US Loans - Federal Aid

Federal Aid for American students for 2011/12

Application 2011/12

Please note: Loans for the academic session 2011/12 cannot be submitted to the Fees and Funding Office until May 2011 onwards. Information on this webpage will be updated shortly. Please bookmark and review this page from May onwards.

All government loans changed to Direct Lending for the year 2010/11 onwards.

At the University of Surrey, all US Loan administration is handled by the Fees and Funding office.

You may borrow up to the Cost of Attendance and no more. The Cost of Attendance spreadsheet is set by the school but may be adjusted by the student to reflect their specific unusual needs on the spreadsheet and keeping within reasonable parameters. The spreadsheet will give warnings if too much loan is requested. Two types of loans are available to you, private loans and government loans.

Government Loans

There are no Title IV or FFELP loans. There are no lenders providing federal backed loans. From 1st July 2010 all federal loans will be Direct Lending.

The loans available are:

Subsidised:
Fixed max value, No interest charged while in school
Origination Fee 0.5% deducted at Disbursement

Unsubsidised:
Fixed max value, Interest charged while in school
Origination Fee 0.5% deducted at Disbursement

PLUS Loan:
Max value set by School (Cost of Attendance), Interest charged while in school.
Origination Fee 4% deducted at Disbursement

Eligibility for loans:

  • General Course Students: your loans are handled through your college in the USA
  • University of Surrey Degree Students: may borrow up to your Cost of Attendance
  • Cost of Attendance: the absolute limit of borrowing – there are no exceptions
  • Cost of Attendance (CoA): is set by University of Surrey

You will need to complete the Free Application for Federal Student Aid (FAFSA), just as you did under the FFEL Program.  We will use the information from your FAFSA to assist in determining your eligibility for a Direct Subsidized Loan and/or a Direct Unsubsidized Loan.

  • You may complete the FAFSA electronically via the FAFSA on the website at www.fafsa.ed.gov
  • To complete the FAFSA electronically, you must have a Federal Student Aid PIN.
  • To apply for a PIN if you do not already have one, or for customer service regarding a previously assigned PIN, visit the Federal Student Aid PIN website at www.pin.ed.gov
  • After the Department 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.
  • The University of Surrey’s ID number is G09860

Direct Loan MPN Completion

You must complete a Direct Loan Master Promissory Note (MPN) for each loan type you wish to borrow.  Although you may have previously signed an MPN to receive FFEL or Direct Loan Program loans, these MPNs cannot be used to make Direct Loans at our school.

The MPN is the legal document through which you promise to repay your Direct Loans and any accrued interest and fees to the Department.  It also explains the terms and conditions of your loans.  In some cases, a Direct Loan MPN can be used to make loans for up to ten (10) years.  However, you will need to complete a new Direct Loan MPN each academic year that you receive a Direct Subsidized Loan and/or a Direct Unsubsidized Loan at our school.

  • You may complete a Direct Loan MPN electronically via the StudentLoans.gov website at https://studentloans.gov (from May 1, 2011 for 2011/12)
  • To complete a Direct Loan MPN electronically, you must have a Federal Student Aid PIN.  This is the same PIN used to complete the FAFSA.
  • After you complete your MPN, you will be able to print and retain it for your records.  You do not need to provide us with a copy; we will be notified electronically of your completion.

Notification of Award and Loan Certification

Once you have completed the MPN the University will notify you of the maximum amount you can borrow through the various programs. This will depend upon your intended program of study, Estimated Family Contribution, other funding and Cost of Attendance. If you do not wish to borrow the full amount on your Award letter you must contact me in the Fees & Funding Office to cancel or reduce your loan amounts. You will also need to complete Entrance Counseling. This is done online and details of this will be sent to you once you your loans have been certified.

Once we have verified you are expected to enrol here and you have completed Entrance Counseling, your loan can be disbursed but only up to seven days before the start of your programme. Federal loans will be disbursed in 2 instalments and must be allocated to any due Tuition or Hall fees first. This will clearly affect your financial plans for the year and the options available to you.
You should email kate.hedley-boxall@surrey.ac.uk if you have any questions.

As you can see this is a long process. In order for you to have your payment disbursed in time for the start of session you will need to have completed your FAFSA and signed the MPN by early July if possible. You will also need proof of funding for your visa application.

Disbursement of Funds

The loans will be disbursed to the University of Surrey who will then arrange to convert the loans to pounds sterling. Once we know the amount in pounds received, the money is allocated to tuition and accommodation fees as laid down in the US Dept of Education regulations, before any excess is returned to you. You will then be notified of how the loan has been allocated.

Direct Loan Entrance Counseling Completion

If you are an undergraduate or graduate/professional student and have not previously received a FFEL Stafford Loan, Direct Subsidized Loan, or Direct Unsubsidized Loan, you must complete Direct Loan Entrance Counseling before you can receive a Direct Loan.

  • You may complete Direct Loan Entrance Counseling electronically via the StudentLoans.gov website at https://studentloans.gov
  • To complete Direct Loan Entrance Counseling electronically, you must have a Federal Student Aid PIN.  This is the same PIN used to complete the FAFSA.
  • After you complete entrance counseling, we will be notified electronically.
  • You will need to complete Entrance Counseling for each type of Loan you borrow (eg Stafford and PLUS).
  • Parents are not required to complete Entrance Counseling for a Parent PLUS loan.

How much can you borrow – Cost of Attendance

Our Cost of Attendance Spreadsheet has all this information built in as you complete the form. To see the full details for all programmes and years, please look at the Student Aid website.

How to Apply

Most of the work is done on-line by the student. The school will not know you are making a genuine application, nor know how much you wish to borrow until you send us the information we need.

You must download the Application Flowchart and the Cost of Attendance Spreadsheet. Follow the instructions in the flowchart and complete the spreadsheet Cost of Attendance page and the Checklist page. Then send an email to kate.hedley-boxall@surrey.ac.uk with all the documents attached.

YOU MUST USE THE SPREADSHEET & CHECKLIST

IF ANY DOCUMENTS ARE MISSING FROM YOUR EMAIL, WE CANNOT PROCESS YOUR APPLICATION

Documents to download:

 



Private Loans

The only private loan currently available to students at foreign schools is the Smart Loan from Sallie Mae.

To apply for a Smart Loan, you must apply on-line and then send a copy of your e-signed Promissory Note to kate.hedley-boxall@surrey.ac.uk

To apply please click on the following link Sallie Mae.


IF YOU FORGET TO EMAIL YOUR PROMISSORY NOTE, WE WILL NOT BE ABLE TO CERTIFY YOUR LOAN


Useful Contacts

US Department of Education (202) 377 3168 or (213) 345 2104