Types of loans available to U.S. students for study at Massey University

The following types of loans are available for eligible U.S. students while studying at Massey University:

Direct Stafford loans

The Federal Stafford Loan is divided into two parts, subsidised and unsubsidised.  The Stafford has annual and aggregate limits.

  • Direct Stafford Subsidised: The availability of this loan is based on need as determined by the U.S. Department of Education and is a low interest loan for students enrolled in undergraduate programs. The U.S. Government pays the interest while students are enrolled at least half-time, during the 6-month grace period, or during an authorised deferment period.
  • Direct Stafford Unsubsidised: This loan is available to all eligible students as it is not based on need. Interest costs are incurred from the time the funds are disbursed, which may be paid as it falls due, or allowed to accumulate and be added to your principal balance for repayment.

Annual Loan Limit for Direct Stafford Subsidised and Unsubsidised Loans (Undergraduate Programmes)

Year of Study

Subsidised Loan

(USD)

Unsubsidised Loan

(USD)

Total Loan Limit for

the Year (USD)

Dependent Student:
First Year $3,500 $2,000 $5,500
Second Year $4,500 $2,000 $6,500
Third Year and beyond $5,500 $2,000 $7,500
Independent Student:
First Year $3,500 $6,000 $9,500
Second Year $4,500 $6,000 $10,500
Third Year and beyond $5,500 $7,000 $12,500

 

 

 

 

 

Annual Loan Limit for Direct Stafford Unsubsidised Loans (Eligible Students enrolled in Graduate or Professional Programmes)

Year of Study

Subsidised Loan

(USD)

Unsubsidised Loan

(USD)

Total Loan Limit for

the Year (USD)

First Year and beyond $0.00 $20,500 $20,500

 

 

 

Aggregate Loan Limit for Direct Stafford Subsidised and Unsubsidised Loans

Student Type

Subsidised Loan

(USD)

Total Aggregate Loan

Limit (USD)

Dependent Undergraduate Student $23,000 $31,000
Independent Undergraduate Student $23,000 $57,000
Graduate / Professional Student $65,500 $138,500

 

 

 

 

 Further details about Direct Stafford Loans are available on the following pages:

PLUS Loans

There are two types of PLUS Loans - Parent PLUS and Graduate PLUS. There is no loan maximum amount for either, but borrowers can only receive loans up to the student's cost of attendance net of any other education related income in any one year.

  • Parent PLUS: Parents of dependent undergraduate students can borrow this loan to assist students to meet their study costs. Applicants are subject to a credit check and must give permission before any funds can be disbursed to students to meet living costs. There is no deferment or grace period and parent borrowers must start repayments once the funds are disbursed.
  • Graduate PLUS: This loan is available to students studying in a qualifying programme at postgraduate or professional level (provided students meet the eligibility criteria for postgraduate study). Applicants are subject to a credit check. Repayments can be deferred whilst in school, but start immediately once students leave university or drop below half-time study.

Additional information is available on the PLUS Loans site.

Private study loans

Private education loans are offered by private lenders, such as Sallie Mae.  They sit outside the federal loan programme, but typically have the same loan criteria. Students can use private education loans to borrow the difference between their federal loans and their cost of attendance, after deductions of any education related income.  Private education loans are particularly useful for students who do not meet the eligibility criteria for PLUS loans, such as independent undergraduate students.

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