How much can I borrow?
The maximum amount the University can certify as loans is the full Cost of Attendance minus any other aid, but you decide how much you want to borrow up to the maximum available.
Do I have to reapply for loans for each year of my programme?
If your course is for more than one academic year or you decide to take another course you will need to complete the application procedures again for any further loans for the next academic year. You will need to complete a FAFSA application, obtain a new SAR and new MPN. Your MPN is only valid for one year if you are attending a school outside the USA.
How long will it be until I receive my loan funds?
Loans are disbursed in three equal instalments at the beginning of each term. Funds are drawn down by the University in dollars and then converted into pound sterling (GBP). The amount required for tuition fees for the term is automatically deducted and the credit balance of loan funds is transferred directly into the student's bank account for living costs.
Please note because of currency conversion the disbursement process may take 7-10 days before amounts for living costs are available. You should therefore ensure you bring enough money with you when you first arrive to cover your expenses for this period - we would recommend around £400-500.
What if I change my mind and no longer wish to take out a Federal loan?
After the first disbursement of your loan has been made, your loan will be assigned to a loan servicer and you will be provided with the servicer’s name, address and contact information. Your servicer will service, answer questions about, and process payments on your loan after you enter repayment.
As the University requires written confirmation from you of the types and amounts of loans you want to receive you may notify us if you want to cancel all or part of the loan within 14 days from the date of the Right to Cancel email notification or by the first day of the school's payment period, whichever is later.
If you ask the school to cancel all or part of your loan(s) outside the timeframe described above, the school may process your cancellation request, but it is not required to do so.
Within 120 days of the date the school disburses your loan money you may return all or part of your loan(s). Contact your loan servicer for guidance on how and where to return your loan money. You do not have to pay interest or the loan fee on the part of your loan that is cancelled or returned within the timeframes described above.
Is applying for loans for study at a 'foreign school' different to applying for loans in the US?
Some processes are slightly different as 'foreign schools' do not automatically receive notifications regarding your application. You should complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov and list The University of Nottingham as one of your choices using our School Code G08920. By completing the FAFSA you will create a Student Aid Report (SAR). Once you have received your SAR please email Federal-Aid@nottingham.ac.uk
How do I ensure my enrolment status is reported to the US Department of Education?
We will confirm your attendance online through National Student Loan Data System as required by Federal regulations.
What is the University of Nottingham's FAFSA School Code?
The University of Nottingham's School Code which should be included in your FAFSA application is G08920.
When do I repay my loans?
In most cases, you will have 6 months from the time you graduate or leave school before you have to begin making federal student loan payments. This is called your grace period. You should use this time period to explore the different repayment options available to you
and prepare for repayment. Beware of student loan scams. The government and your servicer will never charge application or maintenance fees. Contact your servicer
for free assistance.
when can I file my FAFSA?
FAFSA will now be available from 1 October.