Loans for American Students

The majority of our undergraduate and graduate courses are eligible for Federal funding however there are exceptions, please see the list of ineligible courses below. 

• Medicine
• Dentistry
• MSc Critical Care 
• MSc Physician Associate Studies
• Foundation course
• Any Postgraduate Certificate course
• Any Postgraduate Diploma course
• Any distance learning course
• Any Pre-Masters course
• Any First Professional course
• LLB Law Senior Status 
• Courses taught at partner institutions - e.g. LLM in Paris
• Study periods based in the US as part of your research degree - excluding 1 year writing-up period

This list is not exhaustive and subject to regulation change.

If you are ineligible for the Direct Loan Programme then you may still be eligible for a private education loan from Sallie Mae or Earnest Loans

Federal Direct Loan

 

Subsidised -	For undergraduate students with demonstrated financial need, as determined by federal regulations. No interest is charged while the student is in school at least half-time, during the grace period, and during any deferment periods.
Unsubsidised -	For undergraduate and graduate students and not based on financial need. Interest is charged in all periods.
Parent PLUS -	For undergraduate students' parents; up to the value of the Cost of Attendance, less any Expected Financial Aid. Subject to credit checks. Interested is charged in all periods.
Graduate PLUS -	For graduate or professional course students; up to the value of the Cost of Attendance, less any Expected Financial Aid. Subject to credit checks. Interest is charged in all periods.

Private Loans

It may be possible for US students studying abroad to obtain private education loans, currently the loans available are Sallie Mae Education Loans and Earnest Loans

Students may borrow up to the value of their Cost of Attendance. 

The figures given below are QMULs calculation of how much funding for Living Costs you may require. When you apply, the COA we will send you will include the specific Tuition Fees for your chosen course.

Postgraduate Students:

Cost of Attendance: $41,267 + Tuition Fees

Undergraduate Students:

Year One Cost of Attendance: $31,990 + Tuition Fees

Year Two+ Cost of Attendance: $29,524 + Tuition Fees

The US Department of Education set loan limits on the amount of subsidized and unsubsidized loans that you may be eligible to receive each academic year. These limits depend on factors such as your grade level, and whether you are classed as Independent or Dependent (determined by the information you report on your FAFSA).

Postgraduate and Professional Course Students Annual Loan Limits:

Level of study	Unsubsidized Loan	Graduate PLUS Loan
Taught Masters (52 week)	$20,500	You can top up to your full COA using a Graduate PLUS loan
Research (52 week)	$20,500

Dependent Undergraduate Students Annual Loan Limits:

Level of study	Subsidized Loan	Unsubsidized Loan	Parent PLUS Loans
1st year Undergraduate (39 week)	$3500	$2000	You can top up to your full COA using a Parent PLUS loan
2nd year Undergraduate (39 week)	$4500	$2000
3rd year Undergraduate (39 week)	$5500	$2000

Independent Undergraduate Students Annual Loan Limits:

Level of study	Subsidized Loan	Unsubsidized Loan	Private Loans
1st year Undergraduate (39 week)	$3500	$6000	You are ineligible for a PLUS loan but could top up to your full COA using a Private Loan
2nd year Undergraduate (39 week)	$4500	$6000
3rd year Undergraduate (39 week)	$5500	$7000

The yearly costs have been carefully calculated to give a good quality of life whilst studying in London, but not to be excessive.  As such we will only consider increasing these costs in line with Professional Judgement advice from the US Department of Education and would usually include Dependent (Child) Care or Disability-related costs, please contact us to discuss this. 

The Cost of Attendance includes the following items:

Living Costs - weekly rents in London vary greatly, you may live in QMUL Campus Accommodation and have no travel requirements or bills on top of your rent, or you may choose to live in alternative accommodation, which may mean travel or bills on top of your rent. Also included are grocery costs and a personal allowance which we have based on NASMA guidance.

Tuition Fees and course costs - your tuition fee and an allowance for the costs associated with your course, eg. books, are included in your Cost of Attendance. 

Set up costs - if you need to purchase a computer, pay visa and Immigration Health Surcharge costs these are included.

Flights - The average cost of two flights between London and the US have been included.

Loan costs - The US Government charges disbursement fees to each loan disbursement, these are included in your Cost of Attendance. 

You do not need to take out the maximum loan, if you wish to borrow less just enter a lower amount on your loan request. Details of how and when you can increase or decrease your loan can be found in the FAQs below.

You may find it useful to use the US Federal Aid Loan Simulator when considering how much funding to request.

The exchange rate is set at 1.32 for the 2023/24 Cost of Attendance. This is calculated using currency data over a 90 day period from OANDA, with 10% added to account for possible fluctuations.

Private Educational Loans - currently the loans available are Sallie Mae Education Loans and Earnest Loans - can make up any part of your Cost of Attendance, but will reduce your eligibility for other available loans. 

Step 1 is to submit a FAFSA - this is done at studentaid.gov

Throughout your application process with the Department of Education you will be told that Queen Mary has been automatically notified of things, we will NOT.

Step 2 is to send an email to bursaries@qmul.ac.uk to tell us you wish to request US Federal Aid or Private Loans, including your SAR or Social Security Number so that we can find your FAFSA submission.

• We recommend you encrypt this email, and please email us your password in a separate email.
• Please note that throughout this process we are unable to accept or access links to Google Drives or similar online storage.

Step 3 we will email you information on how much US Federal Aid you can request and a US Loan Request Form that you must complete and return.

• Using the figures provided and your own research please tell us how much you'd like to borrow, and notify us of your personal details. Remember you can only borrow up to your maximum COA.
• Again we recommend you encrypt your loan request, and please email us your password in a separate email. Alternatively, we can send a link to our secure upload system if you request this via email. 

Things to think about - 

• Do you need to borrow the full amount?
• What are your loan options? While the US Federal loans have set fee and interest rates, private loan providers may offer you a better rate if you, or a cosigner, have good credit history. 

Step 4 complete your necessary applications and return the Loan Request Form.

• Subsidized and Unsubsidized Loans 
  • Master Promissory Note - you will need to complete the MPN - MPN
  • Entrance Counselling - you will need to complete EC for the loans taken out in your name - EC

• Parent PLUS Loan - studentaid.gov - Parent PLUS
  • Master Promissory Note - your parent will have to complete the MPN
  • Credit Check - your parent will need to pass a credit check

• Graduate PLUS Loan - PLUS Loan application
  • Master Promissory Note - you will need to complete the MPN
  • Credit Check - you will need to pass a credit check
  • Entrance Counselling - you will need to complete EC for the loans taken out in your name - EC

• Sallie Mae Education Loan - SM Application
  • Sallie Mae will guide you through the application process
• Earnest Loan - Earnest Private Student Loans
  • the Earnest Loan website will guide you through the application process

Step 5 once QMUL has received your loan request and confirmation of your completed documents, we will assess your eligibility against certain criteria. 

Things we will look at include the following, this list is not exhaustive and subject to individual circumstances: 

• Loan history
• Expected Family Contribution
• Other Financial Aid
• Dependency status
• Course data

We are often asked by the US Government to do checks on citizenship, if this is necessary there is a flag on your FAFSA report, and we will contact you for further documentation. 

If changes are needed to your loan provision then we will contact you. 

Step 6 we will originate loans 

Once your loan has been originated we will:

• Send you a formal notification of your loans
• Notify the Fees team, this means they have the data to arrange your fee payment arrangement

Our Admissions team will issue your CAS - full details of the process by the Admissions team is here

The confirmation is your loan certificate which you may need to provide to the UK Visa and Immigration with your visa application. For the purpose of proving to UKVI that you have these loans in place you can only use this loan certificate.  

Further information about applying for a UK Visa be found on the QMUL Website

If your loan is to cover the full cost of your fees then you do not need to make any payment directly to us. In order to complete your enrolment you will need to complete a tuition fee payment agreement - full details of this can be found here. You will not be charged the £50 fee for this if your loan covers the full value of the fees - this should be done at enrolment for new students and before re-enrolment for returning students. 

US Department of Education loans originated by QMUL will be disbursed in equal instalments during each semester.  

Undergraduate - September 2023 start:

• 18th September 2023
• 22nd January 2024

Postgraduate - September 2023 start: 

• 18th September 2023
• 22nd January 2024
• 3rd June 2024

These are the dates we will request the money from the US Department of Education, the first payment date is dependent upon you completing full enrolment for the 2023/24 academic year. Please ensure that you have sufficient funds to cover the period between your arrival at University and your first payment. While we try to get the payment of your maintenance element to you as quickly as possible please ensure you factor in the time it takes to transfer money internationally each term. 

We use Convera to pay the money directly into your bank account - it is best to open a UK account as soon as you enrol, but you can choose to use a US account if you wish. Please note, students receiving USD will receive the surplus GBP amount converted back to USD at live interbank rates.

If you do not provide your account details then you will be issued with a USD draft. Details on how to open a UK bank account can be found here.

Disbursements will be made in £GBP, the exact amount will vary as it is dependent on the exchange rate at the time of disbursement. 

Each disbursement is subject to the following conditions:

• You must be making satisfactory academic progress*
• You are continuing to study at least half-time
• You are not in the USA
• You have not violated any federal compliance regulations
• You will be advised by email that a disbursement is due and its value and how much is due. When you receive this email you may contact us to reduce or cancel the disbursement. 

Please note - if you do not warn us of a required change by the deadline given in the email then you will be responsible for all interest charges and the repayments

*Satisfactory Academic Progress policy can be found here - SAP Policy

Private loans (Sallie Mae/Earnest) 

Private loans are released in one disbursement, this will be released once you have been approved for a loan and are fully enrolled.

Sallie Mae payments will be made in the same way as Federal Aid. We use Convera to pay the money directly into your bank account - it is best to open a UK account as soon as you enrol, but if you do not provide your account details then you will be issued with a UK Sterling cheque. Details on how to open a UK bank account can be found . Disbursements will be made in £GBP, the exact amount will vary as it is dependent on the exchange rate at the time of disbursement. 

Earnest issues their payments to foreign schools by cheque, this is co-payable which means you must endorse the cheque to allow us to cash it. If you are local to the University you can do this in person, you will be notified when this is available. If you are not local the cheque will be sent to you via registered mail and you will be required to sign and return the cheque to us. Once your cheque has been endorsed we will send this to our bank for encashment, this can take time as it is a USDollar cheque however we will monitor this and update your MySIS Finance portal as soon as the funds have been released.

If you have both Federal and Private Loans you will be subject to both payment methods. This means if you have a Sallie Mae loan and a Federal Loan you will get numerous emails from Convera and will have to enter your Bank Account information twice.

As US students can use loans from their government to fund their studies at Queen Mary, the US government requires us to disclose the consumer information listed below.

Financial aid
Information regarding needs based and non-needs based funding available to Queen Mary students can be found on the following pages

Undergraduate - https://www.qmul.ac.uk/undergraduate/feesandfunding/bursaries/

Postgraduate - https://www.qmul.ac.uk/postgraduate/taught/funding_masters/

Research - https://www.qmul.ac.uk/postgraduate/research/funding_phd/

Queen Mary Financial Assistance Fund information can be found here - http://www.arcs.qmul.ac.uk/students/finances/bursaries-grants-scholarships/financial-assistance-fund/

Our Advice & Counselling Service have produced guidance on budgeting and managing money (https://www.welfare.qmul.ac.uk/money/planning-budget-and-managing-money), this includes information about what you need to budget for.

Facilities and services available to students with disabilities
Students should be aware of disability support (http://www.dds.qmul.ac.uk/) and that any related costs can be included in the Cost of Attendance when applying for Federal or private loans.

Academic program information
Information about current academic programmes is available in our undergraduate and postgraduate prospectuses, as well as on our departmental web pages, where you will also find contact details of faculty and departmental staff. Please be aware that the structure of our programmes may be quite different from what you're used to in your own country and therefore it is advisable to consult the relevant academic department about their programmes.

UG - http://www.qmul.ac.uk/undergraduate/index.html
PG - https://www.qmul.ac.uk/postgraduate/index.html
Research - http://www.qmul.ac.uk/research/index.html

Transfer of credits - information regarding APEL can be found in our Academic Regulations -https://arcs.qmul.ac.uk/media/arcs/policyzone/academic/Academic-Regulations-2022-23.pdf

Articulation agreements - http://www.qmul.ac.uk/international/partnerships/articulationpartners/index.html

Leave of Absence (LOA) Policy

Leave of Absence Policy

Admissions policy
Queen Mary's admissions policy for all levels of study can be found here - https://arcs.qmul.ac.uk/media/arcs/docs/admissions-policy-documents/Admissions-Policy-2022-23.pdf

Telecommunications and Distance Learning Courses

Telecommunications and Distance Learning Courses are ineligible for Title IV funding at Queen Mary.

Textbook information
Information about any required and recommended textbooks for your course will be provided to you by your department. Should you require specific information about textbook, please contact the relevant academic department for advice. You are not required to buy books from a specific book shop.

Copyright infringement policies and sanctions
Queen Mary's Policy on Intellectual Property (http://www.arcs.qmul.ac.uk/media/arcs/policyzone/IP_Policy_Final_Senate_March2015.pdf) covers information on copyright infringement policies and sanctions.

School and program accreditation, approval or licensure
In the UK, the power to award degrees is regulated by law and the Privy Council is responsible for the granting of degree awarding powers and university titles. Please see our Royal Charter - http://www.arcs.qmul.ac.uk/governance/council/charter/

Drug and alcohol abuse
The College has a duty to ensure that we comply with the legislation contained in the Misuse of Drugs Act 1971 of the UK. Policies and penalties associated with drug-related offences can be found in Queen Mary's Policy regarding the misuse of alcohol and other drugs: Misuse of alcohol and other drugs by staff and students policy [PDF 22KB]

The USDE provides information on the penalties associated with drug-related offences under the US Higher Education Act (http://www2.ed.gov/policy/highered/leg/hea98/sec483.html) Should you lose eligibility for US Federal Loan as a result of these penalties, we will provide you with a written notice which notifies you of your loss of eligibility and advises you of ways in which to regain eligibility.

Vaccinations policy
For all information relating to health and vaccinations see Health Services (https://www.studenthealth.qmul.ac.uk/)

Completion/graduation and transfer-out rates for students receiving athletically related student aid
Queen Mary does not offer any athletics related aid or scholarships.

Placement in employment
Please see this information here https://www.hesa.ac.uk/news/05-07-2018/employment-of-leavers-tables

Intercollegiate athletic programme participation rates and financial support data
Queen Mary does not have an 'intercollegiate athletic programme' as defined by the US Department of Education.

Security report
Our Security (https://www.qmul.ac.uk/security/campus-security/) have a lot of information on how to stay safe on and off campus, please do read our Personal Safety Guide (https://www.qmul.ac.uk/security/media/securityintranet/documents/19882.pdf) as it gives detailed guidance on how to ensure that you and your property are kept safe.

Privacy of student records
Your rights under the Data Protection Act 1998 are outlined on Queen Mary's Data Protection Policy (http://www.arcs.qmul.ac.uk/media/arcs/policyzone/Data-Protection-Policy-v03.0.pdf)

Should you have a complaint about the processing of your US loan, you have the right to file complaints with the US Department of Education, although it would be preferable that you contact us first so that we can try to resolve the problem for you.

Default Management Plan

The default management plan contains some of the strategies used by Queen Mary University of London to help our students who are in receipt of Title IV Aid to understand the responsibility of borrowing loans to fund their degree studies. The purpose is to reduce the number of students who default on loan repayments Default Management Plan [PDF 668KB]

Micro Internships and SCP

Both of the above are offered as free, and do not earn credits toward a student's degree; they are extra curricular and supplemental.