How to apply

1. Please complete the Financial Aid Application form

2. Apply for your Personal Identification Number (PIN)  for Federal Student Aid purposes. Safeguard and remember your PIN as it is used to sign legally binding documents electronically.

3. Complete the Free Application for Federal Student Aid (FAFSA) online for the period you are applying for at  FAFSA or Federal Student Aid. Applying online is the best method because your results are processed quicker and there are checks to ensure your information is submitted correctly.

   When completing the FAFSA, you need to enter Monash University’s U.S. Department of Education federal university / school code. The code is G10914.

   [Note: You must reapply for the federal student aid every year. If you applied for a federal student loan last year, you may qualify to complete a Renewal FAFSA. Renewal FAFSAs are generally available on the FAFSA website between November and December each year. They have fewer questions to answer because you only need to update information that has changed since you last applied.]

4. After completing the FAFSA, you will receive your Student Aid Report (SAR). This document lists the information you and your family have provided in your FAFSA and advises of your Expected Family Contribution (EFC) for the year for which you are applying. The EFC is used to determine your eligibility for federal student aid during one academic year. Monash University will use this information to decide how much financial aid you are eligible to receive based on the Cost of Attendance. Please print the SAR summary page.

5. Monash University and FFELP regulations require all students to undertake loan counselling at the appropriate grade level. The Stafford Entrance Counselling is available at Mapping Your Future  (select Australia and “Monash University – Melbourne, Australia, Commonwealth of”). Loan applications cannot be certified until the entrance loan counselling has been completed.  Parents who borrow from the Federal PLUS Loan Program are not required to complete loan counselling.

6. Complete a Master Promissory Note (MPN). The MPN is the contract you sign to indicate your intention to repay the loan, and funds cannot be disbursed to you unless you complete this form. Monash University is one of the very few foreign institutions participating in FFELP that has the online facility with ASA Direct  where you can e-sign your MPN and we can issue an online school certification for your loan. American Student Assistance (ASA)  is our preferred guarantor as they provide a free service.  They also have a list of preferred lenders where they do not charge a loan origination fee of up to 3%.  You may choose your own guarantor and please contact them for a hardcopy MPN.

7. Forward the completed Financial Aid Application form and required documentation to : 

   
   Ms Irene Png (US/Canada Financial Aid Director)
   Monash University
   Fees Unit
   Building 3C
   Victoria 3800
   Australia

8. Once we have received your documentation, we will work out your Cost of Attendance (COA) to determine the amount for which you are eligible. For your information, your COA at Monash will be calculated using the following:

   AUD$ XXXXX  Tuition Fees as outlined in your Offer letter
   AUD$ XXX  Overseas Student Health Cover as outlined in your Offer letter
   AUD$ 16,000  Living expenses (inclusive of room & board, local travel, groceries etc)
   AUD$ 1,500 Computer cost (one off)
   AUD$ 1,500 Other – books and supplies

   For an independent student with one or more dependents, you may also seek an allowance for dependent care by submitting supporting documentation. This allowance is based on the estimated expenses incurred (during periods that include class time, study time, field work, internships, and commuting time for the student) based on the number and age of the dependents – not to exceed the reasonable cost in the community for the type of care provided. [HEA 472]. Depending on your Estimated Family Contribution (EFC) and student eligibility criteria, your loan will be assessed and an amount (not exceeding the maximum as per the table above) will be approved.

   Note: For students that hold duel US and Australian / New Zealand citizenship or Permanent Residency, your COA will be modified to reflect the Student Status option that you are eligible for (and the Student Status payment option you have chosen), as well as access to other support based on your country of origin.

9. You will be notified of the approved maximum amount. You may choose the amount offered or advise us of a lower amount and then we can proceed with the certification.

10. Should there be a shortfall in funding, you should seek other funding or consider supplementing with private loans.

11. All loan amounts will be disbursed to students over two semester periods - usually the mid of February and July. You should ensure that you have enough funds to cover the Cost of Attendance and any other personal expenses until cheques are received and cleared (approximately 28 days).