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| Tuesday February 09, 2010 | Home > Student Finance |
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Financial Aid for US Students
General InformationMany students from the USA are entitled to take out loans to help fund their studies, whether studying in the US or abroad. The University of Exeter is authorised to certify student eligibility for loans under the Federal Family Education Program (FFELP). These loans are often called “Stafford” loans. We can also certify PLUS loans and other private/commercial educational loan funding. Eligibility depends on the student's/applicant's course, its length, their (and possibly their parents’) personal financial circumstances and their previous educational borrowing. Federal (FFELP) loans are subsidised by the US Government and are subject to strict regulation. The University of Exeter’s Federal School Code (also known as the OPE id) is G009442. Please note: Applying for funding from the US and applying for a place at Exeter to study are two completely separate processes. An offer of a study place does not indicate that funding will be certified; and the certification of funding does not confirm an academic offer, registration or enrolment on a course of study. Types of Loans
Federal (FFEL) Loans:The US Government loans which the University can certify fall into different categories:
Effective from 1st July 2008
Other types of LoansParent PLUS loans for Dependent Undergraduates: available to the parents of eligible students to cover any shortfalls in the cost of tuition fees alone (i.e. not for living expenses). NB: Since 1st July 2006, eligibility for the PLUS loans has also been extended to graduate students. In order to be eligible for the Federal PLUS Loan, you must first apply for the maximum Federal Stafford Loan following the application process outlined below. Private/Commercial Loans: available through US lenders not funded by the US Government. These loans can supplement your Stafford Loan up to the cost of attendance at the University of Exeter. How to ApplyStep 1 - Complete a FAFSA (Free Application for Student Aid)You will need to complete a free application for Federal Student Aid (FAFSA), which can be found online at www.fafsa.ed.gov. Advice on how to apply can be found at www.studentaid.ed.gov. To sign your application, you will need to apply for a PIN number. If you have previously applied for a Federal Stafford Loan, you should complete a Renewal FAFSA. The online application process will work out your borrowing requirements and calculate any expected family contribution (EFC) to those costs in respect of Undergraduates. Step 2 - Find a LenderThe University of Exeter does not have a list of preferred lenders. Students should select a lender of their choice. If you require assistance in finding a lender, you should contact your Local State Guarantor Agency for advice. Step 3 - Send Loan Application to the University of ExeterOnce you have completed your online FAFSA application, you must send us without delay:
Send all documentation to: (please see Student Funding Team below) Student Funding Team Room 156 Northcote House The Queen’s Drive University of Exeter EX4 4QJ If we receive this paperwork from you by 1st July of the forthcoming academic year and the application is straightforward, the funds should be in place before the start of the new academic year. NB: Please note that we are unable to certify loan applications until the student’s place on the course at Exeter is confirmed. This means that if the offer of a place is unconditional, the student needs to have confirmed to us that they are coming to study here; and if the offer of a place is conditional, then the student must meet all of the conditions and have confirmed to the University that they are coming to study here. Step 4 - Complete Entrance CounsellingThe US Department of Education requires that all first time Stafford/FFEL loan borrowers complete a loan counselling session before they receive their loan funds. Please click on this link to access online entrance counselling. These online pages, recommended by the US authorities, explain the student’s responsibility to use the loan to pay the University’s fees and accommodation charges and the consequences of not doing so; the University’s responsibility to inform changes the lender of changes; the consequence of withdrawal; further loans the student can take out during the year; and the maximum borrowing per year (and in total for all years). Should the students have any queries arising from this material, they are invited to come in to discuss the details with the Student Funding Team or an advisor at the Student Advice Centre of the Guild of Students. Step 5 - Certification ProcessOnce the University has received all the necessary documents required from you, we will begin to process your application. In order to certify your loan, the University must ensure that you and the programme you wish to study are eligible for the Federal Family Education Loan Programme (FFELP). The University must also confirm the amount you are eligible to borrow based on the Cost of Attendance at this University. The student’s Cost of Attendance is calculated as the total of:
For an undergraduate student studying over a 40 week this amounts to an annual cost of attendance of approximately £8,700. This amount increases for a Postgraduate student studying over a 52 week period to approximately £11,160. Other (specific and justifiable additional costs of attending, permissible within the US Federal regulations) can be included in the Cost of Attendance. Examples might include special health or medical costs; additional costs arising from remaining in the UK during the summer vacation in the case of students on postgraduate programmes; special costs arising from disability needs etc. If you have incurred any of these additional costs, you should submit a recalculation of their Cost of Attendance (link to COA spreadsheet) to the Student Funding Team and be prepared to supply evidence on request. The Cost of Attendance must be reasonable. Students may not receive in FFELP funding more than their Cost of Attendance. After the Cost of Attendance is calculated, adjustments are made to reflect the Expected Family Contribution and any other funding received (e.g. bursaries and scholarships) in accordance with the certification rules. The University then converts this to US Dollars. The University will apply a fixed exchange rate to all applications/calculations for the academic year as this has been the approach recommended by representatives of guarantee agencies and lenders from the US. However, this rate may increase over the academic year to reflect to the fluctuations in exchange rates that are experienced across the year. The exchange rate used for 2009/10 will be 1.507. Step 6 - Loan DisbursementOnce the loan(s) have been certified, the lender in the US processes the loan cheque(s) in accordance with the details that we have certified. Once the loan cheque(s) are received by the University and the student has registered on their programme, the Student Funding Team will contact the student to arrange for their encashment and conversion to Sterling. Cheques usually take 10 days or so to be received in the UK. Since 1st July 2006, Foreign Schools are no longer exempt from making multiple disbursements. This means that the University can no longer receive one cheque for the whole academic year, but instead will receive a cheque for each payment period; i.e. one cheque for each term. Unless you choose to pay in full in advance, we will presume you wish to pay your tuition (and any accommodation) in termly instalments to fall in with this pattern. We will not charge you an administration fee for this payment pattern, since the disbursement rules are outside of your control but:
Stafford/FFEL/ PLUS/Private loan cheques are issued by the lender in US Dollars and so need to be converted into GB Pounds Sterling by the University’s bank. Due to the banking processes involved, cashing and converting the US Dollar cheques can take a matter of weeks. Whilst this is beyond our control, we will not penalize the student for this delay – no Late Fee charges will be applied to the student account if their loan funds are in the process of being converted by the University’s bank. Depending on the exchange rate, and its fluctuations over time, an adverse rate of conversion may be experienced for which the University cannot be held responsible. In addition, the bank will charge commission on the transaction and this will be deducted from the cheque proceeds. Step 7 - Exit CounsellingThe US Department of Education requires that all student loan borrowers complete an exit counselling session whenever they drop below half-time enrolment status, withdraw, or graduate. This must be completed within the final term of your course. Please click here to access online exit counselling. Loan ResponsibilityA summary of the responsibilities of a student borrower under the Federal Aid scheme are as follows: The loan proceeds must be used immediately and primarily to pay tuition and accommodation fees at the University of Exeter. If the loan is not used for this purpose it can be recalled by the lender. The student must keep their lender informed of their:
The University will also take action to penalise late payment and failure to pay. There is not only the legal and contractual matter between the student and the lender to consider - there is also a contractual relationship between the student and the University. All debts to the University are pursued. Penalties for non-payment include, among others, removal from the program of study and withholding the award of a qualification. Students should ensure that they have adequate funding arranged before they join the University. However, if circumstances change whilst the student is with us, or anytime after certification, please let us know immediately and we will do all we can to assist. Please refer to the Calendar for full details (www.exeter.ac.uk/calendar/finance). Use of the Loan FundingAll students with loans under the FFEL programme must have used their loan in the first instance for the payment of University tuition fees and accommodation. In the event that there is a shortfall for any reason, the funds will be used towards tuition fees first and any University accommodation charges thereafter. Students’ accounts should show that their loans have been used to pay their fees (and accommodation, where appropriate) and such students should not be debtors to the University. The University’s regulations apply to all students – refer to the Calendar for full details (www.exeter.ac.uk/calendar/finance). It should be noted that students in debt to the University will not normally be certified for future years’ loan funding until such time as the debt is cleared. Student Academic Progress and Change of CircumstanceAll students who leave their course or change mode of attendance, or fail to make satisfactory academic progress must be advised to their lender. Students may not take more than 150% of the normal duration to complete their programme – they become ineligible for FFEL funding in the excess years. The University has a responsibility to ensure that all students in receipt of FFEL funding are making satisfactory academic progress. Where a student falls below the minimum standard of satisfactory academic progress, FFEL funding will be suspended. The Student Funding Team will contact your school to request confirmation of satisfactory academic progress prior to each disbursement of FFEL funding. The Student Funding Team can hold cheques for a maximum of 30 days, after which time the cheque must be returned to the lender. Once confirmation of satisfactory academic progress has been received from your school, the Student Funding Team will release the cheque for disbursement. Please see the University's Standard Academic Progress policy here. (updated 10th March 2008) Student Fee StatusStudents whose fee status is amended as a result of a formal review by the University are subject to a reassessment of their cost of attendance. Return of Title IV FundsThe University is required by federal law to recalculate financial aid eligibility for students who withdraw, or take a leave of absence prior to completing 60% of a payment period or term. If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds on behalf of the student. This would result in a debit balance owed by the student to the University. Please see the University’s Return of Title IV Funds Policy. Frequently Asked QuestionsTo follow shortly Student Funding TeamIn addition to certifying loans, we can also certify students’ applications to have repayment of previous educational loans deferred until they complete their studies at Exeter. All loan eligibility and certification is undertaken by the Student Funding Team, Finance Services. The University has one authorised signatory, the Deputy Director of Finance. No other person in any part of the University may certify these loans. It is a condition of our continued authorisation that we comply with the relevant US laws and regulations governing the FFEL Program: we act as a fiduciary in these matters and are accountable for our administration of the program. Only Student Funding Team staff may sign any paperwork or give any undertaking to students (verbal or written) with regard to US student loans, including attendance certification. No loan cheques may be distributed except by Student Funding Team. No refunds of credit balances may be processed without the verification by Student Funding Team and signature by the Assistant Director of Finance. Any correspondence, forms, monitoring reports etc received by other parts of the University should be forwarded to Student Funding Team without delay. Opening Times: Monday to Friday 9:00 to 5:00 Student Funding Team Room 156 Northcote House The Queen’s Drive University of Exeter EX4 4QJ Tel: +44 (0)1392 263858 Fax: +44 (0)1392 263859 E-mail: money@exeter.ac.uk
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