Students are advised to consider a Direct Loan before approaching private lenders; due to the competitive interest rates the loan program offers.
The lender for the Direct Loan program is the US Department of Education and offers the following types of loans.
Direct Subsidised Loans (Undergraduates only)
This type of Direct Stafford Loan is available to undergraduate students only, and the amount awarded is based on financial need.
The US Department of Education pays the interest on this type of loan throughout the duration of the course whilst you are studying at least half-time; and for the first six months after you leave school (also known as the ‘grace period’).
Direct Unsubsidised Loans
This type of Direct Stafford Loan is available to both undergraduate and postgraduate students and is not based on financial need.
The interest on this type of loan is the responsibility of the borrower (the student) from the time the first amount is disbursed.
Direct PLUS Loans
Direct PLUS Loans are available to independent graduate/professional students OR parents of dependent students who are studying at least half-time, and must not have an adverse credit history.
This loan is not available to dependent undergraduate students and all general eligibility requirements must also be met to be awarded this loan.
There are no aggregate limits to this type of loan; however you may only borrow up to the Cost of Attendance (COA).
At the University of Wolverhampton all Federal and Private US loans are handled by the International Centre.
The International Centre can be contacted at U.S.Loans@wlv.ac.uk