How to apply for your loans
Applying for your loan
The following guide takes you through the steps for applying for your US Federal Loan. The University will begin processing loans from mid-May. The loan approval process can take up to four weeks, or longer if there are difficulties with your application. It is your responsibility to ensure that a completed loan application is submitted in a timely manner.
We recommend that all applications are submitted at the very latest by mid-August to allow enough time for your application to be processed for the first available disbursement date i.e. the first academic term of the year.
Applications received after mid-August will be processed as soon as possible however, please be aware that we may not be able to complete the checks, forms and paperwork in time for the earliest disbursement. In this case, your first instalment will be scheduled on the next available date.
If your application includes requests for additional funds e.g. fieldwork costs or support costs, then we recommend submitting your loan application as soon as possible as these requests may require a specific academic or wellbeing decision.
You can apply for a loan during the course of the academic year however, you must submit your application in time for us to complete processing and disbursement of funds before the end of your academic year (i.e. June for undergraduates). There is also a US Department of Education deadline for submitting your FAFSA - you must ensure that this is also met.
The process
- Complete your FAFSA
- University checks you Institutional Student Information Record (ISIR)
- Wait to receive your Award Notification
- If applicable, apply for a PLUS loan and initiate a credit check
- Confirm your loan acceptance to Student Finance
- Complete your Entrance Counselling
- Complete your electronic Master Promissary Note(s) (eMPN)
- Loan certification and originating your loan
Step 1: Complete your FAFSA
Once you have received an offer from the University and checked the eligibility criteria for financial aid, then you can complete a Free Application for Federal Student Aid (FAFSA).
You can apply online. You will need to make sure that your web browser is compatible. You will need to create a FSA ID and password.
Please note that Warwick University is not involved in the FAFSA process. If you have any queries regarding FAFSA you should look at the FSA online help - Completing the FAFSA Form
One of the final steps in completing the FAFSA is supplying the University of Warwick’s US Dept of Education Federal Direct Loan Code. The University of Warwick’s school code is G08380.
Once you have completed your FAFSA, this will produce a Student Aid Report (SAR). This is used by the University to determine your loan eligibility.
Step 2: University checks your Institutional Student Information Record (ISIR)
The University of Warwick will receive your Institutional Student Information Record (ISIR) in an electronic format. The ISIR details eligibility and calculates the Expected Family Contribution (EFC).
Once the University has your ISIR the Student Finance team will calculate your Cost of Attendance (CoA). This calculation informs your maximum borrowing amounts. The University will ask you to confirm the amount(s) you wish to borrow.
Step 3: Wait to receive your Award Notification
From late May / June onwards the Student Finance Team will email you an Award Notification to inform you of:
- the amount of loan you can borrow (based on your Cost of Attendance)
- the types of loans you can borrowLink opens in a new window
You need to review this carefully and decide if you want any changes to be made. There are limits to the amounts that you can borrowLink opens in a new window.
Remember, most federal student loans have loan feesLink opens in a new window that are a percentage of the total loan amount. These 'origination fees' are deducted proportionately from each loan disbursement which means that the money you receive will be less than the amount you actually borrow.
Step 4: If applicable, apply for a PLUS loan and initiate a credit check
If you are a:
- postgraduate intending to apply for a Graduate PLUS loan, or
- a parent applying for a Parent PLUS loan
then you need to complete the 'apply for a PLUS loan'. This should automatically trigger a credit check. Once approved by the US system the University will be able to view this online. There is no need for you to send any copies to Student Finance.
You will need to reapply for a new Graduate PLUS loan each academic year.
Use the University school code G08380 on your PLUS loan request.
Step 5: Confirm your loan acceptance to Student Finance
You need to carefully review the cost of attendance and the award notification offer. You then decide if you wish to accept the Award Notification as it is or ask for changes. You need to confirm the types and amounts of loans you would like to borrow.
Once you are happy with the Award Notification, you need to notify Student Finance of your decision by emailing studentfees at warwick dot ac dot uk (or you can reply to the offer e-mail).
Please note that it is your responsibility to ensure that you have notified the University of your acceptance in good time in order to meet the University’s payment deadlines.
Step 6: Complete your Entrance Counselling
Complete Pre-Loan (Entrance) Counselling. The University requires all students to complete loan counselling at the appropriate level (undergraduate or postgraduate) prior to the initial certification of any US Federal loan funds.
Before the University disburses your first loan cheque you will be counselled on your obligations, rights and options under the terms of your loan. The University will only release your first loan payment once we have received notification that you have undertaken entrance counselling.
Use the University school code: G08380
If you have previously completed Entrance Counselling for the type of federal student loan you wish to borrow whilst you are at Warwick University, you may by-pass this step.
Step 7: Complete your electronic Master Promissary Note(s) (eMPN)
In order to receive either Direct or PLUS loans you have to complete an online electronic Master Promissory Note (eMPN).
Undergraduates: Complete an MPN for the Subsidised and Unsubsidised loans. If your parent is borrowing on your behalf, then they need to complete a separate MPN for the Parent PLUS loan (including their own details).
Postgraduates: Complete one MPN for the Unsubsidised loan and one for the Grad PLUS loan.
Use the University school code G08380
As we are a foreign school, new MPNs must be completed for each year of study.
Once approved by the system we will be able to view MPNs and so you do not need to send us copies.
Step 8: Loan certification and originating your loan
Once we have received all the necessary documents - including your entrance counselling, eMPN, credit check (for Graduate PLUS loans) and your confirmation of your borrowing requirement - the University will be in a position to originate your loan on the US systems.
We are not able to certify your US loans on the US systems until mid-July.
The University will send you a confirmation letter once the loan has been originated. Your letter will detail the amount of loan(s) you will receive, how and when your loan will be disbursed. This letter is in a format agreed with the UK Visas and Immigration and should be used as evidence of funds when applying for your UK visa.
When leaving the University
A final step before you leave University or graduate is to complete an exit counselling interview. You will be counselled on your obligations, rights and options under the terms of your loan. This session will cover repayment options, deferments and other important information you may need during your repayment term. During this session you will need to provide the following information:
- Name and address of closest living relative
- Two references (not the same as closest living relative) and with different addresses
The University will only release your final loan payment once we have received notification that you have undertaken exit counselling.