University of Cape Town UCT US Federal Aid Loans

By | March 30, 2022

University of Cape Town UCT US Federal Aid Loans

University of Cape Town UCT US Federal Aid Loans; See details on University of Cape Town UCT US Federal Aid Loans

Loans and other alternatives

The Direct loan is a fixed-rate student loan made to undergraduate and graduate students attending our university as a full time registered student. The US Department of Education is your lender.

Interest rates and loan fees are available from  the Federal Student Aid website.

To be eligible:

  • You must be a US citizen or national, a US permanent resident, or eligible non-citizen.
  • You are not completing research work in the United States (Master’s and PhD students).

Types of loans

Subsidised Direct loan

Only offered to dependant undergraduate students, subsidised Direct loans are need-based, and interest does not accrue on these loans while you are studying, during the 6-month grace period and during a deferment period.

Unsubsidised Direct loan

Unsubsidised Direct loans are not need-based. You are responsible for all the interest that accrues on the loan, including while you are studying.

Graduate and Parent PLUS loan

The federally sponsored Parent PLUS loan is a low-interest student loan for parents of undergraduate, dependant students.

Independent students doing a postgraduate degree can apply for the Graduate Plus loan:

  • With a PLUS loan, you may borrow up to the full cost of attendance, less other financial aid received including Federal Direct loans.
  • A credit check is required.
  • You are responsible for all interest that accrues on the PLUS loan.
  • Repayment on PLUS loans begins once the loan is fully disbursed. However, the loan can be deferred while you are studying.

Private Loans

Students can use private education loans to borrow the difference between their Federal Loans and their calculated cost of attendance.

The decision on which private loan provider to use is entirely your choice, so it is important that you research carefully to find the best conditions that suit you.

Examples of Private Loan providers: Sallie Mae Student Loans and Nelnet.

Note: For student visa application purposes, you may be required to provide evidence that you have applied and have been approved for a private loan. The university only has the authority to approve your Direct loans. Please contact your private loan provider to supply you with the loan confirmation.

Other funding

Veterans Affairs Benefits funding

Information for students who wish to study at a foreign institution: VA benefits/GI Bill

Forward your Certificate of Eligibility letter to the UCT international office ( IAPO )

AmeriCorp funding

After successfully completing your AmeriCorps term of service, you are eligible to receive the Education Award to help pay for your studies. Individuals must request payments electronically using the on-line system, My AmeriCorps

Contact UCT international office ( IAPO) after you have sent your request through.

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