Loan amounts and types

Types of direct loans

There are four types of loans:

  • Direct subsidised for independent and dependent undergraduate students - the interest is paid by the federal government while in school
  • Direct unsubsidised for independent and dependent undergraduate students and graduate students - the interest accrues while in school
  • Direct parent PLUS for parents of dependent undergraduates to cover up to the full cost of attendance minus any other aid - subject to the parent's credit rating. The parent can ask to defer repayment during the beneficiary student's in-school status and for an additional six months after the student's graduation
  • Direct graduate PLUS for independent graduate students to cover up to the full cost of attendance minus any other aid or funding - subject to the student's credit rating and can be consolidated after graduation. Graduate PLUS loans begin repayment six months after graduation

How much can I borrow?

  • The table below shows the direct loan amounts you can borrow, depending on your degree level and dependent/independent status (for undergraduates)
  • The amounts listed may be topped up to the full cost of attendance with a PLUS loan (parent or graduate) which is not an entitlement, but is subject to credit checking and may be declined by the DoE
  • Please note that all loan amounts are subject to a 1% origination fee (4% for PLUS loans) deducted by the Department of Education at the time of disbursement.

Full rates of interest for each loan type

Dependent undergraduates Direct loan subsidised Direct loan unsubsidised Total
First Year $3,500.00 $2,000.00 $5,500.00
Second Year $4,500.00 $2,000.00 $6,500.00
Third Year $5,500.00 $2,000.00 $7,500.00
Independent undergraduates Direct loan subsidised Direct loan unsubsidised Total
First Year $3,500.00 $6,000.00 $9,500.00
Second Year $4,500.00 $6,000.00 $10,500.00
Third Year $5,500.00 $7,000.00 $12,500.00
Graduates  Direct loan subsidised Direct loan unsubsidised Total
First Year n/a $20,500.00 $20,500.00
Second Year n/a $20,500.00 $20,500.00