About US Loans

Subsidized and Unsubsidized Loans (formerly known as Stafford Loans) and Plus Loans are available through the Direct Loan programme operated by the US Education Department.  

Direct Loan are educational loans to assist US citizens with the costs of studying. You should consider the Subsidized and Unsubsidized Direct Loans first as usually this is the cheapest way of borrowing. If you need additional funding you should then consider a Direct Plus Loan.

Most students will need a combination of Direct Loans (Subsidized/Unsubsidized/PLUS loans) to cover the full Cost of Attendance. Students studying less than full time will be eligible for a corresponding percentage of their living costs. The maximum total borrowed from Direct and private loans cannot exceed the annual maximum Cost of Attendance of the institution (your place of study). 

For US Federal Aid application details please see How to Apply for a US Federal Loan. Only on-campus degree students are eligible for Federal Direct Loans at SOAS. Students studying online or by distance-learning, or at certificate or diploma level are not eligible.

The School Federal Direct Loan Code is G06694 listed under ‘School of Oriental and African Studies - University of London'.

If you have any questions about US loans please contact the Fees and Funding Team by emailing funding@soas.ac.uk.

Cost of Attendance 2025/26

The Cost of Attendance (CoA) is the amount it will cost a student to go to SOAS, if you are attending School at least half time.

The CoA is the estimate of tuition and fees, cost of food and housing (living expenses), cost of books, supplies, transportation, loan fees and miscellaneous expenses.

The CoA is set by SOAS but may be adjusted downwards by the student to reflect their specific needs. You may borrow up to the CoA set by the School, but not exceed it.

Your dependency status can affect the amount of funds you can receive.  

Student Aid Index (SAI) 

The Student Aid Index (SAI) affects Direct Subsidized & Unsubsdized loan eligibility (undergraduates only) and is based on the information provided in your FAFSA about you or your family’s income for the year prior to the year for which you are requesting the loan. 

This is the amount of funding that the U.S Department of Education expects you and your family to contribute towards funding your studies

Other Financial Assistance (OFA) 

Other Financial Assistance (OFA) is any other institutional funding you are expecting to receive to fund your studies. This includes scholarships, grants, bursaries (except Veterans Affairs Benefits). You are required to inform the SOAS Funding Office about any institutional funding you have secured for your studies at SOAS. 

Below is the Cost of Attendance 2025/26. Please email funding@soas.ac.uk once you have applied for your FAFSA. Please note funding is not guaranteed and there are further eligibility checks that take place at the institution. Please note that funds are not disbursed before the course start date and until you are fully enrolled at the school.

Other essential costs may be included but are subject to approval by the School and must be in line with the relevant guidance and regulations.

Please note that funds are not disbursed before the course start date. 

Loan periods

Loan periods covered for academic year 2025/26 are as follows:

Students who are only due to enrol for parts of the academic year will be subject to a lower Cost of Attendance.

Exchange rates

The actual GBP (Sterling) you receive will vary as it is dependent on the exchange rate from USD to GBP at the time of the disbursement. The rate applied will be a retail rate and not the interbank rate.

Interest rates

The US Federal Government calculates and sets the interest rates for Direct Loans on an annual basis starting from July 1 each year. For more information please visit studentaid.gov.

Origination fees

Federal student loans have an origination fee; therefore, the amount you may receive as a disbursement may be slightly lower than the amount you accept. 

Different loan limits apply to the different types of loans. Details can be found below.

• You can borrow less than the maximum COA
• You can request more funds later in the year up to the maximum COA
• Direct Loans incur fees and interest and must be repaid so do not borrow more than you need. 

Loan Entitlement 

The following formulas are used to calculate loan entitlements: 

*Within maximum annual and aggregate loan borrowing limits.