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Loans for American Students

The application process for 2017/18 is now open - applications for the 2018/19 academic year will open in June 2018.

The Bursaries, Grants and Scholarships Office administers US federal loans and private study loans to eligible Queen Mary University of London students, our federal school code is G06697

IMPORTANT: Throughout your application process with the Department of Education you will be told that Queen Mary has been automatically notified of things, we will NOT.  Please ensure that you carefully follow the instructions given to ensure that your loans are originated correctly.  

Below is all the information you will need in order to apply for your funding, please ensure you read everything on our website and the information you download before contacting us

Eligible courses

The majority of our undergraduate and graduate courses are eligible for Federal funding however there are exceptions, please see the list of ineligible courses below. 

  • Medicine
  • Dentistry
  • MSc Critical Care 
  • Foundation course
  • Any Postgraduate Certificate course
  • Any Postgraduate Diploma course
  • Any distance learning course
  • Courses taught at partner institutions - e.g. LLM in Paris
  • Study periods based in the US as part of your research degree - excluding 1 year writing-up period

If you are ineligible for the Direct Loan Programme then you may still be eligible for a private education loan

This list is not exhaustive and subject to regulation change.

Available loans

Federal Direct Loan

 

  • Subsidised -
For undergraduate students with demonstrated financial need, as determined by federal regulations. No interest is charged while the student is in school at least half-time, during the grace period, and during any deferment periods.
  • Unsubsidised -
For undergraduate and graduate students and not based on financial need. Interest is charged in all periods.
  • Parent PLUS -
For undergraduate students' parents; up to the value of the Cost of Attendance, less any Expected Financial Aid. Subject to credit checks. Interested is charged in all periods.
  • Graduate PLUS -
For graduate or professional course students; up to the value of the Cost of Attendance, less any Expected Financial Aid. Subject to credit checks. Interest is charged in all periods.

Private Loans

It may be possible for US students studying abroad to obtain private education loans, currently the only loan available is Sallie Mae Smart Option Student Loans 

Please ensure that you are making the right choices for funding your studies by fully exploring both the Direct Lending and Private loans.

How much can I get?

Students may borrow up to the value of their Cost of Attendance.  This is a yearly budget approved by the College to ensure that you are not borrowing too little or too much.

The total value of your loan is specific to your requirements, but to help you determine what you will need we have put together a budget that students coming from the US have found useful in the past.

Rent/Travel/Bills £240 per week
Grocery shopping £40 per week
Course materials £25 per week
Personal Allowance £60 per week
2 Return flights (US-London) £1,200 single cost
PC & Printer £400 single cost
Visa Application Fee & Flight to interview £535 single cost
Immigration Health Surcharge Calculated based on the duration of your course

These costs have already been entered into the application spread sheets, but they can be amended if your costs are going to be  higher, if your costs are going to be lower, just request a lower loan amount. Not all costs are relevant to returning students and you will not see these on the application for returning students. 

The weekly costs have been carefully calculated to give a reasonable quality of life whilst studying in London, but not to be excessive.  As such we will only consider increasing these costs in exceptional circumstances and you will need to justify or prove these to us.  

If your costs are going to be considerably higher then you will need to justify or prove these to us.  

In addition to your living costs you will need to enter your tuition fee so that this is included in your Cost of Attendance.

How to apply - New students

When you are ready to submit your application for funding to QMUL you need to download the application  and carefully follow the step-by-step instructions on how to secure your funding. 

2017-18 Application for New Students [DOC 1,476KB]

There are four tabs on this spread sheet

  1. How to... 
  2. Flowchart
  3. COA
  4. Checklist

Each of these tabs will give you information on how to complete your application - both with QMUL and the US Department of Education. 

There have been recent changes to the Department of Education regulations and you now only need to complete Entrance and Exit Counseling at each new award point. This means that is you have had a Subsidized or Unsubsidized loan before then you will not need to do it again, however if you are taking out a Graduate PLUS Loan for the first time then you will need to complete the Entrance Counseling for that. You will only be asked to complete Exit Counseling when required. 

When completing the COA tab, please ensure that the address you enter is your correspondence address as this is the address to which we will send your loan confirmation. 

How to apply - Returning students

When you are ready to submit your application for funding to QMUL you need to download the application  and carefully follow the step-by-step instructions on how to secure your funding. 

2017-18 Application for Returning Students [DOC 1,478KB]

There are four tabs on this spread sheet

  1. How to... 
  2. Flowchart
  3. COA
  4. Checklist

Each of these tabs will give you information on how to complete your application - both with QMUL and the US Department of Education. 

There have been recent changes to the Department of Education regulations and you now only need to complete Entrance and Exit Counseling at each new award point. This means that is you have had a Subsidized or Unsubsidized loan before then you will not need to do it again, however if you are taking out a Graduate PLUS Loan for the first time then you will need to complete the Entrance Counseling for that. You will only be asked to complete Exit Counseling when required. 

When completing the COA tab, please ensure that the address you enter is your correspondence address as this is the address to which we will send your loan confirmation. 

Once you have received your loan confirmation email you will note there is a Bank Details form, bank details need to be provided to Queen Mary every year as we do not keep them between academic years. 

UK Visa requirements

Once you have received email confirmation from us that you will be receiving enough loan to cover your tuition fees you can declare on the Admissions Portal that you are "sponsored" and as such you are exempt from paying the tuition fee deposit which is requested from International students. 

Once your loans have been approved and you have accepted an unconditional offer at Queen Mary you will be emailed a pack of documents pertaining to your loan.   

This packet will include your signed loan certificate which you may need to provide to the UK Visa and Immigration with your visa application.  For the purpose of proving to UKVI that you have these loans in place you can only use this loan certificate.  

For further information about applying for a UK Visa  be found on the QMUL Website

Loan disbursement

US Department of Education loans originated by QMUL will be disbursed in three equal instalments during each term.  

  • 18th September 2017
  • 8th January 2018
  • 23rd April 2018

These are the dates we will request the money from the US Department of Education, it will take 2-3 weeks for the funds to reach the UK, be transferred into £GBP and for the transfer of funds be made to your account. Please ensure that you have sufficient funds to cover the period between your arrival at University and your first payment, and please ensure you factor in this time scale each term. 

Fees will be taken in three equal instalments, in line with the disbursement of your loan, providing you have completed a Tuition Fee Agreement form with the Fees Office - this should be done at enrolment for new students and before re-enrolment for returning students. 

We will pay the money directly into your bank account - it is best to open a UK account as soon as you enrol. Details on this can be found here. If you do not have a UK bank account then please provide us with your US bank details to ensure that we can get money to you as soon as possible. Disbursements will be made in £GBP, the exact amount will vary as it is dependant on the exchange rate at the time of disbursement. International transfers will be subject to a transfer charge which will be deducted prior to payment. 

Each disbursement is subject to the following conditions:

  • You must be satisfactory academic progress*
  • You are continuing to study at least half-time
  • You are not in the USA
  • You have not violated any federal compliance regulations
  • You will be advised by email that a disbursement is due and its value and how much is due. When you receive this email you may contact us to reduce or cancel the disbursement. 

Please note - if you do not warn us of a required change by the deadline given in the email then you will be responsible for all interest charges and the repayments

*Statisfactory Academic Progress policy can be found here - SAP Policy [PDF 575KB]

Consumer information

As US students can use loans from their government to fund their studies at QMUL, the US government requires us to disclose the consumer information listed below.

Financial aid
Information regarding needs based and non-needs based funding available to QMUL students can be found on the following pages

Undergraduate - http://www.qmul.ac.uk/international/international-students/feesfinance/ugbursaries/index.html

Postgraduate - http://www.qmul.ac.uk/international/international-students/feesfinance/funding_masters/index.html

Research - http://www.qmul.ac.uk/international/international-students/feesfinance/funding_phd/index.html

QMUL Financial Assistance Fund information can be found here - http://www.arcs.qmul.ac.uk/students/finances/bursaries-grants-scholarships/Financial-Assistance-fund/index.html

Our Advice & Counselling Service have produced guidance on budgeting and managing money (https://www.welfare.qmul.ac.uk/money/planning-budget-and-managing-money), this includes information about what you need to budget for.

Facilities and services available to students with disabilities
Students should be aware of disability support (http://www.dds.qmul.ac.uk/) and that any related costs can be included in the Cost of Attendance when applying for Federal or private loans.

Academic program information
Information about current academic programmes is available in our undergraduate and postgraduate prospectuses, as well as on our departmental web pages, where you will also find contact details of faculty and departmental staff. Please be aware that the structure of our programmes may be quite different from what you're used to in your own country and therefore it is advisable to consult the relevant academic department about their programmes.

UG - http://www.qmul.ac.uk/undergraduate/index.html
PG - http://www.qmul.ac.uk/postgraduate/index.html
Research - http://www.qmul.ac.uk/research/index.html

Transfer of credits - information regarding APEL can be found in our Academic Regulations http://www.arcs.qmul.ac.uk/docs/policyzone/173160.pdf

Articulation agreements - http://www.qmul.ac.uk/international/partnerships/articulationpartners/index.html

Admissions policy
QMUL's admissions policy for all levels of study can be found here -
http://www.arcs.qmul.ac.uk/docs/policyzone/137243.pdf

Textbook information
Information about any required and recommended textbooks for your course will be provided to you by your department. Should you require specific information about textbook, please contact the relevant academic department for advice. You are not required to buy books from a specific book shop.

Copyright infringement policies and sanctions
QMUL's Policy on Intellectual Property (http://www.arcs.qmul.ac.uk/docs/policyzone/149937.pdf) covers information on copyright infringement policies and sanctions.

School and program accreditation, approval or licensure
In the UK, the power to award degrees is regulated by law and the Privy Council is responsible for the granting of degree awarding powers and university titles. Please see our Royal Charter - http://www.arcs.qmul.ac.uk/governance/council/Charter/index.html

Drug and alcohol abuse
The College has a duty to ensure that we comply with the legislation contained in the Misuse of Drugs Act 1971 of the UK. Policies and penalties associated with drug-related offences can be found in QMUL's Policy regarding the misuse of alcohol and other drugs: Misuse of alcohol and other drugs by staff and students policy [PDF 22KB]

The USDE provides information on the penalties associated with drug-related offences under the US Higher Education Act (http://www2.ed.gov/policy/highered/leg/hea98/sec483.html) Should you lose eligibility for US Federal Loan as a result of these penalties, we will provide you with a written notice which notifies you of your loss of eligibility and advises you of ways in which to regain eligibility.

Vaccinations policy
For all information relating to health and vaccinations see Health Services (https://www.studenthealth.qmul.ac.uk/)

Completion/graduation and transfer-out rates for students receiving athletically related student aid
QMUL does not offer any athletics related aid or scholarships.

Retention, completion/graduation and transfer-out rates
Please see these statistics here http://qm-web.planning.qmul.ac.uk/LeagueTables&PerformanceIndicators/UKPIs/Widening%20Participation/index.html

Placement in employment
Please see this information here http://qm-web.planning.qmul.ac.uk/LeagueTables&PerformanceIndicators/UKPIs/Employment-of-leavers/index.html

Intercollegiate athletic programme participation rates and financial support data
QMUL does not have an 'intercollegiate athletic programme' as defined by the US Department of Education.

Security report
Our Security (http://www.security.qmul.ac.uk/Campus%20Security/index.html) have a lot of information on how to stay safe on and off campus, please do read our Personal Safety Guide (http://www.security.qmul.ac.uk/documents/19882.pdf) as it gives detailed guidance on how to ensure that you and your property are kept safe.

QMUL's Missing person's policy can be found here
TBC

Privacy of student records
Your rights under the Data Protection Act 1998 are outlined on QMUL's Data Protection Policy (http://www.arcs.qmul.ac.uk/docs/policyzone/102302.pdf)

Should you have a complaint about the processing of your US loan, you have the right to file complaints with the US Department of Education, although it would be preferable that you contact us first so that we can try to resolve the problem for you.

FAQs

Here you will find a list of FAQ's - if the answer to your question is not here then please do contact us

Why am I not able to apply for grants?

As you have opted to study at an institution outside of the US you are not eligible for grants.

How did you calculate the cap on 'Rent/Travel/Bills'?

£240 represents many different kinds of properties available to Queen Mary students. 1. Self-contained studios, including bills, in local private halls of residences, so needing no travel expenses. 2. Self-contained studio in Mile End, plus bills, no travel needed. 3. Self-contained studio in Stratford, plus bills and travel. If you are struggling to find suitable accommodation then please do have a look at our Residential Services and Support website for help and advice. We will only be able to increase this cap due to individual circumstances, such as disability or if you have a dependent child. 

The application spreadsheet is showing '#VALUE!' or not calculating anything, how do I resolve this?

Not all computer applications are created equal, the spreadsheet has been created in Excel, and while it may work in other, similar applications it is not guaranteed. Once you have downloaded it in Excel ensure that you have enable macros, the spreadsheet contains a high number of complex calculations and does need to completed correctly in order for us to originate any loans for you. 

Can I get the money allocated towards paying for visa fees and  flights before arriving in the UK?

Unfortunately Queen Mary is not able to releases any money until you have fully enrolled for the academic year and that can only happen once you are in the UK. 

Do I have to pay a tuition fee deposit? How will admissions know I have a loan to cover my fees?

If you have a loan arranged to cover the full value of your fees, you do not need to pay the tuition fee deposit. Once your loan has been approved you will need to select that you are a sponsored student in the Admissions portal. If you require a CAS, please email a copy of the letter you have been provided with to cas-admissions@qmul.ac.uk. Your CAS will then be issued in the normal way.

Do I have to pay a deposit to QMUL Residences? 

Yes, this is a refundable deposit and, as such, cannot be covered by the US Loan agreement. 

Can the loan disbursement dates be bought forward at any time?

Queen Mary will not change the dates of disbursement as they have been set with the US Department of Education. 

Can I decrease my loan amount between disbursements?

Yes, you will receive an email about a month before each disbursement confirming your loan details. It will give you a deadline to cancel all or part of your loan. 

Can I increase my loan amount?

If you did not take out the full value of your Cost of Attendance (CoA) then you will be able to take out a further loan up to the value of your CoA. If you have taken out the full value of your CoA but have exceptional and unforeseen costs then we may be able to increase your loan if you can document these costs to us. 

What happens to my loan if I interrupt, transfer or withdraw?

As an international student there are many implications should you interrupt, transfer or withdraw from your studies, such as considerations surrounding your visa. The regulations set by the US Department of Education clearly define what you will have to repay in the event of you no longer studying on the same programme and we would suggest you contact us directly to discuss this if this is something you are thinking of doing. 

If the change to your programme means you are no longer eligible for funding we will complete a Return to Title IV assessment. This will tell us, and the USDE, what values, if any, will need to be returned to USDE and how this will be done. Our Return to Title IV (R2T4) policy can be found here - R2T4 Policy [PDF 421KB]

I have been turned down for a PLUS loan, what can I do?

You can ask an endorser to co-sign on a loan for you or your parent. More information can be found here

When will I get confirmation of my loans?

Once you have submitted the completed application and the relevant documentation it will take approximately 3 weeks for the loan to be originated and the paperwork to be emailed to you. 

 

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