North American loans

Federal Direct Loans

* Independent undergraduates and dependent undergraduates where the parent is denied a Parent PLUS loan are not eligible for a PLUS loan. They would qualify for the higher Stafford unsubsidised loan amount. Any shortfall in funding would have to be covered by a private loan.

Further information on these loans can be found on the Federal Student Aid| website .

Private Loans

These loans provide an alternative means of funding to students who are not able to cover the entire Cost of Attendance with federal loans. Private loans may only be taken out up to the maximum of the Cost of Attendance and have to be certified by the College. Students who are less than half time, whose programme of study includes distance learning, or doing their research in the US may qualify. The loans are mainly based on credit history and therefore interest rates can vary. Some borrowers may require a co-signer.

Global Education Management Services (GEMS) have partnered with Sallie Mae® to offer the GEMS Smart Option Student Loan®Student Loan by Sallie Mae®.

The name of the lender is Sallie Mae Bank (900909).

Further information can be found at: http://www.myglobaled.com/StudentLoan/studentLoans_uscitizen.html|

The College determines the Cost of Attendance for each student borrower. It consists of the tuition fees for the specific programme of study plus a set living expenses figure of £12,000 for undergraduate students or £15,000 for postgraduate students for 2011-12. The total that students borrow in federal and private loans plus any scholarships or grants they will be receiving may not exceed their Cost of Attendance.

Overseas tuition fees for 2011-2012 can be accessed on the Fees and funding pages of this website:

Undergraduate fees
|Postgraduate fees
|Research degree fees|

The annual and aggregate loan limits for Stafford and PLUS loans can be found in the Guide to Federal Student Aid|.

1. Complete a FAFSA

If you wish to borrow federal loans you would need to complete the Free Application for Federal Student Aid (FAFSA), or a Renewal FAFSA on the Web if you completed one the previous year, via www.fafsa.ed.gov|.

You can apply from 1 January 2011 and have until 30 June 2012 to submit your FAFSA.

The College will receive an Institutional Student Information Record (ISIR) in response to your FAFSA, which we will use to initiate contact with you, determine your eligibility for federal loans and calculate how much loan amounts you are entitled to.

If you are a Study Abroad student, you need to process your loan application through your home university in the USA.

2. Sign the award letter

You will be emailed an award letter confirming the maximum loan amounts you may borrow. On this letter you have to indicate how much you wish to borrow, whether the maximum or less, sign and return to Liesl Shears| by email, fax or post.

3. Complete Direct Loan Entrance Counselling

All student borrowers have to complete an entrance counselling session for Stafford and, if applicable, the Grad PLUS loan. The session explains your rights and responsibilities as a borrower and has to be completed via www.studentloans.gov|. You would need to email the confirmation of completion screen shot to Liesl Shears|. Please note that parent borrowers do not have to complete entrance counselling.

4. Sign an MPN for the Stafford loan

All Stafford loan borrowers have to sign a Master Promissory Note (MPN) electronically via www.studentloans.gov|. This means that you agree to repay the loan according to the terms of the note. An MPN has to be completed for every year for which you will be receiving federal loans. You would need to email the pdf of the MPN to Liesl Shears|.

5. Apply for a credit check and sign an MPN for the PLUS loan

All PLUS loan borrowers (graduate students and parents of dependent undergraduates) have to apply for a credit check via www.studentloans.gov|. If unsuccessful, try again with an endorser. The endorser would need to sign an Endorser Addendum. If the credit check is successful all PLUS loan borrowers have to sign an MPN electronically via www.studentloans.gov|. An MPN has to be completed for every year for which you will be receiving federal loans. You would need to email a screen shot of the accepted credit check as well as a pdf of the MPN and the Endorser Addendum, where relevant, to Liesl Shears|.

6. Origination of federal loans

Once all the above documentation has been received and your offer has become unconditional your federal loans will be originated by the International Funding Coordinator. You will receive a letter confirming the net loan amounts and anticipated disbursement dates. Stafford loans are subject to a 1% origination fee and PLUS loans a 4% origination fee, with an interest rebate of 0.5% on the Stafford loan and 1.5% on the PLUS loan. The original hard copy of the letter may be used as proof of funding in support of your Tier 4 General Student visa application.

Federal loans are disbursed in 3 instalments, once per term. The loan amounts are transferred from the federal government into Royal Holloway’s bank account. Tuition fees and residence fees where relevant will be deducted from the disbursements and any remaining balance made available to the student. Private loans may be disbursed as a lump sum, or as multiple disbursements. They are sent to Royal Holloway in the form of a cheque made co-payable to the College and the student. Angela Batchelor| from the Cash Office processes loan disbursements.

The right to cancel the loan