Policies

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.
  • Register for Selective Service, if you are male, before your 26th birthday. If you are eligible to not register you will need to provide us with evidence of this.
  • Complete a COA approval application form so that we can calculate your Cost of Attendance. Please use the checklist on the form to ensure you have completed all steps and confirm you have completed all required documentation.
  • Send the form with confirmation you have completed the required documentation to USloans@le.ac.uk.

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 in terms of private lenders that are willing to work with us. This does not mean Sallie Mae are a preferred lender, we are willing to work with any private lender students decide to use.

  • Make an application to the lender
  • Complete a COA approval application form. Please use the checklist on the form to ensure you have completed all steps including all required documentation.
  • Send the form with confirmation you have completed the required documentation to USloans@le.ac.uk.

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 can process your loan and is not the day that the money will be available to you.

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