At UBC, the FAFSA Direct Loan program includes Stafford subsidized and unsubsidized loans, as well as Parent and Grad Plus loans.
Students may receive either subsidized or unsubsidized Stafford loans. Maximum funding amounts depend on whether you're considered to be a dependent or independent student
Subsidized Stafford loans
Are based on financial need.
Financial need is determined by the Expected Family Contribution from your FAFSA report.
You won't be charged interest until you leave full-time study.
For study periods beginning after July 1, 2012 graduate students are no longer eligible for Subsidized Stafford loan funding.
Stafford unsubsidized loans
- Are available for both undergraduate and graduate students in approved programs.
- Are not based on financial need (i.e. do not consider your EFC)
- Interest is charged from the date the funds are provided.
- You can choose to either pay interest while you are in school or have it added to the principal balance of your loan.
If you apply for Stafford loans by July 15 and are eligible for funding to pay your tuition and fees, you will automatically be granted a tuition deferral. Eligible graduate and undergraduate students will have fees deferred for one month after the tuition fee deadline in September or January. Deferrals don't apply to registration deposits.
Parent/Graduate PLUS Loans
Parent PLUS and Grad PLUS loans both require a credit check by the US Federal Government. Interest is charged from the dates the funds are provided. PLUS loans have a slightly higher interest rate than Stafford loans and interest accrues during your course of study.
Parents of undergraduate students
Parent Plus loans can help parents pay the educational expenses of dependent children studying at the undergraduate level. Financial need, as indicated in The Expected Family Contribution from your FAFSA report, does not factor into eligibility for a Plus Loan.
Graduate Plus loans are a good option for graduate students if they are applying for maximum Stafford funding and/or have reached their life time limit and require further financial aid.