The Department of Education administers a number of federally sponsored programmes under the Family Federal Education Loan Programme (FFELP) to U.S. citizens or eligible non-citizens who are enrolled at least part-time in a degree programme and who are making satisfactory academic progress, and who are not in default or owing a return repayment on a grant or loan.
The following programmes are available to eligible Abertay University students:
The subsidised Stafford Loan is one that is based on financial need assessed by the Department of Education. The loan is ‘subsidised’ as the Government pays interest on the loan while you are studying. The Government will also pay interest on the loan during any authorised period of deferment and also during the six-month grace period after your studies are complete, or if you drop below part-time enrolment.
The unsubsidised Stafford Loan is not based on financial need. As the loan is ‘unsubsidised’ you will be required to pay the interest on the loan from the time the money is disbursed to you. The interest can be paid back as soon as you receive the funds or alternatively you can allow the interest to accumulate while you are in university, during any authorised period of deferment and for the six-month grace period after you leave university or drop below part-time enrolment.
Please note that if payments are postponed, the interest accrues and is capitalised (added to your principal loan balance). If you choose this billing option, you won’t make any payments while you are in university. However, this option adds to the amount you will have to repay on your loan when you leave university. It may also increase the amount of your monthly payment.
The Federal PLUS loan is not based on financial need and is a low-interest education loan for parents whose child is a dependent undergraduate student defined by the US Department of Education. In order for the loan to be processed, the student must meet certain credit guidelines and the loan must also be certified by the University. Payments will commence within 60 days after the money has been fully disbursed, however it may be possible to defer repayment through particular lenders. With a Parent PLUS loan families can fund the entire Cost of Attendance (COA) (minus any other financial aid).
The Federal Graduate PLUS loan allows graduate/professional students to borrow funds to cover their Cost of Attendance including tuition fees, accommodation, books and travel etc.
The Financial Aid Office is located in Student Services with the International Student Advisor. If you have any further queries or questions please feel free to contact me at the following address:
International Student Advisor
Student Services
University of Abertay Dundee
Bell Street
Dundee
Scotland
DD1 1HG
Email: h.petrie@abertay.ac.uk or advisory@abertay.ac.uk
Tel: +44 (0) 1382 308051
Fax: +44 (0) 1382 30834
