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Federal Loans at the School of Advanced Study

Federal Stafford Loans are operated by the US Government to assist US citizens with the costs of studying. Two types of Stafford Loans are available: subsidized (the government pays the interest until you start repayment) and unsubsidized. The current maximum Graduate Student loans are: $8,500 subsidized and $12,000 unsubsidized – a total maximum of $20,500 (from July 2007) . Generally loan repayment begins 6 months after the course graduation date.

Cost of Studying at the School. 

The School of Advanced Study Federal Loan Code is G06696 (or 00669600) listed under ‘University of London - School of Advanced Study’.

 

Application Procedures

Only students who have made a firm acceptance of an offer for a place at the School may apply for a loan.  Early application in April/May for entrance the following October is recommended in order to complete the paperwork before your visa application. With the new UK immigration system, we recommend that you apply for your loan as soon as you can: the sooner you apply, the sooner you will be able to receive the confirmation of your loan - which will be needed for your visa application to study in the UK.

Please note that students are legally required to fill out an entrance interview before sending their federal loan application to the School they will be studying at. Details of this interview can be found by clicking on the following link: http://mappingyourfuture.org/Graduate/

The steps to get a Stafford loan certified by the School of Advanced Study are: 

     1. Each student must complete the Free Application for Federal Student    Aid (FAFSA) .  Continuing students must complete a Renewal FAFSA.

2. You will then receive the Student Aid Report (SAR).  International colleges do not automatically receive SAR data. You will need to request the 8-page SAR from +1-800-4FEDAID and forward it to the School. Your loan application will not be processed until the School receives the 8-page SAR.

3. You will then need to select a lender.  The School does not have a preferred lender.  If you have previously had federal funding you may want to apply again to the same lender. 
The Federal Student Aid website  has some guidance on choosing a lender and applying for Federal Loans.  The US Department of Education website  has a list of State Guarantor Agencies who can advise on selecting a lender.  You should note that some lenders charge a 4% origination fee which will reduce the amount of money you receive so you may want to select a loan which does not include an origination fee. 

The websites of the following lenders have useful information for students applying for loans to study abroad and these lenders do not charge an origination fee.


4. Once you have selected your lender you will need to complete a Master Promissory Note (MPN).  This is the contract you sign agreeing to the terms of your Stafford Loan.  You should keep a copy of this for your records. The original MPN will need to be mailed to the School, as well as the following form: School Loan Application Form

5. Send your Loan application to Mispa Same Essaka, Assistant Registrar, School of Advanced Study, University of London, Senate House, Malet Street, London, WC1E 7HU, UK.
You will need to include:

                                

Please note that International Schools do not receive the SAR or MPN so you will need to send these for your application to be processed. 

6. The School will then calculate the amount your are eligible for Stafford subsidised and unsubsidised loans, and complete the School Certification Form which confirms your offer of a place and dates of attendance.

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Cheque Disbursement

Cheques are issued co-payable to the University of London and yourself and should arrive in the third week of term.  Elaine Walters will contact you on receipt.  You will need to endorse the cheque for payment against your fees invoice.  Any remaining funds after payment of your fees will be issued to you in a £sterling cheque after a minimum of 3 weeks.  Cheques are issued in two instalments.

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Additional Funding

Stafford loans generally have lower interest rates and more flexible repayment options but, depending on the exchange rate between dollars and sterling, you may need to take out additional loans to top up your funding. If you have applied for a Stafford loan, you could also be eligible for a Graduate Plus loan and borrow up to the annual cost of attendance (less your Estimated Family Contribution and any other loan/bursary you might receive). If a Student Aid Report has already been received by the School, you will need to obtain and MPN and mail the original to Mispa Same Essaka, Assistant Registrar, School of Advanced Study, University of London, Senate House, Malet Street, London, WC1E 7HU. If you haven't sent a SAR with an initial Stafford Loan application , you will need to complete the Free Application for Federal Student Aid, obtain an 8-pages Student Aid Report, mail the original Graduate Plus MPN and SAR to the School of Advanced Study. If you need more information on the Graduate Plus loan, please check the US Department of Education web site: http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp    

 In addition, there are a number of private loans available to US students studying abroad.  You should compare terms and conditions carefully.  Some of these loans are:

 

Please send the form for School Certification to Mispa Same Essaka, Assistant Registrar, School of Advanced Study, University of London, Senate House, Malet Street, London, WC1E 7HU.

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Finishing your Studies

Please note that tudents are expected to complete an exit interview just before finishing their studies. You can do so by clicking on the following link: http://mapping-your-future.org/oslc/index.cfm?act=Intro&OslcTypeID=2

Student Federal Loan Debt Management

Please see the attached document   for more information on debt management.

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