International Centre

1. How to apply
2. How much can I receive?
3. When can I receive the money?
4. Repaying the loan
   

1. How to apply 

You may find that applying for financial aid for study at a non-US school is very different from the process you are used to in the United States.

To help you, we've created a simple step-by-step guide to the process at UWA. If you have any questions, please contact the Financial Aid Administrator.

1. Your first step is to complete a Free Application for Federal School Aid (FAFSA). For this, you'll need UWA's school code, which is G11094.  Your Student Aid Report (SAR) will automatically be sent to UWA.
   
2. Next, complete the Stafford Entrance Counselling Interview (or Stafford and Grad Plus Entrance Counselling if you are applying for a GradPLUS loan). Confirmation that you have completed this counselling will automatically be sent to UWA.
3. Choose a lender and a guarantor and download and complete a Master Promissory Note (MPN).  At this point, email the Financial Aid Administrator with details of the course you are planning to do at UWA. 
4. We will determine your eligibility for aid, calculate the value of the loans for which you can apply, and send you a Stafford Loan Application Form.  You should then review the amounts offered, select the amounts you want to borrow, sign the declarations, and mail it to UWA together with your original completed MPN. We will then send the School Certification and your original MPN to your guarantor, who can then do background checks and, if the loans are approved, arrange for the money to be disbursed.
5. You must understand your rights and responsibilities as a borrower. The Borrower's Rights and Responsibilities Statement (which you should receive with your MPN) provides more complete information about the terms and conditions of your loan. It is important that you read and understand this Statement. If you do not have a copy of the Statement, ask the Financial Aid Administrator to provide one.

To remain eligible for Federal Aid, all students must meet the Satisfactory Academic Progress (SAP) requirements. These are outlined in the SAP Policy.

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2. How much can I receive?

The maximum financial aid a student could theoretically receive is the total of their Cost of Attendance (COA). Your COA is calculated by UWA, and is based on your course fees and eligible living expenses. There are annual and aggregate limits to how much total Stafford funding you can receive.

• Your eligibility for Subsidised Stafford funding is calculated by subtracting your Expected Family Contribution (the amount of money your SAR shows you or your family can be expected to pay) and your Estimated Financial Assistance (the total of all other loans) from your COA.
• Your eligibility for Unsubsidised Stafford funding is calculated by subtracting your EFA from your COA.

For more information about how your financial aid will be calculated, go to Information on Stafford Loans.

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3. When can I receive the money?

Your financial aid is generally disbursed as two cheques, one at the beginning of each semester, co-payable to you and UWA. If you are borrowing for less than a semester, or your course has non-standard teaching periods, a different schedule may apply. We will discuss this with you.

We receive the cheque from your lender and will ask you to sign the cheque over to UWA. When we have taken out the fees for which you are liable, we will issue you a cheque for the remaining funds. The earliest date the loan will be disbursed is 10 days before the start of semester. The disbursal date is the date the cheque is released by the lender, and is not the same as the date we receive it and contact you.

If you withdraw from your course, you may need to return all or part of your financial aid. For more information see Course Withdrawal.

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4. Repaying the loan

Before graduating, you'll need to complete the appropriate loan exit counselling (Stafford exit counselling or Stafford and Grad Plus exit counselling).

After you graduate, there is a six-month period of grace before you must begin repayment. For PLUS loans there is no grace period, and repayment must generally begin within 60 days of the date the loan was fully disbursed.

The amount you will have to repay will depend on the repayment option you have chosen, how much you borrowed, and the interest that has accumulated on your debt.

Your loan must be repaid, even if you do not complete your studies or cannot find a job.

The consequences of defaulting on your loan are serious. On the other hand, paying off your loan responsibly will help establish a good credit rating, as your student loan account balance and status is reported to national credit bureaus on a regular basis. You may pay off some or all of your loan early with no penalty.

If you are having difficulty making payments, you can apply for deferments or forbearance. If you do so, you must continue paying your loan until you receive notification that your request has been approved.

You may also be eligible for a deferment if you are serving in the Peace Corps, under the Domestic Volunteer Service Act, or as a volunteer for a tax-exempt organisation of demonstrated effectiveness in the field of community service. Check the Deferment Forms on the Department of Education's Federal Aid web site for more information.

You should read and keep copies of all loan documents and letters. Remember, though that repayment notices are only reminders, and you must make payments even if you don't receive reminders.

You must keep the loan holder informed of a change in your name, address, telephone number, Social Security Number, or enrolment status.

More information is available at Federal Student Aid - Repaying Your Loans.

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