The steps that you need to take to apply for Federal Loans is as follows:
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 037283.
Once you have completed the FAFSA email firstname.lastname@example.org to notify us. We will then download your Student Aid Report (SAR) to determine your eligibility and cost of attendance (COA).
Complete a Master Promissory Note (MPN). This is a legal document in which you promise to repay the loans to the Department of Education. An MPN must be completed for each loan type (Sub/Unsub, PLUS) and each academic year.
Complete Entrance Counselling. This is an information session designed to help you understand what it means to take out a Federal loan and offers advice on managing expenses. This must be done for both Subsidised/Unsubsidised loans and PLUS loans if you are borrowing both.
Email email@example.com once you have completed the previous two steps. We will then ready the loans for disbursement and should everything be in order, write back with official confirmation.
These steps must be repeated each academic year that you wish to borrow Federal Loans.
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 pages for information.
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. Prior to your arrival you will be informed of when you can expect to receive your first disbursement. This will usually be two weeks after teaching has started, or 30 days after for first-time borrowers studying an undergraduate course. It is very important that you bring enough funds to support yourself during the time you are awaiting your first disbursement of funds.
How will the funds be disbursed?
For undergraduate students your funds will be disbursed in two equal instalments, spread evenly throughout the year. For postgraduate students it will be in three instalments. For each instalment the university will deduct fees for your course. The remaining balance from that instalment is called the credit balance and that will be disbursed to you directly for your living costs.
To ensure you can receive your funds with ease you should set up a UK bank account as soon as you have enrolled on the course. The International Student Centre (ISC) can help you with this once you are here. If you do not set up a UK bank account there may be delays in receiving your loans.