Eligibility and Loan Amounts

ELIGIBILITY

US Federal loans are generally available to eligible students who have received an unconditional offer to study at Queen’s; will be studying at least half-time and are not in default on a previous loan or exceeding Federal loan limits.

To maintain eligibility throughout the year, students must be making Satisfactory academic progress; cannot take more than 150% of the normal time to complete a programme (Approved leave of absence will not be considered in the calculation) and cannot study in the US.

 Eligible Programmes:

  • Bachelor’s Degree
  • Masters or PhD programmes

 Non-eligible Programmes:

  • Programmes leading to a diploma or certificate
  • Medicine
  • Nursing and Midwifery
  • Programmes taught within colleges associated or affiliated with QUB
  • A programme offered in whole or in part by distance learning

 There are three types of US Federal Loans

  • Subsidized (available to undergraduates only)
  • Unsubsidized (available to graduate students or the parents of dependent undergraduates).
  • PLUS Loans (available to graduate students or the parents of dependent undergraduates).

Direct Subsidized and Unsubsidized Loans are partly subsidized by the US Government.  Information on interest rates and repayment terms can be found on the US Department of Education website.

You may borrow only up to the estimated cost of attendance for your programme (including tuition, subsistence, and airfare)

Please note that all loans must be repaid. It is the responsibility of the borrower to repay the loan, and to clarify the interest rates, repayment terms and conditions prior to application.

 

                                                                                                                                         LOAN AMOUNTS 2018/19 

 

 

 

Subsidized

Unsubsidized

Combined Maximum

Dependent Undergraduates

     

1st Year

$3,500

$2,000

$5,500

2nd Year

$4,500

$2,000

$6,500

3rd Year and Up

$5,500

$2,000

$7,500

Independent Undergraduates

     

1st Year

$3,500

$6,000

$9,500

2nd Year

$4,500

$6,000

$10,500

3rd Year and Up

$5,500

$7,000

$12,500

Graduate/Professional Students

     

Each Year

N/A

$20,500

$20,500

 

 

 

 

 

Subsidized

Sub and Unsub combined Maximum

Dependent Undergraduates

$23,000

$31,000

Independent Undergraduates

$23,000

$57,500

Graduate/Professional Students

N/A

$138,500

 

 

 

 

Subsidized

Sub and Unsub combined Maximum

Dependent Undergraduates

$23,000

$31,000

Independent Undergraduates

$23,000

$57,500

Graduate/Professional Students

N/A

$138,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECT PLUS LOAN FOR GRADUATE STUDENTS 

If you are a Graduate student and you have taken out the maximum value of Direct Unsubsidized Loans, you can also apply for a Direct PLUS Loan to top up your finances. PLUS Loans are normally available to make up the difference between the Unsubsidized Loan amount and the full cost of attendance of your programme, minus any scholarships. 

If you wish to apply for a PLUS Loan, you need to complete the PLUS Request Process on the US Department of Education website. Interest rates and repayment terms can also be found there.  The request process involves a credit check and depending on the results of your credit check you may need a parent to endorse your PLUS Loan application.

 DIRECT PLUS LOAN FOR PARENTS OF UNDERGRADUATE STUDENTS 

Parents of Dependent Undergraduate students can take out a Parent PLUS loan to make up the difference between the Subsidized/Unsubsidized Loan amount and the full cost of attendance of your programme, minus any scholarships.

If your parent wishes to apply for a PLUS Loan, they need to complete the PLUS Request Process on the US Department of Education website.  Interest rates and repayment terms can also be found there.  The request process normally involves a credit check. Repayments start at the beginning of the loan period.