Applying for loans

Title IV Direct Loan

You must meet the general eligibility criteria to be able to apply for Title IV loans. You can find out more about eligibility on the StudentAid website. To enable to University to check your application and process any Title IV Direct Loans, you will need to:

• Apply online for a Federal Student Aid PIN so you can complete your Free Application for Federal Student Aid (FAFSA). Please ensure that you include the federal school code G22291 for University of Leicester.
• Complete entrance counselling for each loan type you are applying for.
• Complete a Master Promissory Note (MPN) for each loan type you applying for. The Master Promissory Note is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). You are required to complete a new MPN for each loan year and each type of loan you request.
• From the 2022-23 Award Year, any student or parent borrower wishing to receive a Federal Loan will be required to complete the Annual Student Loan Acknowledgement (ASLA). This has been implemented to ensure students and parents are acknowledging their responsibilities to repay the loan, any previous borrowing and the remaining eligibility for further Federal Loans. It will also help develop further understanding of how loans affect borrowers’ financial future.
• Review the Cost of Attendance page so that you can see how your borrowing limit will be calculated. 
• Contact the US Loans Team [email protected] to confirm you wish to borrow Federal Loans so your Cost of Attendance can be created, and your Funding notification Offer can be sent to you to review. Notify them of any other funding sources you have and where you intend to live during your studies (On or Off Campus)

In order to process any Direct Loans you apply for we are required to share your personal data with the U.S. Department of Education.

Renewing your Title IV Direct Loan each year

As long as you remain eligible to receive Title IV Direct Loan you can renew your loan where your course lasts longer than one academic year. To renew your loan follow the same steps as above. Guidance is available on maintaining your eligibility.

Private loans from Sallie Mae

Please note the University of Leicester advises students that we are only aware of Sallie Mae and Earnest in terms of private lenders that are willing to work with us. This does not mean Sallie Mae and Earnest are preferred lenders, we are willing to work with any private lender students decide to use.

• Make an application to the lender
• Review the Cost of Attendance page so that you can see how your borrowing limit will be calculated. For Distance Learning students, ensure the available COA spreadsheet has been completed including all actions on the checklist.
• For Campus Based students, contact the US Loans Team [email protected] to confirm you wish to borrow Private Loans so your Cost of Attendance can be created, and your Funding notification Offer can be sent to you to review. Notify them of any other funding sources you have and where you intend to live during your studies (On or Off Campus) and the name of your lender.
• For Distance Learning students, send the form with confirmation you have completed the required documentation to the US Loans Team [email protected] and inform them of any other funding sources you have.

Notification of loan amounts

Once your application has been submitted to us we will process it and inform you by e-mail of the loan amount that has been certified (through either Direct or Private loan), along with the disbursement dates and individual instalments.

If you are new to the University, we will also provide you with a visa letter detailing the financial aid you will receive during the academic year. This letter can be used in support of your Tier 4 visa application as evidence of how you will pay your fees and support yourself whilst undertaking your studies in the UK.

If you are not eligible for US Direct Loans we will advise you of this as well.

The disbursement date is the day the University allocates the loan to your record and is not the day that the money will be available to you.