US Federal and Private Loans
Federal Stafford Loans
Federal Stafford Loans and Plus Loans are operated by the US Government to assist US citizens with the costs of studying. Please note that the US Federal Government and Department of Education are changing the Federal Loan Programme from July 2010. Stafford and Plus loans will be available but we do not have the details of the new system yet. We will not be able to certify loans before July 2010 for the 2010-11 academic year. Applicants can submit a FAFSA and we will be able to confirm eligibility before then. The School estimates an annual Cost of Attendance which is used to assess loan eligibility. You should consider the Stafford Loan first as usually this is the cheapest way of borrowing. A Plus Loan is usually used for additional funding. The maximum total borrowed from both loans cannot exceed the maximum Cost of Attendance. Generally loan repayment begins 6 months after the course graduation date.
The School Federal Loan Code is G06694 (or 00669400) listed under ‘School of Oriental and African Studies - University of London'.
Please note that only on-campus degree students are eligible for Federal Loans at SOAS. Students studying by distance-learning, or at certificate or diploma level are not eligible.
If you have any questions about applying for US loans please contact the Fees Section.
Postgraduate Stafford
The current maximum is: $8,500 Subsidized (the government pays the interest on this part of the loan until you start repayment) and $12,000 Unsubsidized – a total maximum of $20,500. Additional funding can be borrowed as a Graduate Plus.
Postgraduate Stafford Interest Rate on loans currently: 6.8%
Origination fee: 0.5%; Federal Default fee: 1.0%
Undergraduate Stafford
Dependent undergraduate degree students can borrow Subsidized (the government pays the interest on this part of the loan until you start repayment): $3,500 in your first year, $4,500 in your second year, $5,500 in your third/fourth year; and $2000 Unsubsidized each year. Additional funding can be borrowed by your parents via the Parent Plus. Certain categories of undergraduates can be classified as 'independent' and be eligible for additional Unsubsidized funds but ineligible for the Parent Plus.
Undergraduate Stafford Interest Rates currently: Subsidized 5.6%; Unsubsidized 6.8%.
Origination fee: 0.5%; Default fee: 1.0%
Additional Funding
Federal Plus Loan
Stafford loans have lower interest rates and more flexible repayment options so if you are eligible you should apply for the Stafford loan first. You may need to take out additional loans to top up your funding.
You should first consider a Federal Plus Loan: Parent Plus for dependent undergraduates or Grad Plus for postgraduate degree students. The Plus Loan can have lower interest rates and more flexible terms than a private loan.
Graduate/Parent Plus Interest Rate currently: 8.5%
Origination fee: 3.0%; Default fee: 1.0%
Private Loans
There are also some private loans available to US students studying abroad. You should consider terms and conditions carefully in comparison with Federal Loans. You will need to send details of the lender and loan required on the SOAS Loan Form to the Fees Section so that the loan can be certified.
PLEASE NOTE that Plus and Private loans are credit-checked and applications can take lenders a longer time to process than Stafford Loans. The lender may ask for additional documentation from you or your co-signatories. You should apply in good time for the loan to be approved before the start of the academic year.
How to Apply
Cost of Attendance
Disbursement and Other Information
