US federal government loans
If you’re a student from the USA, you may be eligible for loans offered under the Federal Direct Loans Program.
Subsidised Direct Loan
This loan is for undergraduate students with a demonstrated financial need, as determined by the federal regulations.
No interest is charged while any of the following apply:
- you’re enrolled at least half-time at university
- it’s an authorised deferment period from your course
- you’ve left university or dropped below a half-time enrolment (limited to a six-month grace period).
Loan repayments start after one of the following:
- six months after you graduate
- when you leave university
- if you drop below half-time enrolment.
Unsubsidised Direct Loan
This loan isn’t based on financial need and interest accrues on the loan from the time the loan is paid out. You can choose to pay the interest while studying or you can allow it to accumulate until your loan repayments start when one of the following happens:
- six months after you graduate
- when you leave university
- if you drop below half-time enrolment.
Allowing the interest to accumulate adds to your loan amount and may increase your monthly repayments.
PLUS (unsubsidised loans for parents of dependent students and for graduate/professional students)
This loan can help pay for educational expenses up to the cost of attendance, minus all other financial assistance. You are required to pass a credit check. Interest accrues on the loan from the time the loan is paid out.
Graduate students are strongly encouraged to apply for Unsubsidised Direct Loans before applying for a PLUS.
Interest rates and fees
Your student loans will be charged fees and interest. This table shows the annual and aggregate loan limits
Max subsidised amount in (USD$) | Max combined subsidised and unsubsidised amounts (USD$) | |
---|---|---|
Dependent undergraduates | ||
First year | $3,500 | $5,500 |
Second year | $4,500 | $6,500 |
Third year and up | $5,500 | $7,500 |
Independent undergraduates | ||
First year | $3,500 | $9,500 |
Second year | $4,500 | $10,500 |
Third year and up | $5,500 | $12,500 |
Graduate/professional students | ||
From 1 July 2012 | $0 | $20,500 |
Maximum total debt from Direct Loans when you graduate | ||
Max subsidised and unsubsidised amounts combined | ||
Dependent undergraduates | $31,000 (not more than $23,000 subsidised) | |
Independent undergraduates | $57,500 (not more than $23,000 subsidised) | |
Graduate/professional students | $138,500 (not more than $65,500 subsidised) |
US Department of Education grants
As foreign schools don’t participate in the US Department of Education’s grant programs, you won’t be able to receive the following grants when enrolling at Monash:
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Federal Pell Grant
- TEACH Grant.
Private student education loans
US students can access private student education loans through non-government lenders (such as Sallie Mae student loans and Earnest private student loans). Approval is usually based on credit history, and you’re expected to apply with a co-signer who is a US citizen.
We strongly recommend that you first apply for federal loans, which are often more favourable due to lower interest rates and more flexible repayment options. You may consider borrowing private loans if you need additional funds or are ineligible for federal loans.
It’s up to you to decide which private education loan providers to use, so take the time to explore your options and choose a lender wisely.
To discuss your options, email foreign.finaid@monash.edu.
Got a question? Monash can help
We're making some changes...
Soon all online enquiries will be made through our virtual assistant. You can get in early and try our virtual assistant right now.
You may have a question our virtual assistant can answer immediately.
If you're following up on an enquiry you submitted earlier, you can also do this in our virtual assistant.
If you want to send an attachment, you’ll need to make your enquiry using our virtual assistant.