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US loans

What is a US Loan?

The Direct Loan and Direct Loan Plus are educational loans borrowed from the US Department of Education (US DoE), with terms set by the US Federal Government. The loans are known as Title IV Federal Aid.

Middlesex University is licensed to administer and certify loan applications for the US Department of Education (US DoE) Direct Loan programme on behalf of eligible US citizens.

Our School Federal Direct Loan code is G21805.

Other funding options

Private educational loans are an option for US citizens who are ineligible for US Federal Direct Loans, or as additional or alternative sources of funding to Federal Direct Loans. Students are advised to consider the terms and conditions carefully in comparison with Federal Direct Loans.

Sallie Mae Student Loans and Earnest are are the two US lenders 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.

US Department of Veterans Affairs

Middlesex University’s participation in the US Veteran Affairs Educational benefits program is currently suspended while we engage in the VA Programme approval for eligibility to process Veteran Affairs benefits.

This is of significance to an applicant planning to study at Middlesex in the academic year 2022/23 who has access to Veterans benefits as we are currently unable to process these requests. This means that any student who has access to Veteran Benefits will not be able to access these benefits if they choose to study at Middlesex University in the 2022/2023 academic year.’

Further information Post-9/11 GI Bill

Tax Return (IRS Tax Form 1098-T)

The University does not currently complete IRS Tax Form 1098-T for students, or parents of dependent undergraduate students, to claim an education tax credit.

The University does not have an Employer Identification Number (EIN) which is required on the tax form.

COVID-19 update

We are committed to the health and wellbeing of our students and staff. You can read our latest COVID-19 – Latest MDX updates and FAQs

In the academic year 2022/23 most of our teaching is on campus with blended online activities for some subjects to give our student’s flexibility.

The Consolidated Appropriations Act of 2021 to Section 3510 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act has increased the duration for which the Secretary may permit an otherwise eligible program to be offered by distance education.

While previously the CARES Act permitted otherwise eligible programs to be offered via distance education for the duration of the qualifying emergency and the following payment period, the amendments now use a “covered period”. The “covered period” ends on whichever is later of June 30, 2022, or the June 30 following the end of the emergency as declared by the country in which the foreign school is located.

The latest UK Government travel advice and guidance for international students can be viewed  here

Your eligibility

The eligibility criteria for US federal loans are determined by the US Department of Education (US DoE).

In addition to the criteria specified on the Federal Student Aid website, a student must also:

  • Enrol and remain enrolled on an eligible, degree-bearing programme
  • Make satisfactory academic progress
  • Study or undertake research in the UK

Students enrolled on Distance Learning programmes at foreign schools are not eligible for US Federal loans.

Undergraduate students

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

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 and beyond
Dependent: $7,500
Independent: $12,500
(max subsidised: $5,500)

Outstanding balance after deductions from the Cost of Attendance

 

Postgraduate students

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

$20,500

Outstanding balance after deductions from the Cost of Attendance

Interest rates

US Federal Loans accrue interest, and there are fees associated with the loan. The amount of interest and the fees will impact on the amount that is repaid.

The US Federal Government calculates and sets the interest rates for Direct Loans annually from 1 July see here.  The interest rate that applies to a loan is determined by the date of the disbursement.

Cost of attendance at MDX

The Cost of Attendance (COA) is our estimate of the cost for a student to attend Middlesex University for the academic year beginning 1 September 2022 to 31 August 2023.

An individual assessment of the COA is calculated on submission of the individual Student Aid Report (SAR) to the Student Financial Support Team.

The COA includes typical borrowing averages per programme for one academic year:

  • Accommodation
  • Food
  • Tuition fees
  • Miscellaneous: other general costs associated with studying including books and supplies. For first year students this includes the cost of the initial visa, NHS fees, and other money that is typically needed to assist with general living costs.
  • Transportation includes two round trip flights to a home country and transportation in the UK during the period of enrolment.

Individual finance need

Individual financial need is determined by the difference between the Cost of Attendance (COA) at Middlesex University and the Expected Family Contribution (EFC). The EFC amount is located on the top right-hand corner of the SAR.

The amounts listed are subject to change if the offer eligibility changes, or there is additional aid from another source, or there is a change in enrolment status.

Private Loans are not subject to these restrictions.

Borrow the amount needed to study and live in the UK

Students can choose to borrow less than the maximum COA.

If required, further funds can be requested later in the academic year, up to the maximum Cost of Attendance (COA).

Exchange rate used to convert US Department of Education (US DoE) loan dollars when disbursed

The exchange rate used by Western union to convert US Department of Education (US DoE) loan dollars credited to their account to disburse to students may differ from the exchange rate used for the 2022/23 Cost of Attendance (COA) calculations.

Any fluctuation (high or low) will affect the amount of loan disbursed into a student’s UK bank account.

  • Undergraduate programmes

    US DoE loans are disbursed in two equal instalments from the dates shown below and are paid via electronic funds transferred into a UK bank account or by cheque where loans cannot be disbursed electronically.

    Students must have provided confirmation of their bank details, be enrolled, and have had an ID check before loans are disbursed.

    Please note that payments to a students’ account can take up to 7 working days from the disbursement date detailed below and is conditional on completion of enrolment and an ID check.

    Please note that the second disbursement is subject to confirmation of Satisfactory Academic Progress and the Programme Leader will be contacted to confirm this prior to this disbursement.

    First disbursement (payment) Second disbursement (payment)

    From Monday 26 September 2022

    From Monday 16 January 2023

  • Postgraduate programmes

    US Department of Education (US DoE) Loans are disbursed in three equal instalments from the dates shown below and are paid via electronic funds transferred into a UK bank account.

    Students must have provided confirmation of their bank details, be enrolled, and have had an ID check before loans are disbursed.

    Please note that payments to a students’ account can take up to 7 working days from the disbursement date detailed below and is conditional on completion of enrolment and an ID check.

    The second and third disbursements are subject to confirmation of Satisfactory Academic Progress and the Programme Leader will be contacted to confirm this prior to these disbursements.

    First disbursement (payment) Second disbursement (payment) Third disbursement (payment)

    From Monday 26 September 2022

    From Monday 23 January 2023

    From Monday 22 May 2023

Taking a temporary withdrawal (interruption) or leaving the University permanently

Chat to the Progression and Support team

Prior to choosing to permanently or temporarily withdraw (interrupt their studies) all students in receipt of a US loan (also known as Title IV Federal Aid) are advised to chat to the Progression and Support team details here Withdrawals and Interruptions

Notify the University  

It is the responsibility of a student in receipt of a US loan to notify the University of their intention to permanently or temporarily withdraw (interrupt) for more than 180 days by:

Liability points and eligibility to refunds  

Students in receipt of a US Federal loan are subject to the withdrawal liability points and eligibility to refunds as shown in the US Loan Refund Policy. This applies to students who choose to permanently or temporarily withdraw, or are withdrawn by the University.

Standard University liability points and student’s eligibility to refunds as stated on the Withdrawals and Interruption webpage is not applicable to students in receipt of a US federal loan.

Refund Eligibility Guidance

The University is required to notify the US DoE when a student chooses to permanently or temporary withdraw (interrupt their studies), or when the student is withdrawn by the University.

A student ‘earns’ aid on a daily basis and when a student chooses to withdraw or is withdrawn by the University, any ‘unearned’ aid for that payment period is returned to their lender. Students are expected to return any funds owed and will be notified of the amount to be returned. The University is required to complete a ‘Return to Title IV’ (R2T4) refund calculation to determine the amount.

A student is required to be enrolled on their programme in order to receive a US loan (also known as Title IV Federal Aid). Applicants with a US loan (Title IV Federal Aid)entitlement who do not enrol at the start of their academic year, will have their loan cancelled by the University.

How to apply

Follow the below steps for applying for a US loan:

  1. Accept an unconditional offer for a place on an eligible on-campus degree-bearing programme at Middlesex University
  2. Sign up for selective service (male applicants only)
  3. Complete a free application for Federal Student Aid (FAFSA) or a Renewal FAFSA if previously applied to obtain the Student Aid Report (SAR). The SAR provides the data for eligibility assessment
  4. Attach the Student Aid Report (SAR) to an email and send to USLoans@mdx.ac.uk
  5. The Student Finance Team will assess your eligibility for a loan and calculate your Cost of Attendance (COA). You will receive an email confirming your Financial Assistance Package: your eligibility for a loan and the amount of loan you could borrow for the academic year 2022/23
  6. You can accept the offer amount or adjust the amount you wish to borrow or decline the offer, If you decide to continue with your loan application, follow the next steps
  7. Complete direct loan counselling and complete Plus Entrance Counselling if considering a Plus loan
  8. e-sign the Direct Subsidised and Unsubsidised Loans Master Promissory Note (MPN) contract agreeing to the loan terms
  9. Complete the Plus Request Process and e-sign the Plus MPN if applying for the Direct Plus Loan
  10. The Student Finance Team will email a letter to you confirming your US Direct loan for the purpose of applying for your Student Route visa. This letter is evidence you will have sufficient funds for studying in the UK as required by the UK Visa and Immigration (UKVI).
  11. Return of Refunds Policy
  12. Satisfactory Academic Progress

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