Overview

Bond University participates in the William D Ford Direct Loan Program, which offers Stafford and PLUS loans to U.S. Citizens.

The loan types that are available:

Direct Subsidized Stafford Loans are awarded to Undergraduate 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 enter repayment six months after you graduate, leave school, or drop below half-time enrolment.

Please note that, effective July 1st 2012, Subsidized Stafford Loans are no longer available to Postgraduate or Professional students.

Direct Unsubsidized Stafford Loans are available to all eligible students, regardless of income. Unlike the subsidized Stafford Loan, you are responsible for paying the interest whilst you're in school at least half time. 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 with 60 days after the loan has been fully disbursed, but repayment can be deferred while the student is enrolled at least half time, and for another 6 mths after ceasing to be enrolled at least half time.

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 should apply for, and the school must determine their eligibility for, the maximum annual Stafford loan amount. Repayment begins with 60 days after the loan has been fully disbursed, but repayment can be deferred while the student is enrolled at least half time.