Federal Student Aid - How Much Can You Borrow?
U.S. students are entitled to borrow funds to cover a variety of costs related to studying in the U.K.
On the How to Apply section you will find a Cost of Attendance spreadsheet, which once completed, determines each student’s loan request amount.
Types of Loans
There are three types of Loans from the U.S. Department of Education available to students:
- Subsidised Loans – Available to undergraduate students in financial need. The amount you are eligible for is determined by your household income. There is no interest on Subsidised Loans until 6 months after you finish your studies.
- Unsubsidised Loans – Available to undergraduate, postgraduate and PhD students. Interest in accrued from the first day the loan is disbursed.
- PLUS Loans – PLUS Loans can be borrowed in addition to Subsidised and Unsubsidised Loans. For more information, read the PLUS Loans section later on this page.
| Level of Study | Subsidised | Unsubsidised | Total |
|---|---|---|---|
| Undergraduate (Dependent) | |||
| Year 1 | $3,500 | $2,000 | $5,500 |
| Year 2 | $4,500 | $2,000 | $6,500 |
| Year 3 | $5,500 | $2,000 | $7,500 |
| Undergraduate (Independent and Dependent Students whose parents are ineligible for PLUS Loans) | |||
| Year 1 | $3,500 | $6,000 | $9,500 |
| Year 2 | $4,500 | $6,000 | $10,500 |
| Year 3 | $5,500 | $7,000 | $12,500 |
| Postgraduate/PhD | |||
| All Years | $20,500 | $20,500 |
For more information on Dependent or Independent Student classification, visit this page Federal Student Aid Dependency Status.
Subsidised and Unsubsidised Aggregate Loan Limits
The table below details the maximum amounts of Subsidised and Unsubsidised loans that students can borrow:
| Level of Study | Subsidised and Unsubsidised Loan Limits |
|---|---|
| Undergraduate (Dependent) | $31,000 (maximum of $23,000 Subsidised Loans) |
| Undergraduate (Independent and Dependent Students whose parents are ineligible for PLUS Loans) | $57,000 (maximum of $23,000 Subsidised Loans) |
| Postgraduate/PhD | $138,500 (maximum of $65,000 Subsidised Loans) |
PLUS Loans
PLUS Loans are available to supplement Subsidised and Unsubsidised Loans for Undergraduate (dependent) and Postgraduate/PhD students.
A parent can obtain a Parent PLUS Loan on behalf of an Undergraduate (Dependent).
A postgraduate or PhD student can obtain a Graduate PLUS Loan.
PLUS Loans are dependent on the parent (Parent PLUS Loan) or postgraduate/PhD student successfully passing a credit check. If a postgraduate/PhD student isn’t eligible to receive a Graduate PLUS Loan due to adverse credit history, an Endorser can be used to guarantee their loan meaning the loan can still be borrow.
For more information, visit this page Federal Student Aid PLUS Loan.
Current Interest Rates
This is the current interest rate; please note this is subject to change annually in July of each year.
| Interest Rates for Direct Loans First Disbursed on or after July 1, 2023, and Before July 1, 2024 | ||
|---|---|---|
| Loan type | Borrower type | fixed interest rate |
| Direct Subsidised Loans and Direct Unsubsidised Loans | Undergraduate | 5.50% |
| Direct Unsubsidised Loans | Graduate or Professional | 7.05% |
| Direct PLUS Loans | Parents and Graduate or Professional Students | 8.05% |
Repaying your Loans
You can familiarise yourself with Federal Student Loan repayment obligations you intend to borrow. Click here to use the Student Loan Simulator.
Contact student.funding@cssd.ac.uk for more information.