Quick guide to financial aid

Please note that this section is a very brief introductory guide to US Financial Aid and the stages that generally you will need to complete. Please familiarise yourselves with the other tabs before you start the application process.

Step 1 Complete free application for federal Student Aid (FAFSA)

Step 2 Once your Student Aid report (SAR) has been received contact Liverpool Hope University who will arrange to view your SAR.

Step 3 We will write to you detailing the loans that you are eligible for based on the cost of attendance and your estimated family contribution (EFC)

Step 4 Confirm to us your intention to take out the loan and the amounts you intend to borrow.

Step 5 Complete your loan counselling by going to www.studentaid.gov/entrance-counseling/

Step 6 A copy of the signed promissory note should be sent to us.

Step 7 For new students we will send you an official letter, the wording of which has been agreed with the UK border agency which you will need when you apply for your visa.

Step 8 The money is disbursed in either 2 or 3 payment dates. Liverpool Hope University will receive the money straight into our account from the Department of Education. We will have contacted you previously to give us your bank details (it would be better if you have an English bank account to speed up your funding) and once the money is in our account we can make the disbursements to you after deducting any applicable tuition/accommodation charges. As the funding once requested can take 5-10 working days to reach our account it is advisable to bring some money with you for necessary expenses whilst awaiting the opening of your UK bank account and the monies to become available. A figure between £400-£500 would be advisable.

Federal student loans

An American National or permanent resident can apply for a loan if you have accepted an offer of a place at Liverpool Hope University for an undergraduate or full postgraduate Masters course. We are an eligible Federal Loan institution and our school code is G41159. We recommend you refer to the Federal Loans webpage (https://studentaid.gov/) which has the most up to date information and interest rates.

Direct subsidised/unsubsidised loan

This loan supported by the US government is available to all students. The federal loan is offered at a fixed interest rate. This loan does not enter into repayment until six months after the student has completed the course or dropped below 50% attendance. There are two parts to the federal loan.

The subsidised loan is assessed on “need” and as such the interest accrued on this portion of the loan is paid by the US government whilst students are in study. These costs will revert to the student’s responsibility after completion of the course.

The unsubsidised loan will accrue interest during the period of study and these costs will be the student's responsibility.

There is a loan fee on all Direct Subsidized and Unsubsidized Loans. The loan fee is a percentage of the amount of each loan you receive. We will deduct the loan origination fee proportionately from each loan disbursement. The specific loan origination fee that you are charged will be reflected in a disclosure statement that will be sent to you.

The Plus loan

Unsubsidised loans for the parents of dependent students and for graduate/professional students. Plus loans help pay for education expenses up to the cost of attendance minus all other financial assistance.

Private Loans

Private student loans are non-federal loans, borrowed from a private lender such as a bank or other corporation. Private loans are typically offered with higher rates of interest than federal loans and with less flexible repayment options. A federal loan is usually partly based on financial need, whereas a private loan is not.

You may only use student loans (whether they are federal or private) for educational expenses such as tuition and fees, books and supplies, room and board, and transportation. Your Cost of Attendance is calculated by the University, and you may not borrow more than this whether you take out a private loan or a federal loan or both.

The University will work with whichever private lender you decide to use, if they are willing to work with us. As an example: the University currently works with Sallie Mae, who offer a "SMART Option Private Loan".

Unlike federal loans you may borrow a private loan up to the full amount of your Cost of Attendance regardless of your financial need or you may use a private loan to supplement your federal loans up to your Cost of Attendance if, for example, you cannot borrow that full amount in the form of a federal loan.

• You must first make sure that the lender is willing to offer you a private educational loan, and that they are willing to work with the Liverpool Hope University.
• Tell us how much you wish to borrow and in conjunction with your cost of attendance we will confirm how much you can borrow.
• You must then complete your loan application directly with your chosen lender.
• You will need to complete and sign a Master Promissory Note supplied by your lender. Once you have completed these steps you must notify the University of your intentions.

For further information regarding private loans please visit www.myglobaled.com

How much can I borrow?

The table below show the amounts of subsidised/unsubsidised loan a student can borrow depending on the course and year they will attend and also aggregate limits.

Undergraduate Dependent Students

Undergraduate Independent Students

Postgraduate Students

Stafford Loan Aggregate Loan Limits

What the US Government expects of you

Repay your loan

Your obligation to repay becomes legally binding when you sign the Master Promissory Note (MPN) and authorise the electronic transfer of funds to your student account.

Your requirement to repay does not go away because you:

• Don't complete your educational program
• Cannot find employment
• Were not satisfied with the education or other services your received from the university
• Were notified that your loan was sold to another party by your lender.

Pay on Time

You must make your payments on time unless you have made special arrangements with the lender or servicer. Many lenders offer repayment incentives to reward you for paying on time.

Make a Minimum Payment

A minimum monthly loan payment is required. This minimum amount varies depending on the amount you borrow and your repayment plan.

Notify Liverpool Hope University and the US Department of Education about changes in any of the following:

• Change your current address / phone numbers / name
• Change your Social Security Number
• Withdraw from University
• Drop below full-time
• Change your anticipated graduation date
• Change your driver's license number
• Change your references
• Change your permanent address
• Change your expected employer

Complete an Entrance Counselling Interview

Before being permitted to complete your electronic MPN, you will be counselled on your obligations, rights and options under the terms of your loan. Liverpool Hope University will not certify your financial aid unless you have performed entrance counselling. Visit Student Loans for more details.

Complete an Exit Counselling Interview

This must be done before you leave university or graduate. You will be counselled on your obligations, rights and options under the terms of your loan. This session will cover repayment options, deferments and other important information you may need during your repayment term. During this session you will need to provide the following information:

• Name and address of closest living relative
• Two references (not the same as closest living relative) and with different addresses

Visit Student Loans for more details.

What you should expect from your Lender

Master Promissory Note

When you decide to enter into an agreement for your student loan, you sign an electronic Master Promissory Note (MPN). This document explains the terms and conditions of your loan in full detail. It also serves as the legal document requiring you to repay the loan with interest. Read through the entire promissory note before you sign it and make sure you understand your rights and responsibilities. The MPN (either paper or electronic) is only valid for a maximum of one year if you are attending a University outside the U.S.

Repayment Schedule

During your grace period, the US Department of Education will send you a detailed repayment Schedule. This document states the number and amount of monthly payments and the date when the first payment is due. At the same time, you will receive information about other repayment options, (https://studentaid.gov/manage-loans/repayment) such as the Graduated and Income-Sensitive plans, extended and consolidation plans.