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Federal Aid for US Students

The University of Exeter participates in the following funding schemes for US students:

  • William D. Ford Stafford Loan Program (Direct Loan)
  • Private Loan
  • Americorps

All of these schemes are administered by the Student Funding Team. The team can be contacted at usloanfunding@exeter.ac.uk or +44 1392 724724 from outside the UK or 0300 555 0444 from within the UK.

For information on fee payments, scholarships and general financial information, please see the Fees and Funding web pages.

To receive aid, including Federal Stafford Loans, a student must meet the following eligibility requirements:

  • Must be a student enrolled or accepted for enrollment in an eligible programme at an eligible institution.
  • Must have a high school diploma or equivalent
  • Must be enrolled at least half-time for the period for which the loan is originated
  • Must comply with the University's satisfactory academic progress policy
  • Must not be convicted of possessing or selling illegal drugs while receiving financial aid
  • Must complete the Free Application for Federal Student Aid (FAFSA) each year
  • If male and age 18-25, must be registered for Selective Service
  • Must not be in default on an educational loan and must not owe a repayment on an adjusted federal grant

 

You cannot receive Federal Stafford Loans if you attend any of the following:

  • Any Distance Learning Programs
  • Any Diploma Programs
  • Any Certificate Programs
  • In most cases where your program includes a period of study in the US
  • Study Abroad with a school that is not approved for Title IV (Federal) Aid

 

The following University of Exeter programs are ineligible for Federal Stafford Loans: 

  • all medical programmes
  • all nursing programmes
  • all PGCE programmes

If you do want to study any programme which is inelligible for Fedreal stafford Loans, please note that there are private non-governmental loans, for U.S. citizens that could fund these programs. 

As a foreign school, the University of Exeter is eligible to originate loan applications for Federal Stafford Loans.

Full information on these loans can be found at the Federal Student Aid webpage

Federal Stafford Subsidised Loan

A Federal Stafford Subsidised Loan is awarded on the basis of financial need. The U.S. government pays interest on a subsidised loan while you are enrolled at university at least half-time and during deferment periods. Federal Stafford subsidised loans for undergraduate students will have an interest rate of 4.99% (from 1st July 2022).

Federal Stafford Unsubsidised Loans

A Federal Stafford Unsubsidised loan is awarded regardless of need. The interest rate for Stafford Unsubsidised loans is fixed at 4.99% (from 1st July 2022) for undergraduate borrowers and 6.54% (from 1st July 2022) for graduate borrowers.

You are not required to pay the interest on this loan while at university but we recommend that you do. You will be charged interest starting at disbursement until it is paid in full. If the interest accumulates, it will be added to the principal amount of the loan and increase the amount to be repaid.

Fees: Origination fees of 1.057% will be deducted from the gross amount of the Stafford Direct Sub/Unsub Loans you borrow, so you may wish to take this into consideration when determining the amount you need to borrow

Federal Stafford Parent PLUS Loan

Parents of dependent undergraduate students can borrow a Federal Stafford Parent PLUS Loan to help pay for educational expenses at the university.

Parents can borrow up to the total Estimated Cost of Attendance minus all other sources of financial aid their student receives.

PLUS loans are the financial responsibility of the parents and not the student.

A Parent PLUS loan borrower must meet the same citizenship and residency requirements as the student. The parent must not owe a refund on a Federal student financial aid grant or be in default on a Federal student loan.

A credit check is conducted when your parent begins the loan application process. Undergraduates whose parents do not qualify for a PLUS loan can borrow additional Federal Stafford Unsubsidised loan funds.

The interest rate is fixed at 7.54% (from 1st July 2022) and repayment begins within 60 days after your loan is fully disbursed and lasts ten years.

Fees: Origination fees for Direct Parent PLUS loans are set at 4.228% 

Federal Stafford Graduate PLUS Loan

The Federal Direct Graduate PLUS Loan is a Federal loan that graduate students with good credit histories may borrow to help pay their educational expenses.

A graduate student may borrow up to the total Cost of Attendance less all other financial aid received by the student.

They also must have applied for their annual loan maximum eligibility under the Federal Unsubsidised Stafford Loan Program before applying for a Graduate/Professional PLUS loan.

The interest rate is fixed at 7.54% (from 1st July 2022) and repayment begins within 60 days after your loan is fully disbursed and lasts ten years.

Fees: Origination fees for Direct Graduate PLUS loans are set at 4.228% 

Repayment begins on the date of the last disbursement of the loan and the first payment is due within 60 days after the date the loan is fully disbursed. A Graduate PLUS borrower may receive a deferment while he or she is enrolled on at least a half-time basis at an eligible school. Upon dropping to less than half-time enrollment status, the borrower is not entitled to a grace period on his or her PLUS loans.

The amount in Federal Stafford Direct Loan funds that you are eligible to borrow each academic year is limited by your grade level; whether you are a dependent or an independent student; your financial need; and your cost of attendance.

You cannot borrow more than your financial need or the cost of attendance.

The following annual and aggregate loan limits apply to Federal Stafford Loans:

Undergraduate Dependent Students

DEPENDENT STUDENTBASE AMOUNT (SUBSIDISED OR UNSUBSIDISED)ADDITIONAL UNSUBSIDISED LOAN

TOTAL ANNUAL COMBINED MAXIMUM AMOUNT OF SUBSIDISED & UNSUBSIDISED LOANS

FIRST-YEAR UNDERGRADUATE $3,500     $2,000     $5,500    
SECOND-YEAR UNDERGRADUATE $4,500     $2,000     $6,500    
THIRD-YEAR AND BEYOND UNDERGRADUATE $5,500     $2,000     $7,500    

 

Undergraduate Independent Students

INDEPENDENT STUDENT (AND DEPENDENT STUDENTS WHOSE PARENTS ARE DENIED A PLUS LOAN)

BASE AMOUNT (SUBSIDISED OR UNSUBSIDISED)

ADDITIONAL UNSUBSIDISED LOAN

TOTAL ANNUAL COMBINED MAXIMUM AMOUNT OF SUBSIDISED & UNSUBSIDISED LOANS

FIRST-YEAR UNDERGRADUATE

$3,500

$6,000

$9,500

SECOND-YEAR UNDERGRADUATE

$4,500

$6,000

$10,500

THIRD-YEAR AND BEYOND UNDERGRADUATE

$5,500

$7,000

$12,500

 

Postgraduate Students

POSTGRADUATE STUDENT

BASE AMOUNT (SUBSIDISED)

ADDITIONAL UNSUBSIDISED LOAN

TOTAL ANNUAL COMBINED MAXIMUM AMOUNT OF SUBSIDISED & UNSUBSIDISED LOANS

YEARLY ELIGIBILITY 

n/a

$20,500

$20,500

 

Stafford Loan Aggregate Loan Limits

 

SUBSIDISED ONLY 

TOTAL AGGREGATE (SUBSIDISED AND UNSUBSIDISED COMBINED)

DEPENDENT UNDERGRADUATES

$23,000

$31,000

INDEPENDENT UNDERGRADUATES

$23,000

$57,500

POSTGRADUATE STUDENTS

$65,500

$138,500

Federal Stafford Subsidised and Unsubsidised Loans are available to eligible students who complete the Free Application for Federal Student Aid (FAFSA) on the Web.This Federal student aid is made available through the William D. Ford Federal Stafford Loan Program to help pay for educational expenses.

For undergraduate students Stafford Subsidised or Stafford Unsubsidised Loan, or a combination of both loans, are based on your financial need.

The information you report on your FAFSA is used to determine your Expected Family Contribution (EFC), which is a calculated formula that allows the University to determine your financial need. To determine your financial need, your EFC is subtracted from your cost of attendance (COA) for need based awards. The University will also deduct any other aid paid to you or on your behalf for educational expenses. This is referred to as Estimated Financial Assistance (EFA).

Each academic year, the university establishes standard student budgets that use cost of attendance (COA) estimates for awarding financial aid funds.

The budgets reflect typical student expenses and consist of two basic components:

  • Direct educational costs - tuition, fees, books and supplies
  • Indirect (maintenance) costs - accommodation, board and travel

While your costs may vary depending on where you stay, we expect your cost of attendance to be roughly in line with our estimates. If you believe that the costs relating to your education are significantly higher than those we have estimated, you may contact The Student Funding Team to review those costs.

Cost of attendance

Your cost of attendance is calculated by the University having standard maximum costs and using attendance of 52 weeks for postgraduate research courses, 45 weeks for postgraduate taught course, and 31 weeks for undergraduate courses. 

Average cost of living                            GBP (£)
Room rent  £191 per week
Board, food and power  £101 per week
Travel  £25 per week
Books and copying  £15 per week
Flights  £1,100 per annum
Visa application, NHS surcharge
and flights to interviews (1st year only)
 £998 per annum
PC and printer (1st year only)  £620 per annum
US Student Loan fees  Full cost depending on loan amount

Tuition fees will also be included in your Cost of Attendance and will be set at the actual amount that you are required to pay.

We would not allow you to borrow over the calculated cost of attendance. However, please contact the Student Funding Team if you believe your actual costs are higher than those stated above as we may be able to make some adjustments to your Cost of Attendance, however please note that you will be required to provide documentary evidence in support of this and may be asked to justify the additional cost.

The University of Exeter’s school code (OPE) is G09442.

 

1. Complete your FAFSA

The first step in applying for a US Federal Stafford Loan is to complete a FAFSA (Free Application for Federal Student Aid). The Federal School Code for The University of Exeter is G09442. To apply electronically, you must have an FSA ID. Start the application process.

2. Student Information Form - You are also required to complete and sign, the Student Information Form

As soon as you have submitted your FAFSA & filled in the Student Information Form, please inform us about your application, attach the information form and send to usloanfunding@exeter.ac.uk

3. Student Aid Report is generated

Once your FAFSA is completed and processed, it will generate a Student Aid Report (SAR). This is used by the University to determine your eligibility for a loan as stipulated by the U.S. Department of Education.

4. Award Letter is sent to you

After the University receives your SAR, you will receive an Award Letter before the beginning of the semester. The letter details the amount of loans you may be eligible for based on such elements as your Cost of Attendance, your year of study, need and other financial assistance.

You will be required to sign and return an Award Notification letter before any loans can be set up and disbursements made.

5. Complete your Master Promissory Note (MPN).

Once you have accepted and returned your Award Notification letter, you can go on to complete the applicable Master Promissory Notes (MPN). The MPN is a legal document in which you promise to repay your loans and any accrued interest and fees to the US Department of Education. It also explains the terms and conditions of your loans.

The MPN is a binding legal document that you must sign when you get a federal student loan. It lists the terms and conditions under which you agree to repay the loan and explains your rights and responsibilities as a borrower. It is important to read and save your MPN because you’ll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances.

Complete MPN

6. Complete your Entrance Counselling

Except for parent Stafford PLUS Loan borrowers, if you have not previously received a loan, you must complete entrance counselling before the University of Exeter can make the first disbursement of your loan. This helps you to understand your responsibilities regarding your loan. You will be able to complete your entrance counselling online.

Complete Entrance Counselling

According to US regulations, The University of Exeter is required to disburse your loan funds in multiple installments that coincide with the allocated payment periods dependant on your level of study. 

The University of Exeter will receive your loan proceeds, and the funds will be applied to your student account to offset any charges applicable for that payment period.

Once all charges for that period have been paid, any balance will be returned to you in GBP (£) to your UK nominated bank account by electronic transfer or by international bank transfer to an overseas bank account.

The disbursement dates for Federal Aid loans will vary depending on your level of study.

The actual amount in GBP £ you receive will vary as is it dependant upon the exchange rate from USD $ to GBP £ at the time of disbursement.

The following disbursement dates are when the funds are requested from the Department of Education by the University of Exeter

Undergraduate (UG):

5th October 2022

1st February 2023

Postgraduate Taught (PGT):

5th October 2022

1st February 2023

21st June 2023

Postgraduate Research (PGR):

5th October 2022

29th March 2023

When will you receive your disbursements?

You will receive each disbursement no earlier than 10 working days after the listed disbursement dates above

All disbursements are subject to the following conditions

  • You are making satisfactory academic progress
  • You are enrolled at least part time
  • You are not in USA
  • You have not violated any federal compliance regulations (repayment default, fraud, drugs)

You will receive an e-mail with a disclosure statement attached advising you that a disbursement is due and the value of it in USD $. When you receive this e-mail you may contact us to reduce or cancel the disbursement. If you wish to cancel or reduce your loan please email usloanfunding@exeter.ac.uk clearly stating you wish to cancel or reduce your loan.

Please ensure that when you arrive in the UK, you have sufficient funds to cover two weeks of living/maintenance costs as it can take up to 10 working days for your loan funds to be made available to you after you have registered as a student.

 

WARNING - if you do not warn us in advance not to draw down your disbursement, then you will be responsible for all interest charges and for its repayment.

Deadlines

To prevent delays in the drawdown of your first loan disbursement, we ask you have supplied the University with your completed Student Information form and completed all the required documents by 1st August. Any applications received after this date will still be reviewed, but may result in a delay.

How your loan funds will be received

The University of Exeter will receive your loan proceeds, and the funds will be applied to your student account to offset any charges applicable for that payment period.

Once all charges for that period have been paid, any balance will be returned to you in GBP (£) to your UK nominated bank account by electronic transfer or by international bank transfer to an overseas bank account.

Please provide the University with your bank account details either via the Student Records System for UK accounts, or by emailing sid@exeter.ac.uk for international accounts. A form will be sent to you for completion with your international account information. 

You will be informed of the amount your loan has raised in GBP £ via your online statement. 

If your loan disbursement is not enough to cover the charges on your account applicable for that disbursement there will be no refund into your nominated bank account and you will need to arrange to pay any outstanding balance.

Opening a UK Bank Account

It can take up to 10 days to open a bank account in the UK and you cannot start to open an account until you have registered as a student and have a verifiable address.

How much money you will get and in which currency

The USA Government deducts an origination fee from each disbursement this is 1.057% from both subsidised and unsubsidised and 4.228% from PLUS loans. The amount after the origination fee that you are going to receive will be detailed in the Disclosure statement the University sends you with each disbursement.

The money is transferred to the UK and converted into GBP £. The University is not allowed to charge any fee or receive any commission for processing your loan, so the money received by you is exactly what the University received in GBP £.

We will deduct tuition fees and your accommodation charges (if due) for the payment period from each disbursement. Please note if you are not staying in Exeter University owned accommodation, it will be your responsibility to pay the accommodation charges

Any credit balance is paid to you by GBP £ directly into your UK bank account.

If the value of your disbursement does not cover all the deductions, you will not receive a refund. It will be the students responsibility to pay any shortfall in tuition and any accommodation fees.

Deferments

If you have previous loans and need repayment deferment you will need to request or obtain an in-school deferment form from your previous lender and send this to the Student Funding Team.

We are not able to sign any deferment forms until you have registered.

We will advise you by raising a SID enquiry that the form is ready for collection from the SID information desk.

Withdrawing or Interrupting from your Studies

If you withdraw or interrupt from your programme you must inform the student Funding Team by e-mail (usloanfunding@exeter.ac.uk).

It is a requirement of the University to complete a return of Title IV calculation to determine how much needs to be returned to the US Department of Education.

 

Entrance Counselling

Before your loan application can be completed, you must complete Entrance Counselling. This ensures that you understand the terms and conditions of your loan and your rights and responsibilities. 

Entrance Counselling

Exit Counselling

Before you withdraw, graduate, or drop below half-time attendance (regardless if you plan to transfer to another school), regulations require that you complete an exit counselling session for your Stafford Direct Subsidised and Unsubsidised Loans. The counselling session provides information about how to manage your student loans.

Begin Exit Counselling.

To be updated on 1st July 2022

To be updated 1st July 2022

Definitions:

Interruptions

An interruption in a student's program of study in the context of Title IV funds refers to the specific time period during a program when a student is not in attendance and will return to complete the program. 

Official Withdrawal

A “withdrawal” refers to a student’s intent to completely terminate studies at the University with no expectation of return. Students who subsequently decide to return to their studies must re-apply for admission through the University’s Admissions Office.

Unofficial Withdrawal

An unofficial withdrawal is one where the University has not received notice from the student that the student has ceased or will cease attending their program of studies at the University.

 

For full informatiuon regarding Interruptions and WIthdrawals, please view the University TQA manual

If you withdraw or interrupt from your programme you must inform the student Funding Team by e-mail: usloanfunding@exeter.ac.uk 

To be updated 1st July 2022