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LIVE Q&A Session - 19 November, 3pm EST
Do you have questions about US Loans and Federal funding? Join us on 19 November at 3pm EST to find out more and meet our dedicated US Loans officers:
If this time doesn鈥檛 suit you, you can book a meeting with Beth Thomas, International Officer for the Americas, to ask your questions:
US Loans Glossary
The glossary provides explanations for different words that are commonly used. Please note these are听not legal definitions.
If you can't find what you're looking for here, try the听. 听
|
Term |
Definition |
| COA is the amount it will cost a student to go to school. | |
| CAS is the process international students go through before they get their UK visa.听 | |
| Direct PLUS Loans are loans that parents of dependent undergraduate students can use to help pay for education expenses. | |
| A Direct Subsidized Loan is a type of federal student loans (made through the William D. Ford Federal Direct Loan Program), where a borrower isn鈥檛 generally responsible for paying interest while in an in-school, grace, or deferment period. | |
| Enrollment status is reported by the school you attended, and indicates whether you are, or were, full-time, three-quarter time, half-time, less than half-time, withdrawn, graduated, etc. | |
| Entrance Counselling explains the rights and the obligations you agree to meet as a condition of accepting a Direct Loan. | |
| Exit counselling provides important information that you need as you prepare to repay your federal student loan(s). | |
| The Federal Family Education Loan (FFEL) Program was a program that worked with private lenders to provide education loans guaranteed by the federal government. | |
| Half-time enrollment is an enrollment status applied to students who are only enrolled in half of the expected full-time course load. Half-time enrollment can affect the cost of attendance (COA), and each school may have different specifications for what qualifies as half-time enrollment. | |
| A homeless individual is someone without a home who generally lives in shelters, parks, motels, hotels, cars, or with someone else due to not having anywhere else to live. Homeless individuals can still receive federal student aid. | |
| A Loan Disbursement is a portion of a federal student loan that the school pays out by applying the funds to the student's school account or by paying the borrower directly. | |
| An MPN is a legal document that contains the Borrower鈥檚 Rights and Responsibilities, and Terms and Conditions for repayment. | |
| We use the Common Origination & Disbursement Website to perform a variety of functions related to student/award/disbursement data for Direct Loan programs. 51短视频 usually originate loans in early August.听 | |
| Satisfactory academic progress is the process a school uses to determine if a student is meeting all of their educational requirements, and is on target to graduate on time with a degree or certificate. | |
| An unsubsidized loan borrowed through the Direct Loan Program offers undergraduate, graduate, and professional students a low, fixed interest rate and flexible repayment terms. You don鈥檛 need to show financial need to qualify. |
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US Loans FAQs
Before you apply
1 . What types of federal student loans are available?
The U.S. Department of Education鈥檚 program is the . Under this program, the U.S. Department of Education is your . In 51短视频, we accept:
- made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
- made to eligible undergraduate, graduate, and professional students, but eligibility is not based upon financial need.
- made to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
2. How much can I borrow?
The maximum amount we can certify as loans is the full Cost of Attendance (CoA) minus any other aid (i.e. scholarships/bursaries). It is up to you to determine how much you want to borrow, up to the maximum available.
3. When should you apply for your loan and how long will it take to process?
We begin processing loans for the new academic year around March. The loan approval process can take up to six weeks during peak processing periods or longer if there are difficulties with your application. It is your responsibility to ensure that a complete loan application is submitted in a timely manner.
4. Do you accept 529 Saving Plans?
The short answer is Yes. The Internal Revenue Service (IRS) defines eligible institutions as "any college, university, vocational school, or other post-secondary educational institution eligible to participate in a student aid program administered by the Department of Education," including certain foreign institutions. Email usloans@abertay.ac.uk to discuss further.
During your application
1. How will I know if I have been accepted for a loan?
Your Federal Loan Offer Notification Letter confirms the options of your loan(s).
2.Do I need to pay the deposit if I receive a Direct Loan?
Once a US Federal Loan that fully covers the fees amount is officially confirmed and approved, the deposit can be waived. Your Loan Confirmation Letter can be used as a proof of funds for CAS Shield.
After you apply
- When will I receive my financial aid?
We are only able to make loan payments AFTER you are fully enrolled on your programme and physically in the UK.
In 51短视频, the loan disbursements are usually made in Oct and Jan for undergraduates and Oct, Jan, June for postgraduate students. First time borrower may subject to a 30 days delay in their first disbursement. Sallie Mae loan is disbursed in one lump sum usually one week after the Oct direct loan disbursement.
2. What if you want to increase, decrease or cancel your loans?
You have the option to increase, decrease or cancel your loans at a later date during the academic year, provided you give us a minimum of 20-day notice on the disbursement date as stated on your Notification letter. Any increase or decrease will be spread across any remaining disbursements.
3. What happens if you withdraw or interrupt from your course?If you are considering withdrawing or interrupting from your course, speak to your school for academic guidance and to the US loan team for US financial guidance.
If you withdraw or interrupt from your course, you must write to the US Loan team and to your , notifying them of your decision to withdraw or interrupt. You must do this within five days of withdrawing or interrupting from your course. You are also required by US law to complete .
