Most of the information provided in the Federal Loans Section comes from The Student Guide booklet distributed by the U.S. Department of Education. 
 You can access The Student Guide online by clicking here.  Hard copies are available as well at AUB's Financial Aid Office. 
 In addition the FAFSA web site provides considerable information and online help. www.fafsa.ed.gov

US financial aid includes several types of programs, however AUB only participates with the Federal Stafford loan and PLUS loans.  There are other programs such as Pell Grants, Campus-Based programs, the Perkins Loan and the Supplemental Educational Opportunity Grant (SEOG), but these are not offered to students enrolled in universities located outside the US.

Federal Family Education Loan (FFEL) Program

Loans made through this program are referred to as FFEL Loans. Private lenders provide funds that are guaranteed by the federal government. FFEL Loans include subsidized and unsubsidized FFEL Stafford Loans, FFEL PLUS Loans and FFEL Consolidation Loans. You repay these loans to the bank or private lender that made you the loan.

Whether you (or your parents) receive a Stafford or PLUS Loan depends on which program the school you attend participates in. Most schools participate in one or the other, although some schools participate in both.

It’s possible for you to receive both Direct and FFEL Loans but you can’t receive the same type of Direct or FFEL Loan for the same period of enrollment at the same school. Some schools use one loan program for Stafford Loans and another loan program for PLUS Loans. For example, a graduate or professional student could receive a Direct Stafford Loan and a FFEL PLUS Loan for the same period of enrollment at the same school.

   Stafford and PLUS Loan Summary

• Undergraduate and graduate or professional degree students may receive Stafford Loans. Graduate and professional degree students and parents of dependent undergraduate students may receive PLUS Loans.
• You must be enrolled at least Half-time at an eligible school in a program leading to a degree or certificate.
• Student loans are borrowed money that must be repaid, with interest, just like car loans and mortgages.
• Student loans cannot be canceled because you didn’t get—or didn’t like—the education you paid for with the loans, didn’t get a job in your field of study or because you’re having financial difficulty.
• Loans are legal obligations, so think about the amount you’ll have to repay before you take out a loan.
• The maximum Stafford Loan amount you can borrow each Academic Year depends on your academic level in school and whether you are a dependent or independent student.
• Students who demonstrate financial need are eligible for a subsidized Stafford Loan to cover some or all of that need.
• For students who are eligible for a subsidized Stafford Loan, the U.S. Department of Education pays the interest while you’re in school at least Half-time, for the first six months after you leave school (your grace period) and during a deferment (a postponement of loan payments).
• Unsubsidized Stafford Loans do not require a student to have financial need. The borrower is responsible for paying all interest on unsubsidized Stafford Loans.
• If you need to find a participating lender, your school has a preferred-lender list. This list is only a starting place when looking for financing. Check the terms and fine print carefully.