United States Direct Loan Programme And Private Loans

Please read this web page carefully.

Federal Student Loan Programme Changes for 2012-2013

Loss of Subsidized Loan Eligibility for Graduate/Professional Students:

The Budget Control Act of 2011 was signed into law on August 2, 2011. This Act makes two changes to the Direct Loan. Effective July 1, 2012, graduate and professional students will no longer receive the Federal Direct Subsidized Loan. As a result, graduate and professional students will be awarded Federal Direct Unsubsidized Loan. The annual limit, however, does not change.

Termination of Direct Loan Borrower Repayment Incentives:

Effective, July 1, 2012, the up-front rebate that has been provided to Direct Loan borrowers at the time of their loan disbursement will no longer be offered. As a result, the 0.5% origination fee for the Direct Stafford Loans will be 1.5% and the 2.5 origination fee for the Direct PLUS Loans will be 4.0%.

For information about interest and the origination fee which is deducted at disbursements please see the link below:

http://www.direct.ed.gov/student.html

Loans and Eligibility

The University of Sheffield participates in the William D. Ford Federal Direct Loan (Direct Loan) Programme and our School code is G08398. As an American national or permanent resident you can apply for a loan if you have accepted an offer of a place at the University of Sheffield. Loans need to be applied for on an annual basis. Direct loan applications for the 2012/13 academic year can be submitted after, 1 May 2012, please see the (download box) Guidance Notes and Loan Flowchart, in the first instance.

You must make sure Direct Loans know you intend to study at a UK School. The School will confirm student eligibility and determine their loan award. We will report student registration status and loan periods (Students must be studying Full-time or at least Half-time). Students studying off campus i.e. attending City College in Thessalonica, Sofia and Tirana, Students returning to the States to conduct fieldwork/research/writing up their thesis or Distance Learning students will not be eligible for Federal Loans but can apply for a PRIVATE LOAN (see Private Loans below).

Which programmes are eligible for financial aid?

Our eligibility certificate permits the University to provide financial aid for the following programmes:
• Associate Degree programmes
• Bachelor’s Degree programmes
• First Professional Degree
• Master’s Degree or Doctor’s Degree

The following programmes are NOT eligible for financial aid:

• Certificate & Diploma Programmes
• Distance Learning Programmes
• Veterans Affairs (VA) Programmes
• Students intending to study within the Faculty of Medicine/Dentistry eg MBChB, BDS, MPH etc.. (email usloans@sheffield.ac.uk for clarification on this matter)
• Students studying off campus i.e. attending City College in Thessalonica, Sofia and Tirana
• Students returning to the States to conduct fieldwork/research/writing up their thesis
• Visiting & exchange students (They apply through their home institution)

How much can you borrow - Cost of Attendance

You may borrow up to the Cost of Attendance and no more. To calculate your loan amount we add your tuition fee and estimated living cost together then deduct any scholarships/fee reductions etc; and any EFC from your SAR. We estimate that students will need approx £7500 for living cost per year which includes accommodation and £4800 per year for each dependant (spouse or child). We advice students to have funds available to cover the first couple of weeks in Sheffield.

EXAMPLE A: A graduate student COA spreadsheet indicates that you are in need of $42,000 after taking into account any scholarships/fee waivers and any EFC. You borrow $20,500 unsubsidised and the remaining amount of $21,500 can be taken on a PLUS Loan making a total loan amount of $42,000.

EXAMPLE B: An undergraduate student COA spreadsheet indicates that you are in need of $42,400 after taking into account any scholarships/fee waivers and any EFC. You borrow $4,500 subsidised and $6,000 unsubsidised and the remaining amount of $31,900 can be taken on a PLUS Loan making a total loan amount of $42,400.

How to Apply

Most of the work is completed 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 Guidance Notes and Loan Flowchart along with the Cost of Attendance Spreadsheet. Follow the instructions in the flowchart and complete the spreadsheet Cost of Attendance page and the Checklist page (SEE DOWNLOAD BOX ON RIGHT). Then send an email to usloans@sheffield.ac.uk with all the documents attached. YOU MUST USE THE SPEADSHEET & CHECKLIST IF ANY DOCUMENTS ARE MISSING FROM YOUR EMAIL WE CANNOT PROCESS YOUR APPLICATION. We will mail you a Notification of Loan Letter showing the amount of Loan you will be receiving for the academic year. This letter can be used to apply for your Visa application and will be mailed by recorded delivery to your home address on or around the 9th July 2012, providing the documents you supplied are correct and in order. You must have officially accepted your offer of a place at the University in order for us to deal with your application in the first instance.

To assist students when completing the COA spreadsheet see Tuition Fee links below:

Postgraduate Taught Tuition Fees

Postgraduate Research Tuition Fees

To complete Entrance Counselling and more information on the Direct Loan Scheme please see the link below:

Direct Loans

Opening a bank account & How the funds will be paid to you

Funds will be paid to the University where our Finance Department will take out the Tuition & Accommodation Fees (if applicable) and arrange a cheque for the remaining balance to be paid to you. With this cheque it is advisable that you open a UK bank account once you arrive in the UK. You can open a student account at any high street bank. For more details on the payment procedure please contact Fiona Crossley in the Income Office, Finance Department f.crossley@sheffield.ac.uk

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 usloans@sheffield.ac.uk

NOTE: IF YOU FORGET TO EMAIL YOUR PROMISSORY NOTE WE WILL NOT BE ABLE TO CERTIFY YOUR SMART LOAN.

Please see the following links below:

Sallie Mae Private Student Loans

Global Education Management Services (GEMS)

Students wishing to defer previous loans should hand or mail their loan deferment form to Mrs Marie Hezseltine, Financial Support Team, The University of Sheffield, Ground Floor, Edgar Allen House, 241 Glossop Rd, Sheffield, S10 2GW.

For information about visas and immigration, please go to the link below: