The below table shows what students are normally able to borrow:
Direct Loan Yearly Amounts
|
Year of course
|
Subsidised Loan
|
Unsubsidised Loan
|
Total Loan
|
|
Dependent Undergraduate
|
|
|
|
|
1st Year
|
$3,500
|
$2,000
|
$5,500
|
|
2nd year
|
$4,500
|
$2,000
|
$6,500
|
|
3rd year
|
$5,500
|
$2,000
|
$7,500
|
|
Independent Undergraduate
|
|
|
|
|
1st year
|
$3,500
|
$6,000
|
$9,500
|
|
2nd year
|
$4,500
|
$6,000
|
$10,500
|
|
3rd year
|
$5,500
|
$7,000
|
$12,500
|
|
Postgraduate – all years
|
|
$20,500
|
$20,500
|
Students can then take PLUS loans up to the amount of their Cost of Attendance (usually about $35,000 for an academic year).
Parent PLUS - the Parent PLUS loan is credit-based for Parents of dependant undergraduate students who wish to take out loans in their names to help with their children's education.
Direct PLUS - postgraduate students are able to take out a PLUS loan which is credit based.
