Student Financial Aid Information
Federal student loan programs
Eligible students can apply for the following loans:
Direct Loans are fixed-rate student loans from the US Department of Education for undergraduate and graduate students attending at least half-time. For information in relation to annual and aggregate limits for subsidized and unsubsidized loans please visit the office of Federal Student Aid’s website.
Direct Subsidized Loans are federally guaranteed loans based on financial need as determined by the Department of Education. Interest does not accrue on the loan while you are in school at least half time, or during any future deferment periods. The federal government "subsidizes” the interest during these times.
Direct Unsubsidized Loans are federally guaranteed loans that are not based on financial need. Interest does accrue from the time the loan is disbursed to the school. If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
Direct PLUS Loans are available from the U.S. Department of Education and is not based on financial need. The parents of an undergraduate dependant student (as defined by the U.S. Department of Education) OR an independent graduate are eligible for this loan if they meet certain credit guidelines and if the loan is certified by the university.
International schools do not participate in the U.S. Department of Education’s grant programs, so you will not be able to obtain a Federal Pell Grant to get your degree at an international school.
Private loans can be taken out with a bank/lender subject to the applicant’s credit rating and often requiring a co-signer - these are usually at commercial rates. Private loans also need to be certified by the educational institution. Terms and/or conditions of Title IV loans (Subsidized, Unsubsidized and Plus loans) tend to be more favourable than private education loans. You can borrow up to the cost of attendance in a combination of Direct, PLUS and/or private loans. The cost of attendance is set annually by UCD and you can work out your personalised cost of attendance using UCD’s COA calculator. Email federalaid@ucd.ie to receive the COA calculator.
US Federal loans are educational loans
US Federal loans are educational loans and Direct, Direct Plus and any Private loans are expressly for the purpose of covering the primary costs of educational study e.g. tuition, student accommodation & board, books/academic requisites, commuter travel etc. The primary costs of education cannot exceed the student’s ‘Cost of Attendance (COA)’ e.g. the educational institute’s official estimate of the student’s tuition and living costs for the academic year of study. Loans are not intended to cover other expenses that are not directly related to academic study. It is advisable that students plan a budget to make sure that they have enough funding to cover their period of study. Students should bear in mind that exchange rates fluctuate so when the US Federal loans are disbursed, the student may receive less than they had initially planned. It is important to keep this in mind when planning on how much to borrow. Students should note that it is important to borrow what they need but to remember at all times that they will have to repay it in the long term.