INFORMATION FOR PROSPECTIVE STUDENTS

1.1 Calculating Your Cost of Attendance

The Cost of Attendance (CoA) is the amount of money a student needs to pay their tuition fees, living expenses and course materials for an academic year. The living expenses and course materials are up to a maximum of £17,000 for full-time graduates (52 weeks), £12,750 for full-time undergraduates (39 weeks). Most students will need a combination of loans (subsidised, unsubsidised and plus loans) to cover the full CoA. Half-time students will be eligible for 50% of the living and course material costs.

1.2 Breakdown

The weekly breakdown of living and course costs are as follows:

1.3 Estimated Family Contribution

The Estimated Family Contribution  (EFC) is based on the information you provided in the FAFSA about you or your family’s income for the year prior to the year for which you are requesting the loan. This is the amount of funding that your U.S Department of Education expects you and your family to contribute towards funding your studies.  The EFC only effects the Direct Subsidised loan eligibility.

1.4 Effective Financial Aid

The Effective Financial Aid (EFA) is any other funding you are expecting to receive to fund your studies. This includes scholarships, grants, bursaries (ex. Veterans Affairs Benefits). You are required to inform the UCL Student Funding Office about any funding you have secured for your studies at UCL. 

1.5 Loan Entitlement

The following formulas are used to calculate loan entitlements:

*Within maximum annual and aggregate loan borrowing limits. 

Please note from 1 July 2012 graduates are not entitled to a Direct Subsidised Loan but may apply for up to $20,500 from the Direct Unsubsidised Loan (subject to approval by the UCL Student Funding Office).

1.6 Workout your own estimate CoA

Using the CoA Calculator you can calculate your own estimate CoA. You will need your tuition fee rate available. Please note: living and course material costs can not exceed the limits mentioned above.

2.1 Complete Your Free Application for Federal Student Aid (FAFSA)

You will need to complete the FAFSA, this can be done online at www.fafsa.ed.gov. You will need the following information to successfully complete the application:

• A Federal Student Aid PIN. For queries contact Federal Student Aid PIN;
• Your Social Security Number;
• Your tax return (if you filed one);
• Your parents’ income tax return for the past year (dependent students only);
• UCL’s Federal School Code G06695.

After the U.S. Department of Education processes your FAFSA, you will receive a Student Aid Report (SAR). Please retain the SAR for your records and be prepared to provide it to us if we ask.

Please note we do not know you have completed the FAFSA until you contact the UCL Student Funding Office.

2.2  Master Promissory Note

Each year a Master Promissory Note (MPN) must be completed for the Direct Subsidised/Unsubsidised Loans and another for the Direct Plus Loan. MPNs completed for other schools and previous school years are invalid. Please complete the MPN electronically via the U.S Student Loans website. To complete a Direct Loan MPN electronically you must have your Federal Student Aid PIN. After you complete your MPN(s), please send us a PDF copy in your application pack.

2.3 Entrance Counseling

If you have not previously received a FFEL Stafford Loan or Direct Loan before you must complete Direct Loan Entrance Counseling. You can complete Direct Loan Entrance Counseling electronically via the U.S Student Loans website, you will need your Federal Student Aid PIN. After you complete your entrance counseling, please send us a PDF copy of the notification in your application pack.

2.4 Plus Loan and Credit Check

To request a Plus loan please complete the Direct PLUS Request electronically via the U.S Student Loans website, you will need your Federal Student Aid PIN. After you complete your Direct PLUS Request, the U.S Department of Education will conduct the credit check and notify you of the results. Please enclose the notification of outcome of the credit check in your application pack as a PDF file.

2.5 Application Pack to send to UCL

Please download and complete the Direct Loan Cover Sheet. Please ensure you have worked out your estimate Cost of Attendance by completing the Cost of Attendance Calculator, you will need your tuition fee rate available here. 

Please include all the following documents in your application pack as PDF files:

• Direct Loan Cover Sheet;
• Copy of Entrance Counseling completion report (first-time borrowers only);
• Copy of notification of result of plus loan credit check;
• Copy of MPN for each loan.

Please email all the above documents to us-cdn-loans@ucl.ac.uk.

Please note: Incomplete applications will not be processed!

2.6 UCL's Confirmation to You

After we review your application for a Direct Loan, we will contact you by email confirming the loans available to you. We will then issue you with a Notification of Student Loans, this letter has already been approved by the UK Border Agency as proof of student funding, only the original copy will be acceptable. The letter will detail the loan funds available to you and the disbursement dates. You will also receive a separate letter confirming the same information for your records and a reply slip which you will need to sign and return to the Student Funding Office before your funds can be requested from the U.S Department of Education. 

3.1 Disbursement Dates

Direct Loans are disbursed by the U.S. Department of Education electronically to UCL. The funds will be disbursed in three equal instalments at the start of each term;
24 September 2012, 7 January 2013 and 22 April 2013. The funds usually take between one to two working days to arrive at UCL. Please note the first disbursement will not be requested until you have enrolled at UCL. Funds may not be disbursed until 30 days after the start of the academic year for first time undergraduate borrowers.

3.2 Loan Fees

The U.S. Department of Education applies a 0.5% fee charge on Direct Subsidised and Unsubsidised loans, 2.5% on Direct Plus loans. UCL does not charge any loan fees. UCL’s third party agent Travelex, acts on our behalf receiving the USD loan funds and converts this into the equivalent GBP according to the daily exchange rate.

3.3 Paying Your Tuition Fees

Loan funding will first be used by the Student Fees Office to pay the first third of your tuition fees (U.S. students with Direct Loans are allowed to pay their tuition fees in three instalments at the start of each term). Any balance due will be available to you within three to five working days.

3.4 Receiving Your Living and Course Materials Funding

As loan funds will not be requested until you enrol at UCL, please ensure you have sufficient money to cover your living and course costs until you receive your first loan disbursement. The first refund payment will be made by GBP cheque only, the Student Fees Office will email your UCL email account only when this is available for collection. Further instructions for the second and third payments by bank transfer via our third party agent Travelex will be provided at this point.

Dependant on your bank account cheques will normally take between three to five working days for funds to clear. Where possible we advise all students to open a UK bank account, so you can have easy access to your funds and avoid any possible bank charges incurred when using your USD bank account in the UK.

The U.S. Department of Education stipulate that the following regulations apply:

4.1 Satisfactory Academic Progress Review

You must be in good standing and maintain Satisfactory Academic Progress each term according to UCL's Academic Regulations. A Satisfactory Academic Progress review form must be completed and returned by your tutor at the mid-point of your programme each academic year. Please note loans will not be requested for the summer term unless a completed form is returned to the Student Funding Office.

4.2 Counseling

Entrance and Exit Counseling must be completed at the appropriate times. All new students who have not received a FFEL Stafford Loan or Direct Loan must complete entrance counseling prior to any funds being requested from the U.S. Department of Education. All final-year students must complete exit counseling in their last term at UCL. If students withdraw early from their programme, they must complete exit counseling and any unearned funding must be returned to the U.S. Department of Education.

4.3 Programs/Study Periods based in the U.S.

Any student on a programme based in the U.S. will not be eligible for Direct Loans. Any unit of a programme based in the U.S. for that duration, will make the student ineligible for Direct Loans. Graduate research students on study leave based in the U.S. are not eligible for Direct Loans.

4.4 Course Duration

Students must complete their programme within a time frame of no longer than 150% of the published length of the course. We will be unable to certify a loan application, unless exceptional circumstances apply.

4.5 Changes to Enrolment Status

If your enrolment status changes (e.g. from full-time to half-time) you will need to inform the Student Funding Office. This will affect your loan eligibility and we will need to re-calculate your Cost of Attendance based on your new student status. If students withdraw early from their programme, they must complete exit counseling and any unearned funding must be returned to the U.S. Department of Education according to their guidelines.

4.6 Additional Funding

Students are required to inform the Student Funding Office of any additional funding (expected or received) before and after their student loan entitlement is calculated. Please email us-cdn-loans@ucl.ac.uk with any such information.

4.7 Borrowers Right to Cancel

Students will be notified by email 14 working days before each loan disbursement is requested, and have 14 working days to change/cancel any expected loan disbursements. After this period has expired students will be responsible for returning any unwanted funds to either the U.S. Department of Education or the Loan Servicer.

5.1 Deferment of an Existing Loan

If you are enrolled in full/half-time study, you can defer payment of your outstanding student loans. Please request a deferment form from your Lender and submit it to the Student Funding Office by email: us-cdn-loans@ucl.ac.uk. Please note deferment forms will not be signed until the borrower is enrolled at UCL. We also submit enrolment data twice a year to the National Student Clearinghouse and National Student Loan Data System (NSLDS) who confirm student enrolment to all Lenders.

5.2 For information about Loan Repayment, Grace Periods and Consolidating Loans please click here

6.1 Other Sources of Funding:

• UCL Scholarships
• SMART Loans
  
• U.S Veteran Benefits including Post-9/11 GI Bill

6.2 Useful websites:

• FAFSA
• Direct Loans
• U.S Student Loans
• Student Guide
• Student Aid Home Page
• UCL: UK Visas Information
• UCL: Information for prospective international students