For US Citizens attending AUB
You are a U.S. citizen attending AUB then You may be entitled for a U.S. Federal Direct Loan to assist you financially in your education.
| AUB College Code for FAFSA online application is: G08371 |
|
for more general information |
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 Federal Financial Aid
US financial aid includes several types of programs, however AUB only participates with the Federal Direct loan and Direct 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.
Direct Loan Program
Loans made through this program are referred to as Direct Loans. Direct Loan Funds will come directly from the Federal Government. Direct Loans include subsidized and unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans. You repay these loans to U.S. Department of Education's Direct Loan Servicing Center.
Whether you (or your parents) receive a Direct or Direct 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.
- Undergraduate and graduate or professional degree students may receive Direct Loans. Graduate and professional degree students and parents of dependent undergraduate students may receive Direct 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 Direct 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 Direct Loan to cover some or all of that need.
- For students who are eligible for a subsidized Direct 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 Direct Loans do not require a student to have financial need. The borrower is responsible for paying all interest on unsubsidized Direct Loans.