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The Learning Adventure of a Lifetime

Financial Aid - U.S.A

Bond University OPE ID: 030954-00
FAFSA Code - G30954

Types of Aid

Am I eligible for financial aid?

Application Guide

How to apply - completing a FAFSA application
Finding a lender
Annual loan limits for Stafford Loans
Financial need assessment
Disbursement of loan
Loan counseling
Documents you need to submit to Bond University
Requirements for Study Abroad students


Satisfactory academic progress policy

Contact Information

Bond University - US Financial Aid Administrator

Overview - FFEL Program - Federal Family Education Loans

Bond University participates in the Federal Family Education Loan (FFEL) Program, which offers Stafford and PLUS loans to U.S. Citizens. For those of you who are familiar with the Direct Loan Program, the FFEL Program is very similar. The key difference is that you have to find a participating private lender because the U.S. Federal Government does not provide the funds; instead it provides a Federal guaranty so that you don’t have to put up collateral for your loan.

The loan types that are available:

Subsidized Stafford Loans are awarded to students who demonstrate financial need. The federal government pays your interest while you are in school at least half-time, during the grace period and any periods of deferment. The interest rate may vary but is capped at 8.25%. Although you are not required to make payments whilst you are studying, you will enter repayment six months after you graduate, leave school, or drop below half-time enrolment.

FFELP Unsubsidized Stafford Loans are available to all eligible students, regardless of income. Unlike the subsidized Stafford Loan, you are responsible for paying the interest. Interest accrues from the time of the first disbursement; however, you have the option of deferring your interest and principal payments until you enter the repayment period (at which point this interest is ‘capitalized’). Alternatively, you can opt to make a minimum repayment of $50 per month or the unpaid balance including interest, whichever is less. This will save you a lot of $$$ in the long run. Like the subsidized loan, the interest rate may vary but is capped at 8.25%.

Parent Loans for Undergraduate Students (PLUS) are federally guaranteed loans that allow parents to borrow funds to pay for the educational expenses of their dependent student. The program does require the borrower to pass a simple credit check though. Interest begins to accrue when funds are disbursed and repayment begins within 60 days after the loan has been fully disbursed. The interest rate is variable but new loans have a maximum interest rate of 9%.

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Am I eligible for financial aid?

To be eligible for financial aid at Bond University , you must meet the following criteria:

  • Be enrolled at least half time in an eligible program i.e. degree, certificate, or other recognised educational credential offered by Bond University .
  • Agree to maintain satisfactory academic progress whilst simultaneously adhering to Section 61 of the University academic progress rules and to the relevant Australian Immigration / visa legislation .
  • Be a citizen, national permanent resident or eligible non-citizen of the United States.
  • Not be in default on a Stafford , PLUS, SLS or Consolidation Loan.
  • Not owe a refund on any Title IV funding – Title IV refunds may be required for funds you may have received during periods when you were ineligible to receive those funds.
  • Not have been convicted of any offence under state or federal law involving the sale or possession of a controlled substance.
  • Be in compliance with Selective Service registration requirements if you are male and between the ages of 18-25.
  • File a Free Application for Federal Student Aid (FAFSA).
  • For PLUS loans, your parents must also pass a simple credit check.
  • Comply with requests for documentation if selected for verification by the U.S. Department of Education, as indicated on your Student Aid Report.
  • Finally, you need to submit all documentation required by Bond University to verify your eligibility and determine your financial need.

NOTE: You cannot receive financial aid for audited coursework subjects.

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How do I apply – Completing a FAFSA application?

If you have never applied for federal student loans, the first step is to complete a Free Application for Federal Student Aid (FAFSA). You must list Bond University as one of your preferred schools. Processing of your application will take 1-4 weeks so apply early. Once processed you can print your Student Aid Report (SAR) from the FAFSA website.

Please note, as Bond University is a foreign institution, we do not receive your SAR electronically even if you listed us on your FAFSA.

If you applied for federal student loans last year, you may qualify to use a Renewal FAFSA. Renewal FAFSAs are generally available on the FAFSA website between November and December each year. They have fewer questions to answer because you only need to update information that has changed since you last applied.

Remember, applying for federal student aid is FREE.

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Finding a Lender

Many banks, savings and loan associations and credit unions participate in the FFEL program. A good starting point is to check if your own bank participates in the FFEL program. Edfund have a comprehensive online database of participating lenders that is useful.

Remember to ask for the lender code when you find yourself a lender.

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Bond University's Preferred Stafford Loan Lenders

Lender Name Lender Code Lender Contact Information
JP Morgan Chase Bank 803000-55
Sallie Mae 802218
Wachovia 830005

These lenders have been used extensively by students in the past. We have been made aware by guarantee agencies that these lenders provide superior borrower benefits and customer service.

NOTE : Students are not required to use a lender from this list. You can choose to use any Federal Family Education Loan Program (FFELP) lender that continues to make such loans.

If you received Stafford loans previously, you may wish to stay with the same lender. However, it is wise to shop around for a loan to make an educated decision. Be sure to ask about: interest rates, repayment plans, repayment incentives, customer service, economic hardship policies, one-time capitalization and likelihood of your loan being sold.

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Annual loan limits for Stafford loans

Academic Year (Grade level) Base subsidized & unsubsidized (Dependent students) Additional Unsubsidized (Independent students) Maximum subsidized & unsubsidized (Independent students) Estimated monthly payment on maximum Estimated total payment amount (over 10 years)
First Year $2,625 $4,000 $6,625 $81 $9,751
Second Year $3,500 $4,000 $7,500 $92 $11,039
Third & remaining years $5,500 $5,000 $10,500 $130 $15,454
Graduate & Professional $8,500 $10,000 $18,500 $227 $27,229

*loan fees not deducted; amounts shown are in US dollars.

Aggregate Limits for Stafford Loans

Dependency Status Max subsidized & unsubsidized Estimated monthly payment on maximum Estimated total payment amount (over 10 years)
Dependent undergraduate $23,000 $282 $33,852
Independent undergraduate $46,000 $564 $67,704
Graduate/Professional $138,500 $1,699 $203,849

*loan fees not deducted; amounts shown are in US dollars.

Undergraduates Dependency Status

If you are an undergraduate student, you will be classed as a dependant studentunless you can answer “yes” to one of the following conditions:

  • You are at least 24 years old by December 31 of the award year
  • You are working on a master’s or doctorate program
  • You are married (if you are separated but not divorced, you should answer ‘yes’)
  • You have children who receive more than half their support from you
  • You have dependants (other than children or spouse) who live with you and receive more than half of their support from you now and through the award year
  • You are an orphan or ward of the court or were a ward of the court until age 18
  • You are a veteran of the U.S. armed forces

If you answered YES to at least one of these conditions, you will be considered an independent student.

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Financial Need Assessment

Once your documents are received, the maximum loan amount you are eligible for is determined by a process called Financial Needs Analysis (FNA). Firstly, your Cost of Attendance (COA) is determined based on the cost factors below. This is an estimate of your expected educational costs for the period in which you enroll (maximum period one year). The Expected Family Contribution (EFC), reported on the top right corner of your SAR, is then deducted from your COA as well as your Estimated Financial Contribution (EFC), e.g. sponsorships or scholarships, to determine your financial need.

Cost of Attendance (All figures shown in Australian dollars only)

Tuition Actual Dependant on your program of study. Generally based upon 3 semesters of full time study.
Student Activity Fee 110 Per semester
Books/Equipment 750 Per semester
Relocation 3000 Average cost of a return flight to Australia.
Transport 1000 Per year (or 330 per semester)
OSHC 329 Per year (based on Worldcare OSHC policy)
Living expenses 5000 Per semester which includes rent, board (food) and utilities such as electricity, phone and internet.
Loan fees 4% Estimated loan amount
Computer $1500 Average cost of a computer.

Costs unrelated to the completion of your course of study will not be included.

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Your loan will be disbursed in a minimum of two disbursements. The disbursement date may not be earlier than 10 days prior to the first day of semester.

2009 Disbursement dates:

January semester: 2 January
May semester: 8 May
September semester: 4 September

2010 Disbursement dates: to be advised

The disbursement date is the date Bond University recommends your lender disburses your funds. Typically, it is the date your check is posted so it is not the same day that funds are actually available. As you need to allow time for postage and currency conversions, you should not expect to receive funds prior to arriving in Australia .

You should ensure you have sufficient funds available for accommodation, books, supplies and any other personal expenses during the first four weeks of classes in the event that there is some delay in your financial aid arriving from the U.S.

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Loan counseling

The US Higher Education Act of 1965, as amended, and FFEL Program regulations require schools that participate in the FFEL Program to provide entrance counseling and exit counseling to students who borrow FFEL Program loans.

Loan counseling is critical, because new students often have little or no experience with repaying and managing debt. A school is not required to offer loan counseling to parents who borrow from the Federal PLUS Loan Program.

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Documents you must submit to Bond University :

  1. Student Aid Report (SAR)
    Download and print this from the FAFSA website.
  2. Master Promissory Note (MPN) - pdf
    This is your loan agreement. It must be fully completed and signed.
  3. Loan Application Student Information Sheet - pdf
    This must be fully completed and signed.
  4. Evidence of Entrance Counseling
    You can complete your loan entrance and exit counselling at:
    1. Go to
    2. Look at the menu items on the left of the page, Click on the Counselling link, then, the Stafford Entrance Counselling link.
    3. In Step 1 – select the section label “For non-US states and territories,” select the country as Australia, Commonwealth of and then click ‘continue.'
    4. Next select: “Bond University, Gold Coast, Australia, Commonwealth of” and then click ‘continue.'
    5. Follow the instructions to complete the entrance counselling. Once you complete the Entrance Exam, the results will be automatically sent via email to the Financial Aid Office at Bond University
  5. Other (if required)
    If you have above-average medical costs or other non-standard expenses, you may request they be considered. You must provide evidence of these costs. This may include receipts, quotes or letters certified by a Notary Republic.

    These documents may be posted to:

    US Financial Aid Administrator
    Office of Academic Services
    Bond University 4229
    Queensland Australia

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Requirements for Study Abroad Students

Your home institution may agree to continue to certify your financial aid whilst you are studying at Bond University . However, you will need to direct your home financial aid office to send a Consortium Agreement for Bond University to sign. If your home financial aid office will not agree to certify your loans during your Study Abroad period, Bond University may certify your financial aid.

You must also provide a letter from your home university confirming that you will receive credit for the study you undertake at Bond University. Campus Down Under will assist you with this.

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