The Direct Loan and Direct Loan Plus are educational loans borrowed from the US Department of Education (USDE), with terms set by the US Federal Government.
Middlesex University is licensed to administer and certify loan applications for the USDE Direct Loan programme on behalf of eligible US students. Our School Federal Direct Loan code is G21805.
Private educational loans are an option for US citizens who are ineligible for US Federal loans or as additional or alternative sources of funding to federal loans.
Sallie Mae is the only US lender of private loans available to US citizens studying at a foreign school.
US Department of Veterans Affairs (VA) funding is available to eligible US military veterans. Other funding such as US federal loans and/or private loans can be additional sources of funding.
We are committed to the health and wellbeing of our applicants, students, and staff. Read our response to COVID-19 as well as our plans for teaching and learning in the 2020/21 academic year.
Due to COVID-19, we are making plans for the first term of study in the September / October 2020/21 academic year. We are planning to start teaching through blended learning; a mix of online virtual (distant) education and face to face teaching. We want to give a great learning experience in a flexible way that works for our students and follows government advice around keeping safe and social distancing.
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the US Department of Education permits any part of an otherwise eligible programme at a foreign institution to be offered via distance education if the applicable government authorities in the country in which the foreign institution is located have declared a public health emergency, major disaster or emergency, or national emergency related to COVID-19.
US Loans and Sallie Mae Loans will therefore be available for students enrolled on an eligible programme taught through online virtual (distant) education or face to face teaching, or a blended learning mix of online virtual (distant) education and face to face teaching.
At the end of the public health emergency, major disaster or emergency, or national emergency related to COVID-19, and as soon as circumstances allow, enrolled students in receipt of a US Loan and/or Sallie Mae Loan will be expected to travel to the UK on a valid visa and commence, or return to, face to face teaching at Hendon campus.
The eligibility criteria for US federal loans is determined by the US Department of Education. In addition to the criteria specified on the Federal Student Aid website, you must also:
Students enrolled on Distance Learning programmes at international schools are not eligible for US Federal loans.
| Loan type | Direct subsidised / unsubsidised loan | Parent PLUS loan |
|---|---|---|
| Eligibility | Eligible US citizens or non-citizens studying an eligible undergraduate degree-bearing programme Dependent or independent student (as assessed by FSA) | Parents and dependent students eligible for federal student aid studying an eligible degree-bearing programme |
| Federal loan maximum (2020/21) | Year 1 Dependent: $5,500 Independent: $9,500 (max subsidised: $3,500) Year 2 Dependent: $6,500 Independent: $10,500 (max subsidised: $4,500) Year 3+ Dependent: $7,500 Independent: $12,500 (max subsidised: $5,500) | Outstanding balance after deductions from the Cost of Attendance |
| Loan type | Direct graduate unsubsidised loan | Direct graduate PLUS loan |
|---|---|---|
| Eligibility | Eligible US citizens or non-citizens studying an eligible postgraduate degree-bearing programme | Eligible US citizens or non-citizens studying an eligible postgraduate degree-bearing programme |
| Federal loan maximum (2020/21) | $20,500 | Outstanding balance after deductions from the Cost of Attendance |
US Federal student loans accrue interest and there are fees associated with the loan. The amount of interest and the fees will impact on the amount you repay.
The US Federal Government calculates and sets the interest rates for Direct Loans annually from 1 July. The interest rate that applies to your loan is determined by the disbursement dates.
The Cost of Attendance (COA) is our estimate of the cost for you to attend Middlesex University for the academic year beginning 1 September 2020 to 31 August 2021.
An individual assessment of the COA is calculated on submission of the individual Student Aid Report (SAR) to the Student Records Team. The COA includes typical borrowing averages per programme for one academic year:
Individual financial need is determined by the difference between the Cost of Attendance (COA) at Middlesex University and your Expected Family Contribution (EFC). The EFC amount is located on the top right-hand corner of your SAR.
The amounts listed are subject to change if the offer eligibility changes, additional aid from another source, or if there is a change in enrolment status.
Private loans are not subject to these restrictions.
The COA is used to calculate a loan offer that is converted from sterling into dollars using an exchange rate fixed annually in the summer before the start of the academic year. The COA will not be re-calculated in the event of a fluctuating sterling-dollar exchange rate.
The fixed exchange rate used for 2020/21 COA loan offer calculations is 1.25%.
The exchange rate used by Western union to convert USDE loan dollars credited to their account to disburse to students may differ from the exchange rate used for 2020/21 COA loan calculations. Any fluctuation (high or low) will affect the amount of loan dispersed into a student’s UK bank account.
USDE Loans are disbursed in two equal instalments from the dates shown below and are paid via electronic funds transfer into a UK bank account. Cheques are not available.
| First disbursement (payment) | Second disbursement (payment) |
|---|---|
Friday 25 September 2020 | Monday 8 February 2021 |
USDE Loans are disbursed in three equal instalments from the dates shown below and are paid via electronic funds transfer into a UK bank account. Cheques are not available.
| First disbursement (payment) | Second disbursement (payment) | Third disbursement (payment) |
|---|---|---|
Monday 28 September 2020 | Monday 25 January 2021 | Monday 24 May 2021 |
Follow the below steps for applying for a US loan:
