Applying and Receiving Aid - US Federal Loan - University of Derby

Applying for aid – what you need to do

The steps that you need to take to apply for Federal Loans is as follows:

Step 1

You must complete an online application called the Free Application for Federal Student Aid (FAFSA). Use this link to also access a paper version of the application if necessary. You will need to include details of yourself and the institution where you will be studying. The University of Derby has a school code which you need to put in the application. This code is G37283.

Step 2

Complete Entrance Counselling. This is an information session that details your responsibilities and rights as a borrower. This must be done for both Subsidised/Unsubsidised loans and PLUS loans if borrowing both. Once you are no longer studying you must complete Exit Counselling.

Step 3

Complete a Master Promissory Note (MPN). This is a document that details the terms and conditions under which you agree to repay the loan. An MPN must be completed for each loan type (Sub/Unsub, PLUS) and each academic year.

Step 4

Email the US Federal Loans Administrator (Ashley Slater, a.slater@derby.ac.uk) once you have completed the previous three steps. We will then confirm with you how much you will be eligible for and will be in regular contact if more information is required.

These steps must be repeated each academic year.

 

What happens once my loans have been approved?

Once your loans have been approved you will be given your unconditional offer (assuming all other relevant conditions have been met). If necessary you will need to take the required steps to obtain a visa to study at Derby. Please check our visa and immigration pages for information.

 

*Important note*

It may be possible that the amount of funds you are eligible for do not cover the Maintenance requirements for you to get a Tier 4 student visa. If this is the case, you will need to have enough money in your personal bank account to cover the difference. Please see the Maintenance page for more information. As an American citizen you are not required to provide proof of your finances as part of your application as you are considered ‘low risk’. However, this information could still be requested during the visa application process.

 

When will I receive the funds?

Once your total funds have been determined the process of disbursing those funds to you does not begin until you have officially confirmed your enrolment in person. Once you have enrolled your loan amount will first be used to pay your course fees for the current year. The remaining amount will be disbursed to you (minus a Department of Education fee) in three separate instalments throughout the academic year. It can take approximately two weeks for your first instalment to arrive. You must ensure that you have the necessary funds to apply for any visas and travel to Derby and to support yourself whilst waiting for your first instalment. No funds can be provided to you prior to the disbursement of the first instalment. You must have a UK bank account in order to receive the funds, information on which will be provided to you once you have arrived by the International Student Centre (internationalstudentcentre@derby.ac.uk).

 

If you have any other questions or comments please email Ashley Slater at a.slater@derby.ac.uk.