Academic Registry
US Loans Scheme
What support is available?
An American National or permanent resident can apply for a loan if you have accepted an offer of a place at the University of Portsmouth. We are an eligible Federal Loan institution and our school code is G21159.
Direct Loans
Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost whilst studying here at the University of Portsmouth. Eligible students borrow directly from the U.S. Department of Education (the Department).
Direct Stafford Loans include the following types of loans:
- Direct Subsidized Loans - Direct Subsidized Loans are for students with financial need. We will review the results of your Free Application for Federal Student Aid (FAFSA) and determine the amount you can borrow. You are not charged interest while you’re in school at least half-time and during grace periods and deferment periods.
- Direct Unsubsidized Loans - You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, your school will determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
The Parent Plus loan – Parents of dependent students may apply for a Direct PLUS Loan to help pay their child's education expenses as long as certain eligibility requirements are met. For further information, visit www.studentaid.ed.gov
The GRAD Plus Loan – Graduate and professional degree students can borrow a Direct PLUS Loan to help cover education expenses.
The terms and conditions applicable to PLUS Loans for parents also apply to PLUS Loans for graduate and professional students. These terms and conditions include:
- a determination that you (the applicant) do not have an adverse credit history; and
- a fixed interest rate of 7.9% for Direct PLUS Loans.
How much can I borrow?
The table below shows the amounts of Direct loans a student can borrow depending on the course and year they will attend.
| Year of course | Sub loan | Unsub loan | Total loan | |
| Dependent Undergraduate 1st year 2nd year 3rd year |
$3500 $4500 $5500 |
$2000 $2000 $2000 |
$5500 $6500 $7500 |
Origination Fee 0.5% deducted at Disbursement |
| Independent Undergrad 1st year 2nd year 3rd year |
$3500 $4500 $5500 |
$6000 $6000 $7000 |
$9500 $10500 $12500 |
Origination Fee 0.5% deducted at Disbursement |
| Graduate/professional | $8500 | $12000 | $20500 | Origination Fee 4% deducted at Disbursement |
Any Parent Plus loan (available to UG dependent students only), Grad Plus or Private loan is intended to cover any remaining costs of attendance the student has, without any set annual maximums.
You will be classed as an Independent student if you meet one or more of the following criteria:
- You were born before January 1, 1987.
- You are married when you apply for the loan.
- You are an orphan or ward of the court, or was so until age 18.
- You are a US armed forces veteran.
- You have children.
- You are currently serving in the US military.
The cost of Attendance includes Tuition fees and living costs and is set by the institution. Below is a guide to the cost of attendance you can expect for our institution.
| Tuition Fees | Fee Band 1: £9,600 Fee Band 2: £10,100 Fee Band 3: £11,000 |
| Room | Halls of Residence: £74-£117 p/w Private Lodgings: £70 - £75 p/w |
| Board | £30-£35 p/w |
| Utility Bills | £10-£15 p/w |
| Travel to/from University | £5-£10 p/w |
| Personal (e.g Phonecard, T.V licence, toiletries) | £25-£30 p/w |
| Leisure | £25-£30 p/w |
| Study Materials (incl. Laptop) | £850 p/y |
| Travel to/from U.S. | £1,500 p/y |
What is the repayment period?
These loans can be repaid within a period of 10 to 15 years depending on what is arranged with the lender. Repayment normally starts 6 months after completion of the course, withdrawing or dropping below 50% attendance. There are no early repayment penalties on any of these loans. Students can also defer repayments on previous Direct, Grad Plus and Private loans whilst you are attending an educational course full time at another eligible institution.
When should I apply?
Student’s will need to apply for these loans on an annual basis and would be recommended to start the application process anytime from the 1st March each year, although the FAFSA applications can be submitted anytime from Jan 1st. PLUS and Private loan applications should be applied for no earlier than 6 months prior to the start of the course.
Any application being received within a month of the course start date cannot be guaranteed to be processed in time for the start of the course or to provide the required documentation for any Visa.
How can I apply?
All students should apply for the Direct loan before any other funds as it is the most beneficial loan available to students. You would need to complete this process on an annual basis, should you wish to receive further loans for subsequent years.
- Students would need to complete a financial aid form through the FAFSA website (www.fafsa.ed.gov) to generate the essential Student Aid Report.
- Using your unique PIN, you must then log onto www.studentloans.gov and sign the Master Promissory note (MPN) and complete Entrance counselling.
Once this is complete, you must send an email to directloan@port.ac.uk to notify us that you wish to participate in the Direct loan program. We 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.
When will the funds be disbursed?
We will request that your Direct and/or Plus Loans are disbursed in three termly installments, in accordance with US laws. The first disbursements of any Direct or PLUS loans will be requested to be available to collect from us once you have enrolled for the start of relevant academic year. The subsequent installment of loans will be available at the start of each term.
Please note that the first and last disbursements will not be issued without prior completion of Entrance & Exit counselling which can be found at www.studentloans.gov
NOTES
Tuition fee deposits of £1,000 must be paid prior to your CAS statement being released by the University’s admissions team. Unfortunately, we are not able to issue any loan funds to help pay this deposit so you must arrange payment of this yourself. Once you are enrolled onto your course, we will deduct this deposit from your tuition fee amount.
If you will be receiving loan funds to cover your living expenses, please remember that you won’t receive your first disbursement until on or around the first day of term. You must plan ahead and ensure that you have enough money to live on from when you arrive in the U.K until this date.
A time line of how we administer Direct loans can be found here.
Private Loans
The only private loans 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 directloan@port.ac.uk
To apply please click on the following link Sallie Mae http://www.salliemae.com/international/us_students/
Satisfactory Academic Progress
All students applying for or receiving US Federal Aid (subsidized, unsubsidized and PLUS) must progress satisfactorily towards completion of a chosen academic program in order to remain eligible to receive US loan support.
The guidelines below have been established to encourage students to successfully complete the academic program they attend and continue to receive Financial aid.
A student:
- Should not exceed 150% the published time frame for the course and should remain at least half time
- Should pass the course/modules with a minimum of grade C to confirm they are making satisfactory progression.
The Satisfactory progression to retain Financial Aid is entirely separate from the academic requirements to remain on the course and does not guarantee the outcome of the students course. Satisfactory Academic progress will be checked before any loan funds are released to a student.
Financial Aid Probation and/or suspension
Should a student not meet the above mentioned procedures for Satisfactory Academic Progression, the university has agreed to place students on probation for the following term, until more credit marks become available or the failed module can be re-sat. Academic Registry would confirm any probation or suspension period in writing with the individual student should this situation arise.
If the student does not achieve satisfactory progress within the allotted timeframe, the student may lose their entitlement to US Loan support.
Further information detailing the University’s Academic Regulations can be found at
http://www.port.ac.uk/accesstoinformation/policies/academicregistry/filetodownload,35507,en.pdf
Tuition Refund Policy
Please visit http://www.port.ac.uk/accesstoinformation/policies/academicregistry/fees/filetodownload,128942,en.pdf to view our tuition fee refund policy.
The following is an addendum for students who are utilising US Federal student aid funds.
If a student who receives financial aid withdraws from the institution, the university will recalculate your Financial Aid eligibility based on the period of attendance. As a result you may be required to pay back money to the US federal Government from the Federal Stafford subsidized and unsubsidized or PLUS loans you may have received. The institution may also have to repay any funds received for tuition to the US Federal government. As such you may requested to make an additional fee payment to the school to replace these funds.
Pro-rata refund calculations apply for any student who withdraws within 60% of the payment period. If a student withdraws prior to completing 60% of each payment period, the university will calculate the amount of funds to be returned based on your period of attendance for that specific term. The last date of attendance will be the date confirmed by the program office and the calculations undertaken are those that are set by the Department of Education in the US and cannot be altered.
Students who wish to suspend their studies (Leave of Absence) are entitled to do so however, leaves of absence must not exceed a total of 180 days in any 12-month period including days in which the University is not in session, together with any additional leave of absence. Please contact us for further information if you are thinking of suspending your studies.
Any enquiries regarding the US Loan Scheme should be directed to:
Miss Hayley-Marie Jacks
Student Administration Division
Academic Registry
University House
Winston Churchill Avenue
Portsmouth
Hampshire
PO1 2UP
United Kingdom
Email: directloan@port.ac.uk
Telephone: (+44) 23 9284 3492
Fax: (+44) 23 9284 3082