UJ is only eligible to offer the following types of loans:
Subsidized Loan
This loan is granted on financial need. Interest on the loan is charged from the time the loan is disbursed until the debt is paid. Because the loan is subsidized the US Government will pay the interest for you while you are registered or on University approved abeyance and during the 6 months grace period granted after you complete your studies.
Unsubsidized Loan
This loan is NOT granted on financial need. Because the loan is not subsidized you are responsible for the interest payable from the time the loan is disbursed to you but you can choose to defer the payments while you study. However, the interest accrued will then be added to your principle debt.
Graduate Plus Loan
This loan is granted to graduate students and has no limit. However, the loan amount cannot exceed your Cost of Attendance minus all other financial assistance received through Direct Loans. A credit check is done on the applicant before the loan is approved. You are responsible for the interest payable from the time the loan is disbursed to you. Although you can choose to defer the payments while you study, the interest accrued will be added to your principle debt.
Parent Plus Loan
The parents of a dependant undergraduate student can apply for this type of loan which has no limit but the funds can only be used to cover the students Cost of Attendance minus all other financial assistance received through Direct Loans. A credit check is done before the loan is approved.
Private loans
A student can apply for a private loan to assist in paying for their education. You can obtain this loan from any private lender provided that you meet their requirements and are subjected to a credit check.
ANNUAL FEDERAL LOAN MAXIMUM AMOUNTS
Dependent Undergraduates | Subsidised Loan | Unsubsidised Loan | Annual Loan Limit |
Year 1 | US$3,500 | US$2,000 | US$5,500 |
Year 2 | US$4,500 | US$2,000 | US$6,500 |
Year 3 and above | US$5,500 | US$2,000 | US$7,500 |
Independent Undergraduates | Subsidised Loan | Unsubsidised Loan | Annual Loan Limit |
Year 1 | US$3,500 | US$6,000 | US$9,500 |
Year 2 | US$4,500 | US$6,000 | US$10,500 |
Year 3 and above | US$5,500 | US$7,000 | US$12,500 |
Graduates or Professionals | Subsidised Loan | Unsubsidised Loan | Annual Loan Limit |
Each Year | US$0 | US$20,500 | US$20,500 |
AGGREGATE FEDERAL LOAN MAXIMUM AMOUNT
| Subsidised | Aggregate Maximum |
Dependent Undergraduate | US$23,000 | US$31,000 |
Independent Undergraduate | US$23,000 | US$57,500 |
Graduate | US$65,500 | US$138,500 |
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