Study at Bond University

Financing Your Study

Students Applying for U.S. Federal Loan Programs

Types of Aid

Key terms and participants

Below are a list of key terms and participants in the FFEL Program:

  •  The US Federal Government - guarantees the loan in case a recipient defaults and manages the legislative requirements for the program.
  • The Student (borrower) – is the person who borrows the funds from the FFEL Program.
  •  The Financial Aid Office – Bond's Financial Aid Office is located in the Office of Student Administration.
  • A Lender – is the body that provides the funds to the student. The lender may be a bank or other financial institution.
  • A Guarantee Agency – verifies your eligibility for a particular federal loan program and provides the insurance to the lender for loans. If you do not repay your loan (default), the guarantee agency will pay the lender with funds they receive for the federal government and then commence proceedings to collect the money from you. For fast and efficient loan processing, Bond University has chosen to partner with American Student Assistance (ASA) as our preferred guarantee agency. ASA have a proven track record of customer service with students attending Foreign Schools.
  • The School (Bond University) – determines and certifies student’s eligibility for FFEL loans and monitors and reports enrolment and other information about FFEL program borrowers, as required by US law. The school must also comply with US laws and regulations governing the FFEL program.
  •  A Servicer – is a company contracted by a lender to handle the administrative aspects of the loan such as collection of payments and correspondence with borrowers.
  • An Award Year– is the period which a loan is calculated.  The award year is a maximum of three semesters at Bond University.