The maximum amount that you can borrow in each academic year (depending on your eligibility and loan limits) is determined by your estimated Cost of Attendance (COA); an assessment of how much it will cost you to study for one academic year. The amount you can borrow through Direct Loans is determined by your COA and the borrowing limits set by the US Department of Education.
Calculating your Cost of Attendance
Calculate your estimated COA by completing the relevant COA approval application form. We will then check and confirm your COA.
Your COA is calculated to include the following:
- Tuition fees (we will deduct any scholarships that you will receive from this)
- A set monthly amount for living expenses, including books and supplies. These are reviewed on a yearly basis
- One return flight home
- Any fees or charges associated with taking a Direct Loan (usually charged when the loan is paid to you)
- Deductions representing your Expected Family Contribution (EFC)
- Any other Estimated Financial Aid (EFA) that you will be receiving
If you are studying part-time (half-time) your COA will be based on your tuition fee and half of the standard full-time monthly maintenance costs. If you are not studying in the UK you are not eligible for Direct Loans.
Distance Learning COA
If you are studying a postgraduate course by Distance Learning, your COA will be based solely on your tuition fee.
If you are studying a PhD Research course by Distance learning, your COA will be based on your tuition fee and half of the standard full-time monthly maintenance costs.
Neither are eligible for Direct Loans.
US Dollar conversion rate
Your COA is calculated using GBP figures for your tuition fees and living costs. The total COA is converted to US Dollars using an exchange rate set by the University. The rate used for the conversion is set for each academic year based on the market rate.
When we receive a disbursement of the loan it is converted based on the exchange rate we receive. Due to exchange rate fluctuations the GBP figure we receive may be different to that stated on your COA and the GBP value of equal USD disbursements processed at different times may be different.