US Financial Aid
This section of the Victoria International website is designed to give eligible students an understanding of US financial aid policies and eligibility at our university. For an explanation of different terms used please refer to the glossary.
Victoria University of Wellington is accredited by the US Department of Education to administer US financial aid (US Family Federal Education Loan Program) to US citizens or eligible non-citizens who are:
- Enrolled at least half-time (30 points per trimester is considered half-time for Trimesters 1 and 2. Courses must relate directly to your study programme. Half-time enrolment in Trimester 3 (summer trimester) is considered 15 points) and;
- Are not enrolled in any online courses as part of the study programme, and
- Are making Satisfactory Academic Progress (SAP), and
- Are not completing research based in the United States (i.e. PhD students), and
- Are not in default or owing a return or repayment on a grant or loan.
Disclaimer: Please note that effective July 1, 2010 students enrolled in a nursing programme may not be eligible for US financial aid.
Victoria University of Wellington has a Cohort Default Rate of 4.2 (one student in default)
Summary of loans and interest rates
Loan Type |
Eligibility |
|
Dependent
Undergraduate |
Independent
Undergraduate
|
Graduate and
Professional
|
Stafford Subsidized
-Needs based
|
 |
|
|
Stafford Unsubsidized
|
For loans disbursed on or after July 1, 2008 or if borrower is not eligible for subsidized |
|
|
Federal PLUS (Parent)
|
|
|
|
Federal PLUS (Graduate) |
|
|
|
Loan Type |
Interest Rate Loans disbursed after July 1, 2008 |
Who pays the interest? |
When does the repayment start? |
Stafford Subsidized |
6.0% |
US government while you are:
- At least half-time in an eligible School; or
- In authorised deferment; or
- In grace period.
Student borrower when repayment begins. |
After your six-month grace period which will commence when you leave the university or drop below half-time enrolment status. |
Stafford Unsubsidized |
6.8% |
Student borrower
Note: interest can be paid while in-school.
|
After your six-month grace period which will commence when you leave the university or drop below half-time enrolment status. |
Federal PLUS (Parent) |
8.5% |
Parent borrower
If the loan is deferred, during this period the parent borrower can pay interest monthly or quaterly or it will be capped no more frequently than quaterly.
|
60 days after the final loan disbursement; OR for loans disbursed on or after July 1, 2008 upon request six months after the dependent for whom the loan was borrowed leaves the university or drops below half-time enrolment status.
|
Federal PLUS (Graduate) |
8.5% |
Student borrower |
60 days after the final loan disbursement; OR for loans disbursed on or after July 1, 2008 upon request six months after the student borrower leaves the university or drops below half-time enrolment status. |
Click here to view the university's annual reports, including information about completion and graduation rates.
What is a Stafford Subsidized loan?
This loan is based on financial need as defined by the US Department of Education. The loan is subsidized because the US government pays the interest while you are at least half-time studying in university. The government also pays the interest during any authorized period of deferment and the six-month grace period after you leave university or drop below half-time enrolment.
For all Stafford loans disbursed on or after July 1, 2006 the interest rate is fixed at 6.8%. For Stafford subsidized loans (undergraduate students only) disbursed on or after 1 July, 2008 the interest rate is fixed at 6.0%. This change from a variable to a fixed rate does not affect a borrower's variable interest rate on loans made before July 1, 2006.
What is a Stafford Unsubsidized loan?
This loan is not based on financial need. Student borrowers are responsible for paying the interest from the time the money is disbursed. The interest may be paid as it comes due or it may be postponed and allowed to accumulate while you are in university during any authorized period of deferment and for the six-month grace period after you leave university or drop below half-time enrolment. The interest accrues on postponed payments and capitalized (added to your principal loan balance). If you choose this billing option you will not make any payments while you are in university. However, this option adds to the amount you will have to repay on your loan when you leave university. It may also increase your monthly payment when you enter repayment.
For all Stafford unsubsidized loans disbursed on or after July 1, 2006 the interest rate is fixed at 6.8%. This change from a variable to a fixed rate does not affect a borrower's variable interest rate on loans made before July 1, 2006.
What is a Parent PLUS loan?
This loan is not based on financial need. Parents may be eligible for this loan if their child is a dependent undergraduate student as defined by the US Department of Education. Parents may use this loan to pay the entire cost of attendance minus any other financial aid received for the dependent undergraduate student. A credit check will be completed before approval of the loan has been made.
For PLUS loans disbursed on or after July 1, 2006 the interest rate is fixed at 8.5%. This change from a variable to a fixed rate does not affect a borrower's variable interest rate on loans made before July 1, 2006
What is a GradPLUS loan?
Graduate students may borrow this loan on their own behalf, to cover the difference between cost of attendance and all other awarded aid, after applying for other Stafford aid.
This loan has a federal credit check process. The review looks for bad credit only. You do not have to meet other financial standards as with other private alternative loans.
For PLUS loans disbursed on or after July 1, 2006 the interest rate is fixed at 8.5%.
Other US Federal Loan Information
There are a number of other programs including Pell Grants, Perkins Loans, Direct Stafford, etc. available under the same US legislation of Title IV. However, these cannot be awarded to students studying outside the United States. Eligible students may, however, defer the repayment of these loans while attending Victoria University of Wellington.
Stafford Subsidized