 30 August 2020



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 using your login PIN previously setup at this site.


Next Steps After Completing Your FAFSA

  1. Student Aid Report (SAR). A link to your SAR will be emailed to you within 5 days of completing your FAFSA. Please save the file (PDF) and then email it to our North American office.
  2. Loan Application Student Information Sheet - pdf. This is an internal document for Bond University's financial aid office. Complete it and sign it and return by fax or email to our North American office.
  3. Graduate students and Parents of Undergraduate students should complete an application/request for a PLUS loan at
  4. Sign the Master Promissory Note (MPN): This is done online at If you have submitted a PLUS Loan application, you also need the sign the MPN for that loan as well (ie. you will sign two MPN's).
  5. Complete Loan Entrance Counseling online.
  6. Once all of the above are completed, we will email you a Student Loan Award Letter that will outline the types and amounts of loans you are eligible to borrow. Only when you sign and return the Award Letter will your loans be originated.


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.


Study Abroad Students Transferring Financial Aid from Home to Bond

Your home university 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.

Tuition Actual Dependent On Program of Study (Generally based on 3 semesters of full-time study)
Student Activity Fee $99.00
Per Semester
Books & Equipment
$600 Per Semester
Relocation $3,000 Average Cost of Return Flight to Australia
Transport $1,251 Per Year ($417 Per Semester)
Health Insurance $694 Per Year (Based on WorldCare OSHC Policy)
Living Expenses $6,610 Per Semester (Rent, Board (Food), and Utilities (Power, Phone, Internet)
Stafford Loan Fees 1.068% Estimated Loan Amount
PLUS Loan Fees 4.272% Estimated Loan Amount
Computer $1,400 Average Cost of Computer


(702) 951-7401

(416) 619-5475


We are North American based Bond University Admissions Agents and provide free support to USA and Canadian students seeking Undergraduate, Graduate & Study Abroad programs at Bond University, Australia.

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