Inside UNB
Student Loan Information for American Students
Financial Assistance for Students from the United States
New Information Effective July 2012 Regarding Interest Rate
Government loans
Students who are citizens or permanent residents of the US may apply for Stafford and PLUS loans through the William D. Ford Federal Direct Loan Program (Direct Loans - DL). This program includes Stafford and PLUS (parent and Graduate) loans only. Students attending foreign schools are not eligible for grants from the US government. Students must be registered in a degree program. Students in online or correspondence programs are not eligible.
NOTE: As of the 2012-2013 academic year, students registered in any nursing program will not be eligible for aid through the Direct Loan program.
How much can I borrow?
Stafford loans are need-based (subsidized) and non-need based (unsubsidized) and are subject to annual limits. The maximum amount you can borrow each year depends on your grade level and on whether you are a dependent student or an independent student. The loan calculation includes information from your FAFSA, information about other financial aid you are receiving and the cost of attendance (tuition and living expenses), which is set by the school. The loan calculation determines whether the base amount of the loan is subsidized or unsubsidized. The remainder of the Stafford loan is always unsubsidized. If a parent is denied a PLUS loan, an additional unsubsidized amount may be borrowed.
| Student/Level | Initial Subsidized Stafford | Additional Unsubsidized Stafford |
Combined levels Annual Maximums |
|---|---|---|---|
DEPENDENT UNDERGRADUATES |
|||
| 1st Year | $3,500 | $2,000 | $5,500 |
| 2nd Year | $4,500 | $2,000 | $6,500 |
| 3rd Year | $5,500 | $2,000 | $7,500 |
INDEPENDENT UNDERGRADUATE |
|||
| 1st Year | $3,500 | $6,000 | $9,500 |
| 2nd Year | $4,500 | $6,000 | $10,500 |
| 3rd Year and higher | $5,500 | $7,000 | $12,500 |
GRADUATE/PROFESSIONAL |
|||
| 1st and beyond | $8,500 | $12,500 | $20,500 |
*all numbers reflect US
Accessing the Direct Loan Program in Three Basic Steps
STEP 1: Complete the FAFSA. You will need a PIN number for your signature. If you are a dependent student your parent will need to sign the FAFSA with a PIN number as well.
STEP 2:
A) Complete a Master Promissory Note (MPN). You will need your pin number from the FAFSA to complete this step.
B) Complete an Entrance Interview , choose Entrance Counseling: Stafford Loan: select country: select school and proceed thru the next 6 steps. You must complete an entrance interview to receive your Direct Loan (Stafford) & PLUS funding.
STEP 3:
A) SEND your 8 page SAR to UNB’s Director, Financial Aid, Shelley Clayton.
B) Complete a budget with the Director, Financial Aid articulating your costs and resources for your academic level and year of study. You can request a meeting with the Director. At the meeting, the Director and student will establish a budget defining the required resources to complete your year of study.
Additional Assistance:
A. Parent Plus Loan
Parents of dependent students may apply for a Parent Plus loan to assist your son/daughter’s costs of education. A credit check is completed on the parent applying for the Plus loan. Apply for the Parent Plus loan and sign in with your pin number and then follow the directions for doing the Master Promissory Note for a Parent Plus loan. Note: If your credit check results in an adverse credit history determination, you will receive information from the US Department of Education about the endorser and extenuating circumstance options. If you are a parent and neither of these is a viable option, your dependent student will be eligible to receive additional Direct Unsubsidized Loan funds in the amount of $4,000 for freshmen and sophomores and $5,000 for juniors and seniors.
B. Private Loans are available to students with a co-signer.
School OPE ID code for the University of New Brunswick is: 00668500
