ECU International :: International Admissions :: Financial Aid

ECU is registered with the US Government Department of Education to administer the Federal Family Education Loan program (FFELP) for eligible students. ECU has a dedicated Financial Aid Team in place to support your application of loan funding and talk you through the most difficult aspects of securing funding.

In addition to a range of private loan products (see below) there are different types of FFELP loans available to students:

       Subsidised Stafford Loan
       Unsubsidised Stafford Loan
       PLUS Loan (for parents and eligible graduates)

1	Complete FAFSA and obtain SAR
	The first thing you must do to be eligible for a FFELP student loan is complete the Free Application for Federal Student Aid (FAFSA) and obtain the Student Aid Report (SAR). The form can be completed online by going www.fafsa.ed.gov. After you have completed the FAFSA you can obtain your SAR by waiting 24 hours then going back to www.fafsa.ed.gov website and printing out a copy of your report. It is important to double check the details on the SAR and if necessary make any changes. Again this can be done through the www.fafsa.ed.gov site in the section titled “Make Corrections to a processed FAFSA.” ECU can accept either the 3 page SAR or the full 8 page SAR whichever you have obtained.
2	Complete Loan Entrance Counselling
	All students applying for federally supported loans must undergo loan counselling. You can do this by visiting Mapping your Future and completing the Stafford Entrance Counselling online test. Select AUSTRALIA for your country and Edith Cowan University as your school. Once completed ECU should be notified automatically via email.
3	Complete US Financial Aid Application Form
	All students must read, sign and return the ECU US Financial Aid Application Form either by Fax 61 8 6304 2116 or scanned copy emailed to financialaid@ecu.edu.au. This form declares that you are aware of your responsibilities as a borrower and requires you to highlight any other grants or scholarships you may have applied for or may be receiving.
4	Complete MPN
	All students are required to complete a Master Promissory Note (MPN) and forward the original to their Guaranty Agency or Lender. ECU only requires a copy of the MPN before they can begin to approve the loan application. Students should pay close attention to details and terms and conditions of the MPN as this document is your loan agreement. Guidance can be obtained from a Guaranty Agency (see below). Each year you apply for a loan a new MPN needs to be completed and a copy sent to ECU. If students choose to use ASA ( American Student Assistance) their Guaranty Agency they can complete an electronic MPN through ASA Direct.

You must submit the following information to Edith Cowan University Financial Aid Office

1	Student Aid Report (SAR)
2	Evidence of Loan Entrance Counselling
3	Completed US Financial Aid Application Form
4	Master Promissory Note
5	Details of your Lender and/or Guarantor Name, address, contact person, phone, fax, email. If utilising the services of American Student Assistance then Guaranty Agency information not required - see below.

There are many different Lenders and Guaranty agencies. Edith Cowan University has a very good relationship with American Student Assistance and they are the ECU preferred Guaranty Agency but students are free to select any guarantee agency or lender they wish.. American Student Assistance can be contacted directly from within North America toll free on (800) 999-9080. ASA have also provided Australian students with a direct dial toll free number on 1800 214 573 that can be used when calling from within Australia. Choosing to go through a guarantor can often result in a faster turn around time and processing of cheques.

Students may choose any lender and it is recommended that students should shop around to find the best lender to suit their needs.

As an applicant for a Stafford Loan you may be entitled to up to the maximum amounts below:

Dependent Undergraduates	Subsidized	Sub And Unsub Combined
1st Year	$3,500	$5,500
2nd Year	$4,500	$6,500
3rd Year and Up	$5,500	$7,500
Independenet Undergraduates
1st Year	$3,500	$9,500
2nd Year	$4,500	$10,500
3rd & 4th Year	$5,500	$12,500
Graduate / Professional Students	$8,500	$20,500
Aggregate Limits
	Subsidized	Sub and Unsub Combined
Dependent Undergrads	$23,000	$31,000
Independent Undergrads	$23,000	$57,500
Graduates & Professional	$65,500	$138,500

ECU has a contract with the North American Agent AustraLearn to manage Financial Aid applications for eligible students. AustraLearn package Financial Aid applications with both Study Abroad and Full degree programs. Non AustraLearn students can also utilise their services or use the ECU Financial Aid team to facilitate their Aid.

Once we have received the documents listed above ECU Financial Aid staff carry out a Needs Analysis to determine your Cost of Attendance and the amount of loan funding you are entitled to. This is communicated to you and you are then required to advise in writing how much you wish to borrow.

After determining the total amount of loan funding, ECU certifies your loan application and sends confirmation to your nominated Guarantor or Lender.

Finally, the Co-payable checks are sent to ECU Financial Aid Office and you must attend the office to ensure the checks are paid into your tuition account and any balance is then disbursed to you.

Approved parents and eligible graduates can borrow up to the maximum Cost of Attendance minus any other aid or scholarship the student (or child) is already receiving. In this case it is the parent that completes the MPN and forwards the original to the Guaranty Agency and a copy to ECU. ECU calculates the loan amount and sends confirmation to the nominated Guarantor or Lender. They process your loan application and Co-payable cheques are drawn up, sent to parent for signing and are then forwarded onto ECU. The PLUS Loan MPN is available from http://www.amsa.com/fap/forms/forms.cfm

In addition to Stafford Funding students may wish to borrow private loans to help meet any funding shortfall. There are many private loans available to students on an annual in school basis. For more information on Private Loans students can search key lending institutes to see if they have loan products that meet their needs.