US Federal Loans

The London Film School is eligible under The Health Care and Education Reconciliation Act of 2010 (HCERA) to participate in the William D. Ford Direct Student Loan Program authorized by US Education Department. The documents below set out recent changes in the system and guides through the application process.

Important

  • You must read the instructions thoroughly on the process flow chart, if you miss a step this may cost you time and money. If you do not send the exact information your application will be rejected
  • Eligible US students wishing to borrow loans can now start the loans process by downloading the process flowchart and Cost of attendance spreadsheet.

Changes for the academic year 2011/12 onward

You may borrow up to the Cost of Attendance and no more. The Cost of Attendance spreadsheet is set by the school but may be adjusted by the student to reflect their specific unusual needs on the spreadsheet and keeping within reasonable parameters. The spreadsheet will give warnings if too much loan is requested. Two types of loans are available to you, private loans and government loans.

Goverment Loans

There are no Title IV or FFELP loans. There are no lenders providing federal backed loans. From 1st July 2010 all federal loans will be Direct Lending.

The loans available are:

 Subsidised  Fixed max value, No interest charged while in school  Origination Fee 1.00% deducted at Disbursement
 Unsubsidised  Fixed max value, Interest charged while in school  Origination Fee 1.00% deducted at Disbursement
 PLUS Loan  Max value set by School (Cost of Attendance), Interest charged while in school.  Origination Fee 4.00% deducted at Disbursement.

Eligibility for loans:

  • LFS Degree Students may borrow up to your Cost of Attendance.

Federal (Stafford) Direct Lending

'There is an entitlement to Subsidised and Unsubsidised loans which have fixed limits for postgraduate students. These may be topped up to the full cost of attendance with a PLUS loan which is not an entitlement, but is subject to credit checking and may be declined by the Ed Dept.

The Loan Limits are:

 Subsidised  $8,500
 Unsubsidised  $12,000
 Plus Loan  Balance up to Cost of Attendance

The US Education Department charge a origination fee on all loans and this is deducted from each disbursement. The value of the fees and the disbursemens are shown in the cost of attendanance spreadsheet. For more detailed information, see the Education Department's Student Aid Website

How much can you borrow – Cost of Attendance:

Our Cost of Attendance Spreadsheet has all this information built in as you complete the form. To see the full details for all programmes and years, please look at the Student Aid website

How to Apply:

Most of the work is done on-line by the student. The school will not know you are making a genuine application, nor know how much you wish to borrow until you send us the information we need.

You must download the Application Flowchart and the Cost of Attendance Spreadsheet. Follow the instructions in the flowchart and complete the spreadsheet Cost of Attendance page and the Checklist page. Then send email to Shirley Streete-Bharath - s.streete@lfs.org.uk with all the documents attached.

Please note our School Code: G10574

YOU MUST USE THE SPREADSHEET & CHECKLIST. IF ANY DOCUMENTS ARE MISSING FROM YOUR EMAIL. WE CANNOT PROCESS YOUR APPLICATION

Documents to download:

Private Loans:

The only private loans currently available to students at foreign schools is the Smart Loan from Sallie Mae. To apply for a Smart Loan, you must apply on-line and then send a copy of your e-signed Promissory Note to Shirley Streete-Bharath - s.streete@lfs.org.uk

To apply please click on the following link Sallie Mae

IF YOU FORGET TO EMAIL YOUR PROMISSORY NOTE. WE WILL NOT BE ABLE TO CERTIFY YOUR LOAN

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