US Loans

Types of Loan available

Undergraduate students, parents of undergraduate students and postgraduate students can take loans to support university education. There are four different loans available –

Federal Direct Stafford Loan

This loan is available to eligible students who complete a Free Application fro Federal Student Aid (FAFSA). These loans are made up of a Direct Subsidised or Direct Unsubsidised Stafford Loan, or a combination of these loans. These loans are awarded on the basis of financial need and do not require credit approval.

Federal Direct Parent Plus Loan

Parents of dependent undergraduate students can borrow a federal Direct Parent Plus Loan to help pay for educational costs. Plus loans are the financial responsibility of the parent and not the student. A credit check is conducted when this loan process is started.

Federal Direct Graduate Plus Loan

The Federal Direct Graduate Plus Loan is a federal loan that students with a good credit history may borrow to help pay education expenses. It is necessary to apply for the maximum available to you from the Direct Subsidised Loan and Direct Unsubsidised Loan before applying for the Graduate Plus Loan.

Private Loans

Private loans are non-federal educational loans taken through a private provider. These are usually in the student’s name, along with that of a co-signer. Each lender has differing terms and conditions and eligibility requirements. Students would normally explore what is available to them under the Federal Loans scheme before looking into a private loan.

Procedure

Please note that the University’s School Code is G33494

1 - Complete a FAFSA

Please go to www.fafsa.ed.gov in order to complete a ‘Free Application for Federal Student Aid’. This will generate a Student Aid Report (SAR) which you should send by email to the university. We will use the SAR to calculate the amount of loan available, this is often referred to as your Cost of Attendance. Your Cost of Attendance will highlight the maximum amount of each type of loan (see above) available to you. You then will need to confirm with the University whether you wish to take the full amounts available or request only a proportion of the loan to be paid.

2 – E Sign your Master Promissory Note (MPN)

Once you have been contacted by the university with the maximum borrowing amounts available to you and you have then informed the university of what you intend to borrow please go to www.studentloans.gov in order to sign the MPN. The university cannot approve your loan until this has been done.

3 - Complete Entrance Counselling

Entrance Loan Counselling must also be completed by you so that you have confirmed that you understand the implications of taking these loans. Please go to www.studentloans.gov in order to complete this. The university cannot approve your loan until this has been done.

Contact us

For further information, please contact rilo@qmu.ac.uk. Alternatively you can call us on +44 131 474 0099.

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