American / Federal Student Loans for the University of Leeds
American students studying at the University of Leeds can apply for Federal funding through the Direct loan program (for both Stafford and Plus Loans) and/or private loans. Students who are in attendance as 'year abroad students' should apply for loans as normal through their parent university.
Distance Learning Courses
Please note that any students undertaking distance learning courses are NOT eligible to receive US Government funded loans.
- What Funding is Available for Undergraduate Study?
- What Funding is Available for Postgraduate Study?
- Interest rates and charges
- How do I apply?
- Contact the financial aid office.
- The Cost of Attendance (COA).
- Application for loans
- Arrival at Leeds & Registration
- Loan Funding Disbursal
- Return of Title IV funds.
- Satisfactory Academic progress (SAP).
- Enquiries.
Federal Stafford Loan - A Stafford loan can consist of both subsidised and unsubsidised elements. With a subsidised loan the US Government pays the interest during periods of study and a six month grace period. The grace period begins on completion of study, withdrawal from the course or if a student drops below half time attendance.
Where students are participating in undergraduate study, the amount of Federal Stafford loan they may be eligible for depends upon the year of study and on whether the student is classed as dependent or independent. The figures are as follows:-
|
Dependant |
Independent |
||
Year of study |
Total |
Subsidised |
Total |
Subsidised |
1 |
$5,500 |
$3,500 |
$9,500 |
$3,500 |
2 |
$6,500 |
$4,500 |
$10,500 |
$4,500 |
3-5 |
$7,500 |
$5,500 |
$12,500 |
$5,500 |
Federal Parent PLUS Loan- The parent of a dependent undergraduate student can apply for a Federal Parent PLUS loan this can be used to cover any shortfall on the cost of attendance once the Stafford loan has been taken into account. If a dependant undergraduate student's parents are unable to borrow a parent PLUS loan they may be able to borrow a Stafford loan up to the increased limits for an independent student.
Private Loans - Private loans are also available, these are credit based and as such some students may require a co-signer. The presence of a co-signer may not be essential but could improve the terms of the loan offered specifically in relation to the interest rate of the loan.
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Federal Stafford Loan - Students participating in postgraduate study may be eligible for a Federal Stafford Loan of up to $20,500 per year of which $8,500 is subsidized
Federal Graduate PLUS Loan - Students participating in postgraduate study may apply for a Federal Graduate PLUS loan in their own right (where the parent does not have to be involved).
Private Loans - This type of loans is also available to postgraduate students, they are credit based and as such some students may require a co-signer. The presence of a co-signer may not be essential but could improve the terms of the loan offered specifically in relation to the interest rate of the loan.
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The interest rate on subsidised Stafford loans for undergraduate students that are first disbursed between 1st July 2010 and 30th June 2011 is expected to be 5.6%.
For all other Stafford unsubsidised and graduate loans first disbursed between 1st July 2010 and 30th June 2011 the interest rate is expected to be 6.8%.
In addition there may be an origination fee for Stafford loans first disbursed between 1st July 2010 and 30th June 2011 of 0.5%, which is deducted at source prior to the disbursement of loan cheques. The origination fee for Parent PLUS and Graduate PLUS loans first disbursed between 1st July 2010 and 30th June 2011 is anticipated to be 4%.
Finally for all Stafford and PLUS loans the default fee charged on these loans is currently 1%.
The interest rates on private loans are dictated by the lender and any questions regarding these loans should be directed to the lender.
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Free Application for Federal Student Aid (FAFSA) - In order for the assessment of eligibility for Federal Aid to take place students must first complete the FAFSA. This can be done online at www.fafsa.ed.gov and is the very first thing to complete. A new FAFSA is required for each year of study.
Help on completing the FAFSA can be found here:
http://studentaid.ed.gov/students/publications/completing_fafsa/index.html
The School code for FAFSA is G06692 and if a campus code is required it is 00.
Student Aid Report (SAR) - A Student Aid Report (SAR) is produced from information provided on completion of the FAFSA. To comply with the US Department of Education regulations, the University is obliged to obtain a six page hard copy of the SAR.
The University of Leeds is able to obtain the full SAR electronically, however in order to do this a student’s full name, date of birth and social security number are required. These details can be provided by sending the student copy of the SAR to the financial aid office either electronically or by post.
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The next step is to contact the financial aid office to advise us that you are considering study at Leeds (see contact details) and are interested in US federal loans. We can then send the appropriate documents to you, these include a flow chart of the process and a COA calculation document that also acts to produce your visa letter, please read this very carefully, it is in MS Excel format (but can be opened using open office) and has a number of tabs that should be worked through from left to right. This sheet should be submitted with the evidence gathered from your application in step 8 below.
The total value of loans taken within an academic year must not exceed your estimated Cost of Attendance (COA) for that year. The COA is determined on an individual basis for each student, and gives an idea of what study at Leeds for the aid year may cost. If you have any special requirements that you believe may affect your cost of attendance the University should be notified (see contact details). If you have any additional aid such as bursaries, grants, sponsorships or scholarships you should include these on your COA calculation as it may affect your entitlement to financial aid. If you are awarded the aid after completion of your COA document you should still notify the financial aid office so the COA and therefore your loan can be adjusted accordingly
You must first register and access the US loan website www.studentloans.gov. From here you can manage your Direct Loans, including carrying out a number of key tasks:
- completing entrance counselling
- signing your Master Promissory Note (MPN)
- (ONLY if taking PLUS loan) Completing your Plus loan MPN.
- (ONLY if taking PLUS loan) Completing your credit check.
Please note these tasks must be completed before we can request disbursement of your loans. Evidence of completion of these tasks (screenshots & PDF of MPNs) should be emailed to Leeds along with your completed COA spreadsheet.
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You will need to complete a manual credit agreement form for both tuition and residence costs (if you are in University managed residences). This is handled by the accounts receivable section based in the M&A Ziff building. Once these forms have been put on the system you should be able to register (usually within 48 hours of submission). The form sets out your fees to match your loan disbursal dates, three instalments for postgraduate students, two instalments for Undergraduates.
It is very important that you register when you arrive in Leeds as no payments can be made to you until you have done so, (this can be done online for all taught students – research students must go to research degrees office Level 10 EC Stoner building). You will not be able to register fully without first completing the credit agreement form. Please note that the section for sponsorship is for corporate sponsorship not anything to do with federal loans.
The website for registration is shown below – Taught students only (not PHD or MOR).
http://www.leeds.ac.uk/studentguide/index.htm
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Federal loan funds are drawn down to the University's bank account and then used to cover fees owed to the institution and the remaining funds disbursed to the student’s UK bank account. Prior to the start of term you will be emailed to confirm you wish to take the loan, you must confirm at this point that you do or the loan will not be drawn down and could delay your funding.
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10. Withdrawal and Return of Title IV funds.
The University’s policy on the return of title IV funds can be found here.
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In order to remain eligible for FFELP funding a student must maintain Satisfactory Academic Progress (SAP) as defined by the universities SAP policy. The University policy on SAP can be found here, please familiarise yourself with this policy before commencing your course of study.
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All enquiries should be directed to:
Daniel Lockley Tel - 44 113 3434124 Email: D.K.Lockley@adm.leeds.ac.uk
Ray McDonald Tel - 44 113 3431766 Email: R.McDonald@adm.leeds.ac.uk
Postal Address
Financial Aid
Student Financial Administration
Student Services Centre
Marjorie and Arnold Ziff building
University of Leeds
LS2 9JT
England
Office Hours
Enquiries can be made in person to Student Services Counter, Student Services Centre, Marjorie and Arnold Ziff building. The office is open from 09.00 - 17.00 Monday, Tuesday, Thursday and Friday and on Wednesday from 10.00 - 17.00.
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