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United States student loans 2009/2010
The Bursaries, Grants & Scholarships Office administers US Federal loans and private study loans to eligible students from the US studying at Queen Mary, University of London.
Queen Mary, University of London is an eligible Federal loan institution and our Federal school code is G06697.
Queen Mary contact details
Bursaries, Grants & Scholarships Office
Queen's Building CB02
Queen Mary, University of London
Mile End Road,
London E1 4NS
United Kingdom
Email: bursaries@qmul.ac.uk
Tel: +44 20 7882 5574
Fax: +44 20 7882 7810
Please note that the application process for a school outside the US is different to domestic schools and you are advised to follow the steps below carefully.
IMPORTANT: The information here is correct as of January 2010. Due to likely changes to Federal Aid from the 2010 academic year, please check this page regularly for updates. There is a provision for Foreign Schools in the proposed Bill so we can expect Federal Aid to continue to be available but it may differ from what is described here.
Loans available to US students
- Federal Family Education Loan Program (FFELP)
- Stafford loan
- Parent Plus loan
- GRAD Plus loan
- Private Loans
We do not participate in the Direct Loan program.
Federal Family Education Loan Program
The FFELP Stafford loan – This loan is supported by the US government and is available to all US students. This loan does not enter into repayment until 6 months after the student has completed the course or dropped below 50% attendance. There are 2 parts to the Stafford loan: subsidised and unsubsidised.
The subsidised Stafford loan is offered at a fixed interest rate which has been set at 5.6% for undergraduates and 6.8% for graduates. The subsidised loan is assessed on “need” and as such the interest accrued on this portion of the loan is paid by the US government whilst students are in study. These costs will revert to the student’s responsibility after completion of the course.
The unsubsidised Stafford loan is offered at a fixed interest rate which has been set at 6.8%. The unsubsidised loan will accrue interest during the period of study and these costs will be the student's responsibility.
During the 2009/10 year most lenders will be charging the student a 1% default fee and a 0.5% origination fee on these loans in accordance with US Dept of Education Guidance.
The FFELP Parent Plus loan – These loans are available to parents of dependent undergraduate students. The parent would take a loan out on behalf of the child to cover any additional educational costs. The loan is offered at a fixed interest rate of 8.5%. Parents can opt to delay repayment of this loan until 6 months after the student has completed the course or dropped below 50% attendance.
The FFELP GRAD Plus loan – These loans are available to Graduate students and taken out in their own name under similar conditions to the Parent Plus loan. The student will need to complete the application form so that they are the student as well as the borrower. Students with low or little credit may require a co-signer. These loans are offered on a fixed interest rate of 8.5% and students can defer repayment until 6 months after the completion of the course.
Both forms of PLUS loans will also normally attract a 1% default fee plus a 3% origination fee for the 2009/2010 year, in line with guidance from the Dept of Education in the US.
Private Loans
These are loans offered by some lenders to offer top up support and are not connected to the US government. They are available to all students, although some students may require a co-signer. The loans are mainly based on credit history and therefore interest rates can vary. Each lender would provide a different type of private loan.
How much can I borrow?
You can borrow Federal funds up to the Cost of Attendance (COA), which comprises tuition fees and living costs only, minus any Expected Financial Aid (EFA) which includes bursaries, scholarships, grants and awards.
You can find advice on budgeting for your stay in London at the QM website: http://www.welfare.qmul.ac.uk/international/money/4690.html
The table below shows the maximum amounts of Stafford loan a student can borrow depending on the course and year they will attend.
Stafford Loan Annual Limits
Year of course |
Subsidised loan |
Additional |
Total loan |
Dependent Undergrad 1st year |
$3500 |
$2000 |
$5500 |
Independent Undergrad 1st year |
$3500 |
$6000 |
$9500 |
Graduate/professional |
$8500 |
$12000 |
$20500 |
The Stafford Loan Aggregate Limit is the total amount of outstanding Stafford loans that students are allowed to hold.
Stafford Loan Aggregate Limits
Year of course |
Subsidised loans |
Combined Subsidised and |
Dependent Undergrad |
$23,000 |
$31,000 |
Independent Undergrad |
$23,000 |
$57,500 |
Graduate/professional |
$65,500 |
$138,500 |
Parent/Grad Plus or Private loans can be applied for to cover any remaining cost of attendance. If you wish to take out a top up loan, please also confirm these details by email to this office and ensure you submit a separate MPN for this loan.
What is the repayment period?
These loans can be repaid within a period of 10 to 15 years depending on what is arranged with the lender. Repayment normally starts 6 months after completing the course, withdrawing or dropping below 50% attendance. There are no early repayment penalties on any of these loans. Students can also defer repayments on previous Stafford, Grad Plus and Private loans whilst they are attending an educational course at least half time at an eligible Federal Loan institution.
How do I apply?
- Apply at FAFSA
All students should apply for the Stafford loan before any other funds as it is the most beneficial loan available to students. You would need to complete this process annually should you wish further loans.
To apply you need to complete a financial aid form through the FAFSA website (www.fafsa.ed.gov) to generate the Student Aid Report (SAR).
- Email us at bursaries@qmul.ac.uk
As we are an overseas institution FAFSA will not alert us that you have applied so you need to contact us (details above) and let us have the following information:
- Your Social Security Number
- Your full name
- Your Queen Mary application number
- Choose a lender
You will need to select a lender to service and disburse the loan by completing the lender’s Master Promissory Notes (MPN). QM will require copies of these (see contact details above), but you must provide your lender with original signed MPNs. Some lenders allow you to sign these online.
Previous students attending this institution have used:
Sallie Mae International www.salliemae.com/international
International Education Finance Corporation www.iefc.com
American Student Assistance www.amsa.com
Other banks that can work with international institutions include:
Fifth Third Bank www.53.com
Regions Bank www.regions.com
You are not required to use a lender from this list.
- Complete the Loan Entrance Counselling
This is required by the Department of Education in the US and can be done at the following websites.
Stafford Loan entrance counselling
http://mappingyourfuture.org/oslc/counseling/index.cfm?act=Intro&OslcTypeID=1
PLUS Loan entrance counselling
http://mappingyourfuture.org/oslc/counseling/index.cfm?act=Intro&OslcTypeID=24
Stafford and Grad PLUS Loan combined entrance counselling
If you are taking out both types of loan you can combine the sessions here:
http://mappingyourfuture.org/oslc/counseling/index.cfm?act=Intro&OslcTypeID=28
When should I apply?
You will need to apply for these loans each year and are recommended to start the application process anytime from the 1st March each year, although the FAFSA applications can be submitted anytime from 1st Jan. PLUS and Private loan applications should be applied for no earlier than 6 months prior to the start of the course.
It is your responsibility to keep in touch with your lender to ensure that your loan is being processed satisfactorily at all stages.
Visa requirements
Please refer to your course offer letter and the advice available on the QM website: http://www.welfare.qmul.ac.uk/international/immigration/index.html
To obtain evidence of your approved and certified loans you should ask your lender for the relevant documentation.
When will the funds be disbursed?
Queen Mary will certify with your lender your eligibility for the loans. Before we can do this you will need to have accepted an unconditional offer of a place on a course from Queen Mary.
Queen Mary will request that the Stafford and Plus Loans are disbursed in 3 instalments, in accordance with US laws. The first disbursements of any Stafford or PLUS loans will be available to collect from the institution once you have enrolled for the start of relevant academic year. The subsequent instalments of loans will be available at the start of the subsequent terms or semesters.
Loan funds will be disbursed to the university in the form of US Dollar cheques. Stafford and PLUS loans will be co-payable to the university and to the person taking out the loan (i.e. you or your parent). If you owe tuition fees or university accommodation fees you (or your parent for Parent PLUS loans) will be asked to sign the cheque so that these fees can be deducted before we refund the remainder to you. The refunds will be in UK Sterling cheques or bank credit and this process can take up to 3 weeks.
You are advised that you will need to make arrangements yourself to pay any other costs that you may have until these loan funds become available to you.
Private loans will be disbursed to the university in one instalment at the start of your course.
Fee payment arrangements
When you enrol you will be able to set up a payment arrangement with the university to pay your tuition fees (and accommodation fees, if applicable) in 3 equal instalments to coincide with the availability of the loan funds. Ask us about this in this office before you enrol.
Satisfactory Academic Progress
All students applying for or receiving US Federal must progress satisfactorily towards completion of their academic program in order to remain eligible to receive US loan support.
You can not exceed 150% the published time frame for the course and must remain attending at least half time. You must also maintain an academic standing consistent with the requirement for graduation from the program.
The satisfactory progression to retain US Federal Financial Aid is separate from the academic requirements to remain on the course and does not guarantee the outcome of your course. Satisfactory Academic Progress will be checked before any loan funds are released to you.
Should you not meet the above mentioned procedures for Satisfactory Academic Progression, the university may agree to place you on probation for the following term, until more credit marks become available or the failed module can be re-sat. If the student does not achieve satisfactory progress within the allotted timeframe the student may lose their entitlement to US Loan support.
Withdrawal and Tuition Fee refund policy
If you withdraw from the university, or do not start, or your attendance mode changes to less than half time you must immediately inform this office (details above), your department office and your lender.
Any tuition fee refund will be calculated using the standard Queen Mary policy for tuition fee refunds and the calculations set by the US Department of Education described below.
Your Financial Aid eligibility will be recalculated based on the period of attendance. As a result you may be required to pay back money to the US Federal Government from the Federal Stafford subsidised and unsubsidised or PLUS loans you may have received. The university may also have to repay any funds received for tuition to the US Federal Government. As such you may be requested to make an additional fee payment to the university to replace these funds.
Pro-rata refund calculations apply for any student who withdraws within 60% of the payment period (usually a term/semester). If you withdraw prior to completing 60% of each payment period, Queen Mary will calculate the amount of funds to be returned based on your period of attendance for that specific term. The last date of attendance will be the date confirmed by the academic department office and the calculations undertaken are those that are set by the Department of Education in the US and cannot be altered.
You may also be requested to make a payment to the university to cover any unpaid tuition fees which are due as a result of the standard Queen Mary policy for tuition fee refunds.
Disclaimer: The information provided here is intended only as a guide to students to help in your own research into funding your studies. The University cannot guarantee that some information will not be outdated or superseded before or during the 2009-10 academic year. Please contact the Bursaries, Grants & Scholarships Office if you wish to confirm any of the information provided.