If your Federal Direct PLUS Loan application is approved, the University of Kentucky will award the loan for either the requested application amount or the maximum allowable loan amount. You may then view the amount of your loan by requesting that your son/daughter go to his/her link blue account at > Financials > Financial Aid > View and Accept Awards.
uk direct student loan
The Federal Government has instituted the Graduate/Professional PLUS Loan program. At least half-time enrollment status is required. Half-time status is defined as follows: PharmD - six credit hours; graduate, professional doctorate and law - 5 credit hours. This loan can be borrowed in addition to the Federal Direct Subsidized and Unsubsidized Loans. A Graduate or Professional student is eligible to borrow up to an amount that does not exceed their cost of attendance minus other financial aid. Students may apply at www.studentloans.gov. The www.studentloans.gov website allows students to apply for the loan, receive immediate notification of the credit check and sign a grad/PLUS electronic promissory note and complete entrance counseling.
There is a new loan counseling requirement for applicants who are determined to have an adverse credit history, but who qualify for a Federal Direct Graduate PLUS Loan by documenting extenuating circumstances or obtaining an endorser. The applicant must complete counseling at www.studentloans.gov after they are approved for the loan.
Student Account Services acts as a billing agent for the University of Kentucky. Our staff can provide financial assistance regarding your tuition, loans and tax credit information. When you need assistance, our customer service representatives are available to assist.
Monitor your student account. Actual Spring 2023 Financial Aid credits have been posted. If expected aid for Spring 2023 did not appear on your student account, please direct all questions to the Office of Student Financial Aid and Scholarships at osfas@uky.edu or 859-257-3172 (option 6).
If you borrowed a Federal Direct Student Loan while attending UK, complete Exit Counseling at studentaid.gov. Log in with your FSA ID and choose MANAGE LOANS, then Complete Exit Counseling. UK will be notified electronically.
If you borrowed a Federal Perkins or Institutional Student Loan while attending UK, watch for an email from UK's student loan billing servicer, ECSI. The email will instruct you on how to complete the Exit Counseling requirement on-line.
*Please note that you will be ineligible for loans if you have defaulted on previous years' federal loan repayments. Defaults are reported on the FAFSA application and no new loans can be certified until an arrangement to pay arrears has been made with the Loan Servicer. The University of Glasgow will require documentary evidence that the Loan Servicer now considers your loans are now in good standing.
Postgraduate students - If you wish to return to the US before the end of the academic year and complete your dissertation at home this makes you ineligible for federal loans. Dependent on the date that you leave the UK, funds from your previous disbursement may have to be returned to the US Dept. of Education and any subsequent disbursements will not be released to you.
Study Abroad - if you intend to complete a Study Abroad period while at Glasgow this may affect your eligibility for federal loans. You must check this with Carol Barnett or Pamela McNair prior to accepting a Study Abroad place.
The US Dept. of Education opens FAFSA applications each January for the next academic year and students can complete or renew their FAFSA from then. However the financial aid process of certifying and confirming loans starts in May when USDE Loans systems are updated.
Once you have completed all the relevant documents, we will be able to certify your loans. We will send you a letter confirming the amounts and approximate disbursment dates by courier. This letter has been approved by the UK Border Authorities.
You are responsible for paying your own accommodation costs. For students living in University accommodation - you can pay this in full immediately or set up a UK bank direct debit to pay by instalments via your MyGlasgow student account.
* Although 4th year completes at the end of April, students immediately start on 5th year. The Cost of Living Allowance is based on 52 weeks on this year to see students through until the new academic loan year commences in September.
* The Cost of Living for 4th year students covered the weeks up to the middle of September and the start of the federal loan year. Therefore this year Cost of Living will cover September to the completion of the programme at the end of May.
The US Dept. of Education charge an Origination Fee on all loans. In 2021/22 Direct Subsidised and Unsubsidised Loans are subject to a 1.057% and Plus Loans 4.228%. The fee is deducted at source before we receive your disbursement funds.
This is awarded to students based on financial need. The information you supply on your FAFSA is used to calculate your EFC (Expected Family Contribution). Your EFC and the amount of your EFA, (Estimated Financial Assistance i.e.any scholarships, bursaries or awards you will receive) will be deducted from your Cost of Attendance to determine your Financial Need. Please note that Graduate/Professional students are no longer eligible for the Direct Subsidised Loans.
This is not based on financial need. Whilst studying at least half time, or during deferment or grace periods you have the option of paying the interest or having it capitalised and added to the total value of the loan therefore increasing the amount you need to repay.
The maximum on this type of loan that you are allowed to borrow annually and also over your academic career are set by the US government. The amount available depends on your degree level and whether or not you have been classed as dependant or independent on your FAFSA.
Parents of dependent undergraduate students can borrow a federal Direct Parent PLUS Loan and can borrow up to the total Cost of Attendance minus all other sources of financial aid their student receives. The loan is the financial responsibility of the parents and not the student.
A parent PLUS loan borrower must meet the same citizenship and residency requirements as the student. The parent must not owe a refund on a federal student financial aid grant or be in default on a federal student loan. Repayment begins within 60 days after your loan is fully disbursed and lasts ten years.
The Federal Direct Graduate PLUS Loan is a federal loan that graduate students with good credit histories may borrow to help pay their educational expenses. A graduate student may borrow up to the total Cost of Attendance less all other financial aid received.
Repayment begins on the date of the last disbursement of the loan and the first payment is due within 60 days after the date the loan is fully disbursed. Graduate PLUS borrowers may receive a deferment while he or she is enrolled on at least a half-time basis at an eligible school.
There are very few lenders still doing educational loans for students attending schools outside the US. Below is a list of lenders that the University of Glasgow has liaised with. This is not a comprehensive list of all lenders. It is not an endorsement or recommendation by the University.
If you find a lender that is not on the list below please check with them that they are willing to work with foreign schools outside the USA before proceeding. Both the student and the lender should then get in touch with us.
Your Financial Aid Award Letter confirms that your loans have been certified. However please note that at the start of each academic year we cannot request the first disbursment funds of your loans until you have completed all stages of registration on MyCampus. This includes
Please ensure that you have sufficient money of your own to see you through the first 3-4 weeks. This will allow time for you to open a UK bank account, your loan funds to be disbursed and reach your bank account.
We would advise you to open a UK bank account as soon as possible when you arrive here. The local bank branches tend to be very busy in September so make an apppintment with one of them as early as you can. The bank will need to see ID and usually a certifying letter confirming your student status here. You can download that letter through MyCampus - see the link provided
*If your loans are insufficient to meet your tuition fees, you will need to arrange to make up the shortfall by paying this immediately or by bank direct debit over 8 instalments. Find out more about making payments.
You will be asked to complete your counselling session on the National Loan Data System (NSLDS) site. This session takes approximately 30 minutes and provides you with information on your rights and the repayment of your loans. -counseling/
***IMPORTANT ACTION REQUIRED*** When applying for admission to the University of Glasgow, please clearly state on your application that you will be applying for Veterans Affairs Benefits as an American student.
If your Certificate of Eligibility confirms that you are entitled to benefits we can process a financial aid award, before the academic year begins, onto your MyGlasgow student record in anticipation of receiving these funds throughout the year from the VA. We have to estimate the amount that we will receive. If this estimate does not cover all of your fee you will need to arrange to pay the difference. This will allow you to complete financial registration.
The funds are received in 2 instalments for undergraduates/PHD students and 3 for postgraduate taught students. When the funds are received we will exchange them into pounds sterling. Carol Barnett will advise you by e-mail of what has been received at each benefits disbursement.
In early October US students' registration at Glasgow will be entered onto the National Student Loan Data System (NSLDS). Lenders and Loan Services will use NSLDS to defer loan repayments for the period you are attending the University of Glasgow. The Loan Servicers should not require paper based In School Deferment Forms. 2ff7e9595c
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