US loans guidance

The University's US loans team can help you with a wide range of queries regarding funding options. They have compiled this list of commonly asked questions.

Can I get my US loan funds earlier?

Unfortunately, this is not possible. Under US Department of Education regulations these funds may only be provided to the student once they are in attendance at St Andrews and have fully completed matriculation.

How do I apply for a US loan?

Once you have completed your FAFSA, follow the guidance on our US funding webpage.

Studying at a foreign school means you are ineligible for the usual US-based federal financial aid such as Pell Grants, Perkins Loans and State Aid. The US Loan team at the University of St Andrews can only administer your applications for US loans – this is borrowing that must be repaid.

Has the University received my FAFSA?

After you have received an offer from St Andrews, the US loan team will review your FAFSA Submission Summary to check your eligibility and send your Loan Offer with further instructions and some guidance.

Before May – the US loan team will provide Subsidized/Unsubsidized Loan Offers but the exact PLUS Loan values can't be confirmed until after the cost of attendance is updated.
After April – the cost of attendance will be updated, and the loan team will confirm the maximum loan amounts you will be eligible to apply for to the US Department of Education.

With the large volume of applicants to St Andrews, it may be some time before the US Loan team can contact you. For a quicker reply, or if you are making an application during term time, Ask aquestion to let them know you have completed your FAFSA and that you have already reviewed and corrected any comments on your FAFSA Submission Summary from the US Department of Education.

What do I need to do if I withdraw from my studies while being in receipt of a US student loan?

If you withdraw from your programme or take a leave of absence, the University will contact the Department of Education with your status update and information of any unspent loan funds. Unspent loan funds are the amount that you are not entitled to retain due to your withdrawal from study, and the University must repay this amount to the US Department of Education.

For further information, contact Ask aquestion.

Please also refer to the Return to Title IV (R2T4) regulations.

How do I complete matriculation if I am being funded from both US loans and personal savings?

All US loan students should confirm they are receiving US loans on the Fees and Funding section:

Select 'Tuition Fees - Confirm Payment/Sponsor/Funding'.
Select 'Begin'.
Select 'PAYMENT OPTIONS/CONFIRMATION (including US Loans)'.
Select 'I am applying or have already applied for a US Direct/Private Loan'

If you are also paying your residence fees with Direct Loans, repeat the above steps on the 'Pay Your Accommodation Fees - Confirm Payment/Funding' section.

These elements of your matriculation will show as completed after a few days if your loans are expected to cover the full cost. If the loans do not cover the full cost, you will need to confirm your payment plan for the difference to Ask a question before the elements will show as 'completed'.

If my US loan disbursement exceeds my fee instalment, how will I receive any balance due?

You will need to enter UK bank details through MySaint, located under 'My Details/Student Finance/Manage my Bank Details for Refunds' for a refund to be processed.

Any surplus credit balances will be paid as soon as possible, but no later than:

14 calendar days after the balance occurred if the credit balance occurred after the first day of class of a payment period or
14 calendar days after the first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period

Failing to update your bank details will cause a delay in processing the refund. If the excess funds relate to Parent Plus Loans we will need authorisation from the borrower to refund the student directly.

Where can I see how much will be credited to my bank account from my US loan?

On the disbursement date, you can view the sterling value of your US loan credit by accessing your financial statement in the 'My details and development' section in MySaint. Following deduction of your fee instalment, the University has 14 days after the beginning of term to refund any surplus to your bank account. You must have updated bank details in the 'My details and development' section under 'Student Finance/Manage my bank details for refunds".

What is the deadline date for applications for US Direct Loans?

The University of St Andrews does not operate deadlines for US loan applications at the beginning of the academic year. You can apply for loans throughout your academic year, up to an administrative cut-off point towards the end of the year.

For undergraduates, apply and contact Ask a question before the end of April in your second semester.

For postgraduates, apply and contact Ask a question before the end of August in the year following your matriculation – or the 11th month of a non-standard academic year.

When will my US loans be disbursed?

The University will receive all loan funds in equal instalments in September and January – and May for postgraduate students. The exchanged GBP will show on your financial statement the same day. You can view your financial statement through MySaint.

The University will apply the loan funds to your tuition fees, room and board, and other school charges. If any additional loan funds remain, they will be returned to you within 14 calendar days after the credit balance occurred – or after the first day of class if the balance occurred on or before the first day of class. To receive surplus funds, you must enter your UK bank details in MySaint.

If your loan does not cover your full fees, you must pay the remainder immediately. You can pay any shortfall through MySaint or by making an online payment. See information on opening a bank account in the UK.

There can sometimes be delays completing matriculation or opening a bank account. Please ensure you have enough funds to cover your first month's expenses before receiving any surplus loan funds. This is especially important for those students in private accommodation.

Refer to your Loan Notification document for the net USD values transferred to the University and the dates of these disbursements.

What US financial aid am I eligible for?

Eligible students are able to apply for US federal aid through the Free Application for Federal Student Aid (FAFSA). However, if you are studying at a university outside of the USA, such as at St Andrews, you are only eligible for US federal loans. This is borrowing which must be repaid. You will not be eligible for other US-based financial aid such as federal and state grants and scholarships – for example, Pell Grants or Perkins loans. See the guidance on our US funding webpages.

US federal aid is not the only option available to students. The University is also authorised to certify applications for alternative education, or private, loans.

You should also look into the international scholarships offered by the University, academic Schools and units, and external funders. The deadline for many of these is the end of January.

Does my US loan have to be paid back and, if so, when?

Yes, you are required to repay your US loan if, at any point, you graduate, leave school or drop below half-time enrolment. However, the Department of Education administers a 6-month grace period before payments must begin. Further information can be found on the Federal Student Aid webpage.

See the Department of Education webpage for loan interest rates and fees.

How much can I borrow from the US Direct Stafford Loan?

The loan limits and borrowing amounts vary depending on whether you are an undergraduate or postgraduate student or a dependent or independent student. You can find further information on the US Federal Aid webpages.

How much does it cost to attend St Andrews?

Purely for the administration of US loans, the cost of attendance for a student is an estimate of that student's educational expenses for the period of enrollment. The US Government Higher Education Act, Sec. 472, allows the use of average expenses rather than actual expenses for all full-time students in the same category.

These are the maximum borrowing values and most students or parents do not need to borrow the full amount.