FAQ's on Financial Aid & Money Matters

Which loans can I borrow?
The University of the Arts London can certify US students for federal Stafford, Graduate PLUS and Parent PLUS loans.  We also certify  students for Sallie Mae's private Smart Option Loan.  Please make sure you are eligible for these types of loans prior to applying for them.  You can read more about your eligibility in our US Financial Aid Guide.

What is FAFSA?
FAFSA is the Free Application for Federal Student Aid.  All financial aid applicants must fill in the FAFSA in order to start the loan application process.

What's an MPN?
The MPN is the Master Promissory Note.  It's basically the contract between you and the lender, outlining the terms and conditions of your loan.  We need either the original MPN or a copy of it before we can certify your loan.

What's a SAR?
The Student Aid Report (SAR) is a printed summary of the FAFSA.  You must phone to request the original 10-page document.  We cannot accept faxes, emails, scans or photocopies of this document so please don't sent them to us or ask if they will be acceptable.

Is applying for loans similar to how it works in the US?
No, you are much more responsible for handling your own funding.  Read the US Financial Aid Guide for assistance with regards to how to apply for loans when studying in the UK.

How do I choose a lender?
You can contact your state's guaranty agency for a list of lenders;  http://wdcrobcolp01.ed.gov/Programs/EROD/org_list.cfm?category_ID=SGA.  Please be aware that not all lenders will work with international schools. 

Who are the University's preferred lenders?
We do not really have "preferred" lenders, however we work with two large US-based companies:  Sallie Mae (www.salliemae.com) and American Student Assistance (www.amsa.com).  They offer federal loans through a number of lenders that are either internal or unaffiliated.  You can apply for your federal loans and view their list of lenders via their websites.  Sallie Mae also offers a private loan option that you can read more about in our US Financial Aid Guide.

Why do you work with Sallie Mae and ASA specifically?
We work with these companies because students can upload their loan applications and MPN's electronically witch makes the process easier and more efficient.  The University can also certify the loan electronically, making it more convenient for us to track the progress of your loan and correct any issues in advance.

Where so I mail you my SAR and MPN?
Please mail your documents to the following:

University of the Arts London
5445 DTC Parkway, PH4
Greenwood Village, CO 80111

Phone:  1-866-693-7056
Fax:  303-379-5671
Email:  info@universityoftheartslondon.com

What is entrance counselling?
Entrance Counselling is a method of ensuring you understand the terms and conditions of borrowing a loan.  We are legally required to have proof you have done Entrance Counselling for our auditors.  You must complete this counselling before we can distribute federal loans funds to you.

Where do I complete the Entrance Counselling for my federal loans?
You  can visit Mapping Your Future's Online Student Loan Counselling (OSLC) via the link below.  The counselling should take 20 minutes to complete;  http://mappingyourfuture.org/OSLC/ and then click on "Student Loan Counselling Interview" and select the counselling for the appropriate loan.  You, as the borrower, must do counselling for any US federal loan you take. 

What is exit counselling?
Exit counselling works in the same way as Entrance Counselling and can also be completed through Mapping You Future at http://mappingyourfuture.org/OSLC/.  Exit counselling assists the borrower in understanding what happens to their loans after graduation and offers advice on repayment plans.  You only need to complete Exit Counselling when you are close to graduating. 

How long does it take you to process my loans?
If you apply with Sallie Mae or American Student Assistance, you can submit the applications electronically which allows us to certify the loans electronically.  Electronic certifications are much faster that paper certifications and the loans can guaranteed quite quickly, generally within one week.  Postal certifications and loan guarantee can take anywhere from 2-4 weeks.

When do I get my Financial Aid Award Letter?
We don't actually provide such letters but the financial aid office will email you with the particulars of your loan (s)) after it has been certified and/or guaranteed.  You will also receive documents from your lender and you can use all this paperwork for visa application purposes. 

What's the difference between certifying and guaranteeing?
The University must certify your loan before you can expect to receive funding.  Once certified, the loans go through additional processing via the lender.  When the lender is satisfied with the information provided, they will guarantee the loan.  When the loan is guaranteed, it means the loan is ready to disperse.

Are all courses eligible for US loans?
No.  Access courses, Graduate/Postgraduate Certificates, short courses, Study Abroad, any programme classified as "distance education" and some research programmes are ineligible for US federal loans.  All our full-time degree courses are eligible for private loans, however.  If you're unsure if your course is eligible, please ask us.

How much will I get in Stafford loans?
We can't tell you exactly what you can get until we've received your SAR.  See our US Financial Aid Guide in order to see the maximum amounts allowed, based on age and dependency status.

How many instalments will my loans come in?
Federal loans are subject to instalments based on the study period/terms of your course.  The US federal loans include Stafford, Graduate PLUS and Parent PLUS.  There is no negotiation in regards to these instalments.  The university cannot legally certify students for single instalments on the federal loans.  This is a policy of the US Department of Education which we must abide by.

Courses running from September/October to June/July will get three instalments while courses running from January to December or October to September will receive tow instalments.

How do I pay my fees in full if I'm getting my loans in instalments?
This is a conflict of policies and cannot be negotiated.  If you are fully reliant on loans to fund your studies here, you may have to take multiple loans in order to accrue enough funding in time for enrolment.

How and where do the cheques arrive?
The cheques arrive in US dollars, co-payable to the University and the borrower and are sent directly to the financial aid office at the University.

How do I pay the tuition fees if you receive my cheques?
We will contact you to come sign your cheques with us.  We will then bank them on your behalf and pay the fees for you once the cheques have cleared.  You will be given a receipt letter to take to enrolment that verifies these fees are paid.  Any excess funds will be refunded to you in due course once the cheques are cleared and once we've removed the tuition fees.

What exchange rate will you use to clear my cheques?
We use www.xe.com to estimate the value of the loan cheques for your receipt letter. The actual exchange rate will be whatever the rate is on the day the cheques are banked.  It take approximately 1-2 days for the cheques to clear.

How long does a refund take and how will I receive my refund?
Once the cheques have cleared and we know exactly how much money we are dealing with, the refund will take up to 2 weeks to be processed.  You will be given a cheque in Pounds Sterling.

What am I supposed to do with a cheque in Sterling?
Open a bank account! Deposit your cheque and then you can begin to use it for your living expenses.  Your local school registry office can give you a Bank Letter that you'll need to open a bank account.  Most US students tend to go with Citibank, HSBC, Natwest or Lloyds TSB.

What do you do with the remaining instalments of my loan once the tuition fees are paid?
Any subsequent loan cheques, once cleared to Sterling, will be refunded to you for living expenses.

Why can't I bank my loan cheques in the UK myself?
All the loan cheques come as co-payable to the University and the student.  UK banks will only bank co-payable cheques if you have a joint account with the payable party, which will not be possible.  Furthermore, banks will take 4-6 weeks to clear a US dollar cheque into Sterling.

Once your tuition fees have been paid to the University, you can choose to have your remaining loan cheques posted to the US for banking but if you require the funds for use in the UK, it is best to let us bank your cheques for you and refund you with a cheque in Sterling.

Why can't I pay my accommodation out of my loan cheques?
While loans can be used towards housing expenses, the cheques are in US Dollars and we must bank/convert them before we can refund excess funds to you for living expenses.  Students must make arrangement to pay their initial housing cost independently of their loans and can refund themselves from the loan money when it becomes available.

What are private loans?
Private loans are not regulated by the US Department of Education and thus do not come in multiple instalments.  They are generally disbursed in a single instalment at the start of the year, however you can choose to have them come in two equal instalments.  Please note, however, that you must have enough funding to pay your fees and living expenses so multiple instalments on a private loan may not work well for you.

The only private loan we're currently aware of is Sallie Mae's Smart Option Loan (their Signature loan is no longer available).  Private loans have higher interest rates than do federal loans and if you wish to borrow a private loan, you'll need a credit-worthy co-signer.

What if I don't have a co-signor or can't find one?
It's unlikely you will be eligible to obtain a private loan.

I just got offered a place and the course starts in a week.  Help!
Students can generally enrol up to one week late but if you don't have your SAR, or if you have not applied for your loans, it will be impossible to get your funding sorted in time for you to pay your fees.  You are advised to defer your place or to pay your fees out of personal finances and then refund yourself later when the loans have arrived.

When can I apply for my visa?
All international students are required to enter the UK on a student visa.  If you are a student, and arrive in the UK without appropriate entry clearance, you risk being deported.  It is YOUR responsibility to organize your visa before you travel.  Find out more visa information. 

You need your offer letter and proof of funding secured before applying for the visa.  If you are reliant on loans, you must have these certified AND guaranteed FIRST before you book your visa appointment...another reason why you must start the loan application procedure in a timely manner.

I borrowed loans last year and need to tell the lenders so that I don't go into repayment.  What can I do?
If you are being contacted by previous lenders about going into repayment, you will need to provide us with an In-School Deferment form for those lenders.  We will fill out the forms and submit them on your behalf.  In-School Deferment forms verify that you are still in school and thus not eligible to start paying your previous loans back.  Once you graduate, however, your past loans will go into repayment.  Your loans with the University will have a 6-month grace period.