How much can I borrow?
Please note that in accordance with US regulations any loans that you take plus any additional funding (awards, scholarships etc.) must not exceed the yearly Cost of Attendance (see Cost of Attendance tab for further details).
Subsidised loans are awarded to students based on financial need and their Estimated Family Contribution (EFC) – the loan is subsidised which means that the US Government pays the interest while you are at University. It also pays the interest during any authorised period of deferment of the loan, and for the six-month grace period after you leave University.
Unsubsidised loans are not based on your financial need and you are responsible for paying the interest from the time the money is disbursed. For more information please refer to the section, When and how do I need to pay back my loans?
How much you can borrow is determined by your current status and the type of course you are applying for:
|Dependant Undergraduates (Under 24)||Subsidized Loan Part ||Unsubsidized Loan Part ||Total Loan|
| 1st Year Undergraduate
| 2nd Year Undergraduate
| 3rd Year (and beyond) Undergraduate
| Independent Undergraduates||Subsidized Loan Part ||Unsubsidized Loan Part ||Total Loan |
| 1st Year Undergraduate
| 2nd Year Undergraduate
| 3rd Year Undergraduate
| Postgraduate Students||Subsidized Loan Part ||Unsubsidized Loan Part ||Total Loan|
| Masters, PhD etc
When will my money arrive?
Your Federal Loan(s) will be disbursed in 3 equal instalments, as close to the start of each term as possible. These are US Government requirements and must be strictly followed.
Please note that The U.S. Department of Education applies a loan fee (referred to as Origination Fee) which will be deducted from each loan disbursement you receive. This fee is currently 1.068% on Direct Subsidised and Unsubsidised loans. A fee of 4.272% is currently charged on Direct Plus loans. For the loans disbursed in 2016/7 Academic Year, a loan fee of 1.069% will be applied on Subsidised/Unsubsidised loans and 4.276 % on a Direct Plus Loan.
How will my money be allocated?
- The first disbursement will be allocated to the first instalments of your fees and campus Accommodation (if relevant). Any balance of the instalment remaining will be refunded to you
- The second disbursement will be allocated to the second instalment of your fees and campus Accommodation due instalment (if relevant). Any balance of the instalment remaining will be refunded to you.
- The third disbursement will be allocated to the third instalment of your fees and campus Accommodation due instalment (if relevant). Any balance of the instalment remaining will be refunded to you.
NOTE: Should you decide to rent privately, off campus, it will be your responsibility to budget each loan instalment accordingly.
What if this isn't enough?
If you are a dependent Undergraduate under 24 years old, your parents can apply for a Parent Plus Loan. If you are an independent student, you can apply for a Graduate Plus Loan.
Parent Plus Loan / Graduate Plus Loan
Parents of dependent undergraduate students can take out a Parent Plus Loan under their name to pay the entire cost of attendance less any additional financial aid. If a Direct Loan has been taken, the maximum Parent Plus can be the difference between the Direct and the cost of attendance less any other financial aid. Please note that you must complete a separate MPN for this and it will be subject to a credit history check.
Graduate Plus Loans are available to postgraduates students. The Graduate Plus can cover the difference between the Direct Loan and the cost of attendance less any other financial aid. You may defer interest payments on this loan whilst you are enrolled. Please note that there is no six month grace period after completion of the course. You must complete a separate MPN and will be subject to a credit history check.
For more information please visit Student Aid website.
Are there any other funding options?
Brunel offers a private loan option through Sallie Mae. Private Loans are credit check based and will almost always require a co-signer. You may borrow up to the level of COA minus any federal loans, or scholarships etc. It’s called the “Smart Option Student Loan” and can be applied for online at www.salliemae.com
To secure a Visa to study at Brunel University London you will need to provide proof that you have the funds to support yourself for tuition and living expenses. Once you have applied for and been accepted to access Federal loan funds, and agreed to the Cost of Attendance provided by us, we can issue an official award letter which you can use as evidence to support your Visa application
You must apply for your loans in a timely manner to enable us to process your loan(s) and issue your award letter in time. We recommend you commence the application process approximately, April/May time. If undertaking a Research Programme, we recommend that you make your application at least 2 months prior to the commencement of your study.