Financial information for US students 2011/12
Updated: Tuesday 19 July 2011
Please contact the Student Funding Service for information about Financial Aid for the 2010/11 academic year. The information on this page applies for 2011/12.
All loans are handled by the Student Funding Service in Cooper House.
Eligibility
Study Abroad students
Students here on a Study Abroad programme who are registered at a US university are not eligible to apply for financial aid through Kingston University. You should instead apply to your 'home' university.
All other students
Please note that there are some Kingston University courses that are not eligible for Federal Aid. View the list of ineligible courses (PDF).
Veterans' funding
Please contact the Student Funding Service as soon as possible by emailing us if you will be using Post 9/11 GI Bill or any other funding from the Department of Veterans' Affairs. We need to request individual programme approval for each student which can take several months.
Applying for aid
1. Fill in a FAFSA application via www.fafsa.ed.gov
You will need the Kingston University school code when filling in the FAFSA application, which is G10816.
2. Check your Student Aid Report
Once FAFSA has processed your information, you will be emailed a copy of your Student Aid Report (SAR). Please review the information carefully and ensure that it includes an EFC (estimated family contribution) and the details of any previous loans.
If any information is missing or there are comments stating further information is required, you will need to make corrections and re-submit your application. If there is a C shown next to the EFC, further information will be required. Check the comments codes and make any necessary corrections. In some cases we may need to ask you to provide documentary evidence (such as proof of US citizenship).
We are now able to receive electronic SARs so there is no need to request a paper copy.
We will not be processing aid applications for 2011/12 until 3 May 2011. If you submit your FAFSA before then and want to check we have received it, please email us.
Calculated cost of attendance: We check for new Student Aid Reports each week. If you have been offered a place on a course a Kingston University and have not declined the offer, we will send you a calculated cost of attendance and details of the loans for which you are eligible, along with instructions on what you need to do next.
The loans available are:
| Subsidised | Fixed, maximum value; no interest charged while in school | Origination fee of 0.5% deducted at disbursement |
| Unsubsidised | Fixed, maximum value; interest charged while in school | Origination fee of 0.5% deducted at disbursement |
| PLUS Loan | Max value set by Kingston University in the calculated cost of attendance; interest charged while in school | Origination fee of 2.5% deducted at disbursement |
The maximum amount of subsidised and unsubsidised loans is as follows:
Dependent undergraduates (Students aged 24 and under):
| Year of course | Subsidised loan | Unsubsidised loan | Maximum loan |
|---|---|---|---|
| 1 | $3,500 | $2,000 | $5,500 |
| 2 | $4,500 | $2,000 | $6,500 |
| 3 and later | $5,500 | $2,000 | $7,500 |
Independent undergraduates (Students aged over 24 or those whose parents are refused a Parent PLUS Loan):
| Year of course | Subsidised loan | Unsubsidised loan | Maximum loan |
|---|---|---|---|
| 1 | $3,500 | $6,000 | $ 9,500 |
| 2 | $4,500 | $6,000 | $10,500 |
| 3 and later | $5,500 | $7,000 | $12,500 |
Graduate and Professional Students:
| Year of course | Subsidised loan | Unsubsidised loan | Maximum loan |
|---|---|---|---|
| All years | $8,500 | $12,000 | $ 20,500 |
The lifetime aggregates remain $65,500.00 (subsidised) and $138,500.00 (combined subsidised and unsubsidised). You may not borrow more than this total amount.
Federal Direct Parent and Grad PLUS Loans may be used as supplemental funding when subsidised and unsubsidised loan maximums are reached. As always, the total amount you may borrow in student loans for any academic year is limited to your annual calculated cost of attendance minus all other sources of funding.
3. Confirm the amount you wish to borrow and complete the loan application/s and entrance counselling
Return the calculated cost of attendance to us, confirming the amount of each type of loan you wish us to orginate, along with:
- a Master Promissory Note for Stafford Loans; or
- and a PLUS Master Promissory Note and screen shot of the credit check acceptance if you will be using a PLUS Loan, and confirmation of completion of Entrance Counselling (even if you have done it in a previous year). (Parents of undergraduate students applying for Parent Plus loans also need to complete an authorisation to allow funds to be released to the student.)
You do all of this online at http://studentloans.gov. You sign into this site using the same PIN that you used to sign your FAFSA.
If you do not send everything we need, we will not be able to originate your loans.
4. Loan certification
When you have completed steps 1 to 3, we will mail you a loan certificate. We strongly advise that you complete your application no later than 31 July 2011 in order to ensure that your loan certificate can be mailed in time for you to apply for a visa to study in the UK.
We use Royal Mail International Signed For Delivery to issue loan certificates, which can take 10 working days to reach you in the USA. Please bear this in mind when making your applications.
5. Disbursing (paying) the loan
We are yet to confirm our actual disbursement dates.
- Undergraduate students will receive three disbursements (one per term).
- Postgraduate students will receive four disbursements (one per term and one at the start of the summer).
From each disbursement we will deduct an amount towards tuition and accommodation charges (if you are in University accommodation) and the remainder will be forwarded to you. You will need to open a UK bank account to avoid having to pay two foreign exchange charges.
At each disbursement, we will tell you the US dollar amount and UK sterling amount of the disbursement, how much has been used for tuition fees and accommodation and the amount that will be forwarded to you. We will send you this confirmation fourteen days before the disbursement is due to be made, in line with Federal regulations concerning your right to cancel.
Frequently asked questions about Direct Loans
- If I borrowed Federal Stafford and/or Parent/Grad PLUS loans in prior years and I borrow loans for 2011/12, will I have to repay two different lenders?
- How can I find out who services my federal loans?
- How do the interest rates and fees charged in Direct Loans compare to FFELP?
- Will the Stafford and Parent/Grad PLUS Loans I borrowed through my lender in prior years still be eligible for in-school deferment?
If I borrowed Federal Stafford and/or GradPLUS loans in prior years and I borrow loans for 2011/12, will I have to repay two different lenders?
You may be repaying your federal loans to multiple servicers. You will receive correspondence and payment information from both the Department of Education and your prior lender(s) and/or servicer(s).
If you prefer a single payment, when you begin repayment you can consolidate your old FFEL loans with your new Direct loans with the US Department of Education. For more information regarding Direct Loan Consolidation, please visit the US Department of Education's Loan Consolidation website.
How can I find out who services my federal loans?
Information regarding your federal loan debt can be accessed via the National Student Loan Data System (NSLDS) at www.nslds.ed.gov. Note that any private alternative loans (ie DEAL Loan, Sallie Mae Smart Option Loan) you have borrowed will not appear in the NSLDS.
How do the interest rates and fees charged in Direct Loans compare to FFELP?
Interest rates and fees for 2011/12 are:
| Direct Loan Programme | Interest | Fees* |
|---|---|---|
| Subsidised Federal Direct Stafford Loan | 6.8%** | 0.5% |
| Unsubsidised Federal Direct Stafford Loan | 6.8% | 0.5% |
| Federal Direct Parent/Graduate PLUS Loan | 7.9% | 2.5% |
*Direct Loan Fee Rebate: The subsidised and unsubsidised Federal Direct Stafford Loans have a 1.0% origination fee. However, because of a 0.5% rebate, the net origination fee deducted from each loan disbursement is reduced to 0.5%. To retain this rebate, your first 12 monthly payments (once you begin repayment) must be made on time. Otherwise, a charge for the initial rebate will be added to the outstanding loan principal.
The Federal Direct Parent/Grad PLUS Loan has a 4% origination fee, a 1.5% rebate, and a resulting net origination fee of 2.5%, which will be deducted from each loan disbursement. The same conditions as stated above for retaining the rebate apply.
**The interest rate for subsidised loans for undergraduate students will be 4.9%
Will the Stafford and Grad PLUS Loans I borrowed through my lender in prior years still be eligible for in-school deferment?
Yes. If you are enrolled at least half-time (60 credits per academic year), your prior federal loans will continue to be deferred. The Direct Loan Programme offers the same deferment and forbearance provisions as the Federal Family Education Loan (FFEL) Programme.
Estimated cost of attendance at Kingston University
Please note that you are not able to borrow more than your total estimated costs of attendance (CoA).
Undergraduate courses typically have a 40-week academic year.
Postgraduate (graduate and professional) courses typically have a 52-week academic year.
| Academic year 2011/12 | Weekly | 40 weeks | 52 weeks |
|---|---|---|---|
| Room | £125 | £5,000 | £6,500 |
| Board | £80 | £3,200 | £4,160 |
| Books and course costs | £20 | £800 | £1,040 |
| Travel | £20 | £800 | £1,040 |
| Personal | £40 | £1,600 | £2,080 |
| Sub-total living costs | £285 | £11,200 | £14,820 |
| Tuition fees (variable) | £11,000 | £11,000 | |
| Flights (two return flights) | £1,000 | £1,000 | |
| Computer | £300 | £300 | |
| Health insurance | £300 | £300 | |
| Total cost of attendance (£) | £24,000 | £27,420 | |
| Converted to US $ (£=$1.70)* | $40,800 | $46,614 | |
This is an estimated cost of attendance for your course once we have received your Student Aid Report. The tuition fees shown above are for illustration only and will vary depending on your course. We will tell you the cost of attendance for your course at the start of your application.
The cost of attendance can be increased if you have the care of dependants or you have a disability. Loan origination fees can also be included in the cost of attendance (we include them automatically in the information we will send you).
* Please note that the exchange rate shown is for illustration only and is set once a year (normally in May).
Please note you are not able to borrow more than your total calculated cost of attendance (CoA).
Private loans
You may want to apply for a private loan to cover the cost of education not met by Stafford and Plus loans. If you are over 24 and studying an undergraduate course, PLUS loans are not available so private loans may be your only other option. Private loans are not part of the Direct Loan scheme and not covered by Federal Student Aid Regulations.
At the moment, there is only one private loan available to students studying at foreign school.
Smart Option Student Loan – the Smart Option Student Loan is a private, credit-based loan for undergraduate and graduate students. Designed to reduce the overall loan costs and help shorten the amount of time it takes to pay off the loan, the Smart Option Student Loan features interest-only payments while in school and repayment terms based upon the cumulative outstanding Sallie Mae-serviced private student loan balances and the borrower's academic grade level.
The interest rate is variable:
- Full interest payment option:
- A student with a creditworthy co-signer is eligible for a rate of .375% + 2.5% – 9.375% depending on the creditworthiness of the borrower and cosigner.
- A student without a creditworthy co-signer is eligible for a rate of .375% + 2.5% – 9.875% depending on their creditworthiness.
- Fixed repayment option:
- A student with a creditworthy co-signer is eligible for a rate of .375% + 3.5% – 10.375% depending on the creditworthiness of the borrower and cosigner.
- A student without a creditworthy co-signer is eligible for a rate of .375% + 3.5% – 10.875% depending on their creditworthiness.
There are no disbursement or repayment fees associated with either option.
If you elect to make your interest repayments from a US bank account by automatic debit (you can organise this through Sallie Mae's online account management system) you may qualify for a 0.25% reduction in the rate of interest charged. A further 0.25% reduction in the total interest is available if the borrower provides a valid email address and elects to receive all servicing communications via email.
The borrower may apply for co-signer release after successful completion of their education. The borrower must have a satisfactory history of making principal and interest payments and meet underwriting guidelines when the request for co-signer release is processed. The borrower's account must remain current until the request for release is processed and the borrower must be a US citizen or permanent resident at the time the co-signer release is processed. The release of a co-signer is at the sole discretion of Sallie Mae.
The Smart Option Student Loan is available through Sallie Mae.
Financial information for entry clearance
In order to secure entry clearance (a student visa) for the UK, you must provide proof that you are able to pay for tuition and living expenses (accommodation, course costs, food etc). For more information about obtaining entry clearance, visit UKCISA's website.
Satisfactory academic progress
While in receipt of Federal loan funds for the loan period outlined on your loan application, you are required to be enrolled on your programme of study and to maintain satisfactory academic progress. Satisfactory academic progress means maintaining an average of at least C grades over the current academic year. Please note that this is a higher standard than the University's pass mark for undergraduate students. We will check your progress before releasing loan funds.
If you fail to meet the required standard in any period, you will be placed on 'Financial Aid Probation' for a period of one semester, or until the next available opportunity to undertake these assessments. If after this period you do not reach the satisfactory academic standard, your eligibility for Federal loans (Stafford and Plus loans) may be terminated. The Student Funding Service would confirm any probation or termination of eligibility with the individual student should this situation arise.
Withdrawal from your course
If you withdraw from your course, you must inform the Student Funding Service no later than five working days after withdrawal in addition to notifying your course office.
If a student who receives financial aid withdraws from their course, we will recalculate your financial aid eligibility based on your period of attendance. This could mean that you have to pay back money received from Federal Stafford or Plus loans you may have received. The University may also have to repay funds received for tuition and/or accommodation to the US Federal Government. In this case you may become liable for additional fee payments to the University in order to replace these funds.
Any calculation will be undertaken in line with the rules set by the US Department of Education and cannot be amended in any way.
Exit counselling
It is a legal requirement that all students who have received Federal loan(s) and have graduated or withdrawn from their programme of study complete exit counselling. This is done through Studentloans.gov. Please go to the site and follow the instructions for Stafford Loan and /or PLUS Loan exit counselling.
Repaying your loan
It is your responsibility to repay your loan. If in doubt about the terms of your loan, please contact your loan servicer.
Further help
We realise that the student loan process can be confusing. If you require further clarification, please do not hesitate to email us.
Further information
Disclosures required by US Department for Education – the US Government requires us to give certain information about programmes that lead to "gainful employment". We have two such programmes – Architecture Graduate Diploma and Law PG Diploma. View the Federal Disclosure Requirements (PDF) for further information.
Facts and figures – for information about the University's Sustainability Policies and facts and figures about the student population of Kingston University, visit the About the University section of the website.
Policies, procedures and regulations – visit www.kingston.ac.uk/policies for information on:
- General Student Regulations
- Academic Misconduct Procedures (including peer-to-peer file sharing and plagiarism)
- General Admissions Policy
- Substance Use and Misuse Policy (including drug and alcohol abuse prevention)
- Student Disciplinary Procedures
- Safety and Security Statement (more detailed information on safety and security in halls of residence will be available on StudentSpace (our student intranet) once you have enrolled on your course)