Funding amounts
How much am I eligible to borrow?
Your eligibility for aid at La Trobe will be assessed based on the information that you have provided on your La Trobe Application for Financial Aid.
The US government specifies the maximum amounts a student may be eligible to borrow under the Federal Education Loan Program annually.
Cost of attendance (COA)
The cost of attendance is an estimate of a student's education expenses for the period of enrolment. The components of the cost of attendance are the same for all US Federal programs, as specified under US law.
Your allowable segments included in your COA are defined as follows:
- Tution fees
- Books and supplies
- Living costs (accommodation)
- Course related costs, if any
- Transportation and travel
- Medical insurance
US Students who hold Australian/New Zealand Permanent Residency or citizenship will be advised of their COA calculations individually as a result of their ability to access a number of Australian benefits to assist in their education.
All aid awarded to you under either the Stafford loan program, or a private loan, cannot exceed your COA.
If you believe that you are eligible to receive additional amounts (dependant care, disability related expenses, study abroad costs etc) please contact the Financial Aid Administrator at La Trobe International and they will discuss these issues with you personally.
Dependant vs. independent student
A student’s dependency status is determined by information provided on the Free Application for Federal Student Aid (FAFSA). It affects the Expected Family Contribution (EFC) and types of aid that you may be eligible to receive.
For the purposes of Title IV aid, a student is considered independent if he or she meets one or more of the following criteria:
- The student is at least 24 years old by December 31 of the award year
- The student is an orphan or ward/dependent of the court, or was a ward/dependent of the court until he or she reached age 18
- The student is a veteran of the U.S. Armed Forces
- The student is working on a master’s or doctorate program at the beginning of the award year for which the FAFSA is completed
- The student is married as of the date the FAFSA is completed
- The student has at least one child who receives more than half of his or her support from the student
- The student has a dependent, other than a spouse or a child, who lives with the student and receives more than half of his or her support from the student at the time the FAFSA is completed and through June 30 of the award year
The student is considered dependent if he or she does not meet any of the preceding criteria for an independent student unless the financial aid administrator determines that the student is independent on the basis of special circumstances and performs a dependency override.
Your award notification and confirmation
Once La Trobe University receives your information, we will prepare an award letter that outlines the aid programs for which you are eligible. This award letter can then be used in your visa application to prove that you have access to sufficient funds.
You will be advised via email as to the determination of your eligibility for need based aid and non-need based aid. You will be required to confirm in writing your intent to take this amount, or any other lesser amount prior to certification taking place by signing the award letter.
La Trobe recommends that all students use the figures contained in their award letter to help them in creating a budget, and using that budget to plan for their financial security during the upcoming academic year.
It is strongly recommended that you plan on having sufficient funds available for accommodation, books, supplies, and any other personal expenses during the first six to eight weeks of classes in the event that there is some delay in your financial aid arriving from the US.
What impact does this have on my application to study at La Trobe?
If you have been approved for Stafford funds then you may be eligible for the payment of a reduced deposit when accepting your course offer. You need to pay the deposit at offer acceptance and the full OSHC premium to obtain your COE.
When can I access the funds?
In accordance with FFEL regulation, the education provider cannot disburse funds to students prior to the commencement of classes. The disbursement date according to your School Certification Form refers to the date that the cheques are posted from the guarantee agency in the United States to La Trobe University.
La Trobe will only release the funds to students upon their enrolment being confirmed on the University’s Student Information System. If this is your initial application as a first year undergraduate first time borrower you should not expect to receive Stafford loan funds until 30 days after the commencement of classes. All other students should expect to receive their funds soon after the classes commencement date.
The FFELP loan funds will be sent directly by the guarantor to La Trobe International. When the cheque(s) arrive at La Trobe they are co-payable to you and La Trobe. You will be notified via email when the cheques have arrived and are ready for your signature.
Once you have counter-signed the cheques, they will be converted from US dollars into Australian dollars, and credited towards your tuition fee account and the remainder of the funds will be refunded into your living account. You will also have to sign the US Financial Aid Cheque Reconciliation Form, which will confirm how the arrived funds will be allocated.
If your parents have requested a PLUS loan on your behalf (dependant students only), the cheque will also be sent to La Trobe and then forwarded to their address in the US. Your parents will have to sign the cheques and mail them back to La Trobe.
Disbursement of US Federal loans will be on dates coinciding with the first day of classes, if you are undertaking a semester / trimester based or Doctoral program. This is to allow to fulfil the academic monitoring requirements mandated by the US Department of Education prior to the commencement of the next educational period.
If you are commencing in Semester 2, you will have an option to apply for loans either for 6 months or for 12 motnhs until the next mid-year.
Students are encouraged to actively manage your loan funds. The Department of Education (ED) recently released a comprehensive guide for borrowers about securing and repaying federal student loans. The guide provides information on consolidation, the difference between private and federal loans, as well as possible discharge and cancellation terms. For more information and tips on money management, please the ASA website.
What happens if the cheques do not arrive in time?
If your financial aid cheques are delayed through no fault of your own and you require funds urgently, you may apply for the Sir Edward Dunlop International Students Emergency Fund (SEDISEF).
The SEDISEF loans exist to provide financial assistance to international students who are experiencing a genuine, unforseen, financial emergency. Once you have submitted an application for SEDISEF, your application will be considered and you will be advised of approval or rejection of these loans.
Additionally, La Trobe International will assist in deferring tuition fee payments until the funds are received from the US. Please be advised that any monies borrowed through the Sir Edward Dunlop loans will be automatically deducted from the student’s FFELP loan upon receipt of loan funds. For more information about SEDISEF, please have a look at: www.sedisef.org.au.
What if I need more money?
The difference between the amount of your COA and your awarded aid is what you are eligible to draw-down. You can take this as either a private loan (this amount will be advised in your award letter), or if you are a graduate student, as a GRAD PLUS loan.
