Financial information for US students 2010/11

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.

The Student Aid Fiscal Responsibility Act (SAFRA) has passed through the House of Representatives. The Act requires all schools participating in Title IV Federal Aid programs to use the William D Ford Direct Loan Scheme.

Foreign schools such as Kingston University are not currently authorised to participate in the Direct Loan Scheme – instead we currently participate in the Federal Family Education Loan Program (FFELP) with private lenders, such as Sallie Mae and Wachovia, and guarantors such as USA Funds and American Student Assistance.

However, before SAFRA can become law, it needs to be passed through the US Senate and the two versions of the Act reconciled before being signed into law by the President. The US Department for Education hopes that this will be done in time for the start of the 2010/11 academic year. If it does not become law by then, we will not be able to participate in Direct Loans but we have received assurances that US students studying here at Kingston University will not be disadvantaged as a result.

In the meantime you can still start the process of applying for aid. 

 

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 010816. Please note that occasionally the school code field may require you to substitute a ‘G’ for the first ‘0’.

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.

We are now able to receive electronic SARs so there is no need to request a paper copy.

When we know whether we will be using the Direct Loan or FFELP system, we will contact you to advise what you will need to do next. In any case, we will not process any financial aid applications before 1 July 2010. This is partly due to the fact that the UK Border Agency will require a recent letter confirming the award of financial aid when you apply for your student visa.

Please note that you are not able to borrow more than your total estimated costs of attendance (CoA).

 

Estimated cost of attendance at Kingston University

Undergraduate courses typically have a 40 week academic year.

Postgraduate (graduate and professional) courses typically have a 52 week academic year.

Academic year 2010/11 Weekly 40 weeks 52 weeks
Room £125 £5,000 £6,500
Board £75 £3,000 £3,900
Books and course costs £20 £800 £1,040
Travel £15 £600 £780
Personal £40 £1,600 £2,080
Sub-total living costs £275 £11,000 £14,300
 
Tuition fees (variable) £10,650 £10,650
One-off costs (such as flights)
Possible extras
Total cost of attendance (£) £21,650 £24,950
Converted to US $ (£=$1.60)*   $34,640 $39,920

This is an estimated cost of attendance table so you may need to increase or decrease the figures to meet your circumstances. The tuition fees shown above are for illustration only and will vary depending on your course.

* Please note that the exchange rate shown is for illustration only and is set once a year (normally in May).

 

Private loans

You may want to apply for a private loan to cover the cost of education not met by Stafford and Plus loans. Private loans are not part of the FFELP scheme and not covered by Federal Regulations. You can choose whichever lender you wish for any private loan but we strongly advise that you confirm that your lender works with foreign schools. US students studying at Kingston University have used the following loans:

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. This loan is available for funds disbursed on or after 1 June 2009.

The interest rate is variable between LIBOR + 4% (if the borrower has a creditworthy co-signer) and LIBOR + 12.5%. LIBOR is currently 0.5%.

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 and Regions Bank.

 

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 FFELP 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 FFELP 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 Director of Financial Aid and your guarantee agency/lender 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 FFELP loan(s) and have graduated or withdrawn from their programme of study complete exit counselling. The University provides this through an internet service called Mapping your Future. 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 lender.

 

Further help

We realise that the student loan process can be confusing. If you require further clarification, please do not hesitate to contact us. US financial aid at Kingston is dealt with by the following members of the Student Funding Service Team:

  • Keith Houghton – Director of Financial Aid
  • Peter Kolodziej – Financial Aid Officer
  • Laura Parker – Financial Aid Administrator


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)