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United States Student Loans 2016-17

The Student Funding Office administers Federal Loans and private study loans to eligible students from the US studying at King's College London. 

** Please note that we will begin processing applications for 2017-8 US Loan students from 1st June 2017 onwards ** 

Please check this page again for updated information for 2017 closer to the time.

FAQs

What is the Federal School Code for King's College London?

What is a Federal Direct Loan?

What are subsidised and unsubsidised loans?

Am I eligible for Federal Student Aid?

How much can I borrow?

When do I start repaying my loan?

Where can I get previous loans deferred?

What other loans are available to students from the USA?

Where can I find more information?

How do I apply for Federal Loans?

Withdrawals or Leave of Absence Policy

Disclosure information is available here. The US Government requires that the College provides this information to all eligible US students.

The application process takes time and we will try to make it as easy for you as possible, but there are no shortcuts and you must follow the steps below carefully. 

Please read through the information below carefully before proceeding to the application process.

 

What is the Federal School Code for King's College London?

The Federal School Code for King's College London is G09085.

What is a Federal Stafford Loan?

Federal Direct Loans are provided by the US government and are available to US citizens and eligible non-citizens who have firmly accepted an unconditional offer to study at King's College London.

You must first borrow a Direct Stafford Loan and the maximum amount available depends on if you are a postgraduate or an undergraduate student. You then apply for a Direct PLUS Loan if additional funds are required.  

 

What are subsidised and unsubsidised loans?

There are two different types of Stafford Loan:

  • Subsidised
  • Unsubsidised

Subsidised Loans are only available to undergraduate students. The US Government subsidises interest that accrues on the loan while you are enrolled at least half-time. The amount of subsidised loan given (subject to maximum rates) depends on the Expected Family Contribution (EFC) on your SAR). 

Unsubsidised Loans are available to students who do not qualify for subsidised loans or to those that do but require additional funds. With an unsubsidised loan you are responsible for all the interest that accrues on the loan while you are enrolled at university. The interest on this loan can be paid monthly while you are at university or deferred until after you graduate or stop attending at least half-time.

The Graduate PLUS Loan is available to Graduate students in addition to the Stafford Loan. Students must have an accepted credit check otherwise they will require an endorser. The Parent PLUS Loan is available to parents of dependent undergraduate students. The parent, who must also have an accepted credit check, would take a loan out on behalf of the child. Independent undergraduates cannot take a PLUS Loan.

For more details about interest rates and origination fees on Federal Direct loans please click here.

 

Am I eligible for Federal Student Aid?

You must be enrolled at least half time on an eligible course at King’s in order to receive the Federal Loan.

If any part of your course is delivered online (for example, as for distance learning courses) or if you will be studying in the USA for any part of your course, you will not be able to take any Federal Loans, though you may apply for a private study loan. 

If you have been convicted of an offence under any US Law involving possession or sale of a controlled substance then you will not be eligible for a US Federal Loan for a specified period. Please see full information on our Disclosure Page.

 

How much can I borrow?

The maximum amount you can borrow will be calculated as the College's Cost of Attendance (COA) less any Expected Financial Aid (EFA) which includes bursaries, scholarships, grants and awards. VA Benefits are not included as aid.

The COA only includes study-related costs (tuition fees plus living and estimated study expenses). Living expenses include room, board, and travel plus the estimated cost of two return flights, books, supplies and miscellaneous expenses.

Your COA will be confirmed to you by email but please remember that the maximum you can borrow is COA less your EFA. You do not have to borrow the maximum but the UK Borders Agency do require you prove you have a  minimum level of funds when you apply for a visa. To see what this means, please click here.

 

Stafford Loan Exit Counselling

The US Department of Education requires that all student loan borrowers complete an exit counselling session whenever you drop below half-time enrolment status, withdraw, take a break in study over 180 days or before you complete your course of study. If you withdraw or take a break in study over 180 days, you may have to return some of your US Federal Loan funds. 

To complete your online Exit Counselling session visit the

US Department of Education Student Loans webpage. 

 

When do I start repaying my loan?

It is your responsibility to repay your loan. Exit Counselling will provide you with more details but you can click here for more information.

 

Where can I get previous loans deferred?

Provided you are already enrolled at least half-time in-school at King's College London, you can bring your in-school deferment forms for previous US loans to the Student Funding Office for completion. 

Please be aware that student loan information (and parents of dependent undergraduates with Parent PLUS Loans) will be submitted to the National Student Loan Data System (NSLDS) via the National Clearing House and will be accessible to authorised users  of the data system. 

 

What other loans are available to students from the USA?

There are private study loans available for US students to meet the cost of attending King's. The loans are mainly based on credit history and therefore interest rates vary.

Students at King’s often apply for the Sallie Mae Smart Option Student Loan, please follow the link for more information. 

If you are a North Dakota or New Jersey resident then you may be able to borrow a study loan from your State banks - please contact them directly for more details.

As you may qualify for US Federal Loans, the terms and conditions of US Federal Loans may be more favourable than the provisions of the private education loans.

The total amount you borrow still cannot exceed your COA less your EFA and less any Federal Loans that you have taken. Private Study loans are usually received as a cheque co-payable to you and King’s and are not restricted to termly disbursements.

If you apply for a private study loan, you must email funding@kcl.ac.uk to confirm the amount of loan that you require. Loans can only be disbursed after you have enrolled on an eligible course at King’s.  

 

Where can I find more information?

The US Dept of Education website or email funding@kcl.ac.uk

In addition, the following can provide more information on Federal Loans: Financial Aid Resource Publications from the U.S. Department of Education website. 

 

How do I apply for Federal Loans?

Please read the information above before proceeding to the application instruction webpage. The application process takes time and we will try to make it as easy for you as possible, but there are no shortcuts and you must follow the steps below carefully.

Each student must first complete the Free Application for Federal Student Aid (FAFSA). FAFSA applications can be completed online the US Department of Education’s FAFSA website.

Once you have completed the FAFSA, this will generate a Student Aid Report (SAR). You must enter King’s School Code G09085 in order for King’s to have access to your SAR.

After applying, you must check the “Comments about Your Information” section on your SAR, as you will only be eligible for Federal Loans if you have no issues to resolve. Instructions on resolving any issues are provided under the “What you must do now” section on your SAR and you must ensure that all issues are resolved and you supply any additional documents mentioned in that section (for example, documentation of your citizenship status) when you submit your application.

You will receive an email acknowledgement from King’s that you have entered our school code on your FAFSA. You must keep that email as you will be required to reply to it and confirm that you have firmly accepted an unconditional offer before proceeding with your Federal Direct Loan application.

If you have not firmly accepted an unconditional offer to study at King’s, then you cannot proceed with your application. Applications cannot be submitted before 1st June so you should not follow the steps until you can submit your application as your credit check is only valid for a limited time.

 

Application Process

It is essential that you print out the Application Procedure Worksheet (Document B) and Application Checklist (Document C) before proceeding as they contain the full instructions and you will need to read them carefully and refer to them at each step.

The information below is only for guidance. An Application Flow Chart (Document D) that gives a brief outline of the application process is also available to download.

You must follow these steps in the correct order as explained on the application procedure worksheet. If you fail to provide all of the requested documents then your loan application cannot be processed. 

There are 6 steps to your application:

 

Step 1 - Complete your FAFSA

Each student must first complete the Free Application for Federal Student Aid (FAFSA). FAFSA applications can be completed online via the US Department of Education’s FAFSA website.

Once you have completed the FAFSA, this will generate a Student Aid Report (SAR). You must enter King’s School Code G09085 in order for King’s to have access to your SAR.

After applying, you must check the “Comments about Your Information” section on your SAR, as you will only be eligible for Federal Loans if you have no issues to resolve. Instructions on resolving any issues are provided under the “What you must do now” section on your SAR and you must ensure that all issues are resolved and you supply any additional documents mentioned in that section (for example, documentation of your citizenship status) when you submit your application.

You will receive an email acknowledgement from King’s that you have entered our school code on your FAFSA. You must keep that email as you will be required to reply to it and confirm that you have firmly accepted an unconditional offer before proceeding with your Federal Direct Loan application.

PLEASE DO NOT PROCEED TO THE NEXT STEPS UNTIL YOU HAVE FIRMLY ACCEPTED AN UNCONDITIONAL OFFER. APPLICATIONS CANNOT BE SUBMITTED TO KING’S BEFORE 1st JUNE. 

You should not follow the next steps until you can actually submit your application as your credit check is only valid for a limited time.  

 

Step 2 - Stafford Loan Entrance Counselling

It is a Federal requirement that any US student who receives a Federal Loan should first complete the Entrance Counselling at the US Department of Education’s Student Loans website. Remember that you will be required to take a screen shot or attach the completion certificate to your email application.

King’s require that you complete the counselling each academic year even if you have had a Federal Loan previously.

 

Step 3 - Select Loan Amount Using COA

As explained in the How much can I borrow? section above, the Cost of Attendance (COA) will be determined by adding an amount for living and study costs to your tuition fees. Your COA will be emailed to you after you reply to your King's FAFSA acknowledgement email, to confirm that you have firmly accepted an unconditional offer at King's (see Step 1 above).

The full time COA in 2016-17 for undergraduates is GBP £17,282 for nine months plus tuition fees, and for postgraduates it is GBP £23,513 for twelve months plus tuition fees.

Any postgraduate research students starting in January initially use the nine month figure until September, then use the normal twelve month postgraduate figure from October onwards.

Tuition fee amounts are available at the online prospectus. Please find your subject area and look at the “Applying, fees and funding” tab under “Key Facts”.

The maximum amount you can borrow will be your COA less any Expected Financial Aid (EFC), which includes bursaries, scholarships, grants and awards. VA Benefits are not counted as aid. Remember that you do not have to borrow the maximum amount available to you, as the College uses the COA to determine a reasonable limit to the amount that you can borrow. 

You can use the Cost of Attendance template (Document E), which will also convert the COA to USD and subtract your expected financial aid. Please do not send the COA template with your application documents.

The COA template is for guidance only: King's is not responsible for the misuse of this spreadsheet and an incorrectly calculated COA will not be honoured.

 

Step 4 - Apply for your Loan

If you have firmly accepted an unconditional offer then you can complete your Stafford and PLUS loan applications by e-signing your Master Promissory Note (MPN) at the US Department of Education’s Student Loans website. You must e-sign a new MPN for each loan you take at a foreign school as the multiple loan feature of the MPN only applies to loans whilst at US Schools.

Remember that the total amount of loans that you take cannot exceed your cost of attendance less your expected financial aid.

Students apply for a Federal Stafford Loan first and the maximum amount available can be determined from the annual loan limit table (Document A). If additional funds are required after the maximum Stafford has been borrowed, you then apply for a PLUS Loan or your parent applies for a PLUS Loan if you are a dependent undergraduate. Independent undergraduates who need to borrow more than their maximum Stafford will need to apply for a private study loan.

Remember you will be required to attach a copy of your Stafford MPN and PLUS MPN to your application email, The PLUS loan requires a credit check, so a screen shot showing acceptance is also required or a PDF of the credit acceptance letter. If credit is declined then you will need an endorser to take a Credit Check (remember to include screenshot of their acceptance or credit acceptance letter) and you must also include Endorser’s Addendum.

As the credit check is only valid for 90 days, please do not complete it until just before you are ready to submit your application to King’s. The opening date is 1st June.

 

Step 5 - Email your Application to Us

Email all your documents as attachments to funding@kcl.ac.uk with subject header “US Loan Application Documents” followed by your name, and your current postal address in the email.

The Checklist (Document C) has the full list of documents to attach and the Worksheet (Document B) contains full instructions, so please download or print both of these documents for reference. The Checklist also includes a section where you confirm how much you wish to borrow.

You must also complete a Tuition Fee Instalment Request Form (Document F).

Every application email should have the following attached:

and, if taking a PLUS Loan too:

  • PLUS MPN
  • PLUS credit check acceptance (screenshot or PDF of letter)
  • Endorser Addendum (if you needed an endorser for your PLUS Loan because your credit check was not accepted) 

Remember to include your postal contact address in the email so we can send a letter confirming your Direct Loans that you can use for your visa application. For more information about applying for a visa, please see the Immigration section of the Student Advice and International Support webpage.

Incomplete applications cannot be processed, so please ensure you have completed each step correctly and provided all requested documents to avoid delays. Priority will be given to processing complete applications over contacting students with incomplete applications.

As explained here, you cannot apply for your visa more than 3 months before the start of term (i.e. 19th July 2016 at the earliest). Provided you have met the conditions of your offer, you are welcome to send in your completed loan applications from 1st June. 

From 1st July, which is the earliest date that we can originate loans for 2016-17, we aim to process your completed application within 14 working days of receipt and you should allow at least 2 further weeks for the confirmation of Direct Loans letter for your visa to arrive by Airmail, but unfortunately we cannot guarantee delivery. Ideally, we should receive your completed application by the end of July so that you could receive this loan letter within the time needed for your visa application. 

The original loan letter must be available when you apply for a student visa, but not everyone will have to submit the letter with their application.  Please see here for more information.

We recommend that you arrange a courier collection for this letter if you require your loan letter sooner. Please inform us of this you when you send your loan application documents and we can provide you with more details.

You will be emailed confirmation that your loan has been originated and your visa letter has been sent to the address provided.

Incomplete applications cannot be processed, so please ensure you have completed each step correctly and provided all requested documents to avoid delays. Priority will be given to processing complete applications over contacting students with incomplete applications.

 

Step 6 - Receiving your Loan

All Federal Loans must be disbursed directly to King’s in four equal instalments for postgraduate students and three equal termly instalments for undergraduates. Students are expected to enrol before the academic year begins on 26th September 2016 and your Admissions Officer will provide you with a date and details. Late enrolment will mean a delay to your first loan disbursement.

After enrolment, Credit Control must set up the fee invoices so the first loan funds cannot be requested until 1st October. After the funds are received, they must then be converted from USD to GBP and the fees due deducted. Only then can the remaining funds be transferred for your living expenses and this is scheduled to be done during the third week of October. You can expect to receive your funds in the following equal instalments: 
  • 19th October (provided you have enrolled before the start of term)
  • 25th January
  • 15th April
  • 20th June (Postgraduates)  

**Dates apply to UK bank transfers as explained below, if bank details not provided or incorrect then you will be notified that a GBP cheque is ready for collection usually one working day later and cheques can take about 5 working days to show as cleared funds in your UK bank account.**

Please ensure that you have sufficient funds to cover your expenditure until you receive the refunded portion of your loan for study and living expenses after fees have been deducted.

You must remain enrolled at least half-time and inform the Student Funding Office of any changes to your enrolment status as this directly affects your loan entitlement. Each subsequent disbursement is also subject to maintaining Satisfactory Academic Progress (SAP) (Document G).

Your loan is received by the Credit Control Department who use Western Union to convert the USD to GBP. The fees due are then deducted before the remaining funds are made available for your living and study expenses. In order for you to receive those funds, you will need a UK bank account and information about opening one can be found here.

Please open your UK bank account immediately after enrolment so you can provide your bank account details to Western Union in order to receive your loan funds after fees have been deducted. In order to receive your first instalment by transfer, this must be done 1st October otherwise a GBP cheque will be available instead.

When you apply for your loan at King’s you are giving permission for us to share some of your personal information with Western Union. You will be emailed a unique Western Union secure link to provide your bank details online, which should ideally be done before funds are requested. Please contact Western Union directly if you have any problems entering your details by emailing education@westernunion.com or calling 0800 096 0172.

If a cheque was provided because you could not enter your UK bank details in time for the first instalment, your UK bank details should still be entered when available for the subsequent instalments. As the funds will have already been converted to GBP, if you enter your US bank account you will incur international transfer charges and the funds you receive will have to be converted back to USD.

The exchange rate used to convert each USD loan disbursement to GBP is the actual exchange rate on the day that the loan funds are received. The exchange rate used by King’s to calculate the COA is for that purpose only and is estimated to allow for the changes in the exchange rate during the year and to account for the US Federal Government fees deducted from your loan funds.
 
If you are using your loan to pay your tuition fees then you must choose either four (postgraduate) or three (undergraduate) equal instalments as explained in the Tuition Fee Instalment Request Form (Document F).

The due dates will then be re-scheduled to correspond with your loan as detailed in the form, otherwise you will be invoiced to pay your tuition on the standard dates as explained here.

IT IS YOUR RESPONSIBILITY TO ENSURE ALL YOUR FEES ARE PAID BY THE DUE DATE. 

Although each loan instalment is equal in USD, as the exchange rate will be different on each disbursement date, each loan instalment will be a different amount after it has been converted from USD to GBP. Credit Control can inform you of the exchange rate and the amount of loan received in GBP. Although the tuition will be divided into equal instalments when you complete the form, King’s accommodation is charged by the day and as the terms vary in length you will need to look at your hall fee invoice to determine the amount due each term. You can view payments and fees due on KCL Student Records after you have enrolled, but you will need to allow information to be updated at the start of the academic year. Please contact Credit Control if you have any questions regarding the loan amounts received in GBP and the amounts and due dates of your tuition fees.

Any deposit that you have paid towards tuition fees will be deducted in full from the first instalment only. Loans are not suitable for any payments you need to make in advance of enrolment, such as a deposit, as the funds cannot be released until after the start of the academic year, as explained above.

 

Disclosure Information

The US Federal Government requires that the school provides the following information to students eligible for US Federal Loans. Please note that at this time some of this content may be restricted to current students.

Notice of Federal Student Financial Aid Penalties for Drug Law Violations: 

SUSPENSION OF ELIGIBILITY FOR DRUG-RELATED OFFENSES

(1) IN GENERAL- A student who has been convicted of any offense under any Federal or State law involving the possession or sale of a controlled substance shall not be eligible to receive any grant, loan, or work assistance under this title during the period beginning on the date of such conviction and ending after the interval specified as follows:

If convicted of an offense involving the possession of a controlled substance ineligibility period is:

    • First offense: 1 year,
    • Second offense: 2 years,
    • Third offense: Indefinite.

The sale of a controlled substance ineligibility period is:

    • First offense: 2 years,
    • Second offense: Indefinite.

(2) REHABILITATION- A student whose eligibility has been suspended under paragraph (1) may resume eligibility before the end of the ineligibility period determined under such paragraph if--

(A) the student satisfactorily completes a drug rehabilitation program that--

    1. complies with such criteria as the Secretary shall prescribe in regulations for purposes of this paragraph; and
    2. includes two unannounced drug tests; or

(B) the conviction is reversed, set aside, or otherwise rendered nugatory.

(3) DEFINITIONS- In this subsection, the term `controlled substance' has the meaning given the term in section 102(6) of the Controlled Substances Act (21 U.S.C. 802(6)). 

Privacy of Student Records – family Educational Rights and Privacy Act (FERPA)

Freedom of information

Safety Policy

Student Loan Information Published by the U.S. Department of Education

National Student Loan Data System (NSLDS)

    We are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorised users of the data system

Entrance and Exit Counselling for Student Loan Borrowers

 

Disclaimer

The College has tried to give students an early opportunity to begin their research of student funding. Although every effort has been made to ensure that information provided is both helpful to prospective candidates and accurate at the time of its publication, it is possible that some information may be outdated or superseded before the start of the 2016-17 academic year.


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