US student loans

These are low interest loans for eligible students to help cover the cost of higher education. Eligible students borrow directly from the U.S. Department of Education (USDE) at participating schools.

Direct Loans include the following types of loans:

1. Subsidized Loans – these are for students with financial need. You are not charged interest while you’re in school at least half-time and during grace periods and deferment periods
2. Unsubsidized Loans – You are not required to demonstrate financial need to receive an Unsubsidised Loan. Interest accrues on an unsubsidized loan from the time it’s first paid out

Further information about the Direct Stafford Loans and eligibility for loans is available via Federal Student Aid webpages.

The USDE has set borrowing limits for the Subsidized and Unsubsidized Loans:

The total aggregate loan limit from all Direct Loans combined at any one time is:

1. $31,000 for dependent undergraduate students excluding those whose parents are unable to borrow a PLUS Loan (no more than $23,000 may be Subsidized)
2. $57,500 for independent undergraduate students and dependent undergraduates whose parents are unable to borrow a PLUS loan (no more than $23,000 may be Subsidized)
3. $138,500 for graduate or professional students (no more than $65,500 may be Subsidized; includes loans for undergraduate study).

Interest rates for July 1, 2024 - July 1, 2025:

The interest rates shown above are fixed rates for the life of the loan.

Origination fees:

PLUS Loans

1. Parent PLUS loans - these are available to parents of dependant students pursuing undergraduate study only; dependency status is determined through the FAFSA and will be shown on your Student Aid Index Report
2. Graduate PLUS loans - these are only available to graduate (or professional) study students

The maximum PLUS loan available in any academic year is limited to your calculated annual Cost of Attendance (CoA) minus any other sources of funding.

Private Student Loans

We will work with private lenders who are able to issue loans to our students. We cannot recommend any private lenders specifically, but if a student applies for private funding, we can certify such loans. The ineligible courses listed above do not apply to private loans. 

Students will be required to complete the relevant COA spreadsheet to enable us to certify the loan and submit this to the Student Financial Support team stating that you wish to apply for a private loan. Please also state the amount of the Sallie Mae loan you have applied for in your email.

• You must complete the FAFSA each academic year.
• You must be a U.S. citizen or permanent resident.
• You must be enrolled at least half-time.

1. Complete the FAFSA or private loan application. When completing the FAFSA, use School Code G11567 and ensure it generates a Student Aid Index (SAI) number.
2. Review the 2024-25 Undergraduate Cost of Attendance or 2024-25 Postgraduate Cost of Attendance. You must declare any other forms of financial aid you are due to receive, e.g. scholarships or stipends. Your total COA, minus any other financial aid, will then determine your maximum loan eligibility. Use the various components in the COA to estimate the amount of loan(s) you need to take out for the academic year.

We recommend you only take out the amount of loan funding that is absolutely necessary.

3. If you are applying for a Parent PLUS or Graduate PLUS loan, you or your parent will need to complete the PLUS Application
4. Complete the Master Promissory Note (MPN) if this is the first year you are taking out federal loans to study at ICL.
5. First time federal loan borrowers must complete loan Entrance Counseling
6. For PLUS applicants, if your loan was approved with an endorser you will also need to complete a PLUS Credit Counseling session
7. Send an email to student.funding@imperial.ac.uk providing your completed COA spreadsheet only. Please do not provide any other documentation unless requested to do so.
8. Once the SFS office has certified that all documentation has been completed, they shall provide you with a funding letter. This letter includes the amount of loan(s) approved and the disbursement dates. This letter should be reviewed, completed and returned by the student to student.funding@imperial.ac.uk
9. Once the signed funding letter has been returned, SFS shall provide you with a letter which you can use as part of your visa process. More information on the visa process can be found at International students | Study | Imperial College London

The deadline for undergraduate students to submit their COA for 2024-25 U.S. loan funding with ICL is 1^st June 2025.

The deadline for postgraduate students to submit their COA for 2024-25 U.S. loan funding with ICL is 1^st August 2025 (Business School students) and 1^st September 2025 for all other PG students.

ICL has partnered with Convera UK Financial Limited, who will pay your living cost payments. You will receive two emails from Convera ahead of your first disbursement. The first email has instructions and a temporary password. The second email will contain a secure link and User ID to access the system. Once you have registered, you will be able to securely upload your bank details to their system for payment. You are able to upload UK or U.S. bank details.

The 2024-25 disbursement dates are as follows:

Disbursement dates:

Prior to releasing a disbursement, ICL shall check the following:

• You are enrolled at least half-time on an eligible programme
• You are making Satisfactory Academic Progress (SAP)

Students must ensure that they have sufficient funding for the period leading up to their first disbursement.

Tuition fee deposits

Students who shall be in receipt of a U.S. loan for the upcoming academic year are not required to pay the 10% deposit in advance of registering. SFS can arrange to waive your deposit requirement, if instructed by the student.

Tuition fee payments

Imperial College London will disburse your federal loan in 3 equal disbursements. Private loans can be disbursed either in full at the start of the academic year, or in 3 instalments if the value of the loan covers your tuition fee balance.

Your tuition fees will therefore be proportioned in line with your disbursements. Your loan disbursement will be used to credit your tuition fee instalment first, with any surplus funds paid directly to you to use towards your living costs. If your disbursement is less than the proportioned tuition fees payable that term, you are responsible for paying the outstanding tuition fee debt not covered by the disbursement.

Your eligibility for Direct Loans is dependent upon your continued attendance and participation on the relevant degree programme.

If there is any change to your circumstances (for example temporary or permanent withdrawal, extensions, etc.) you must inform us and the US Department of Education immediately. 

You will be required to provide the Student Financial Support team with the name and contact details (including email address) of your supervisor/tutor within the first two weeks of the start of the academic year.  We are required to contact them and confirm your satisfactory academic progress at the end of each study term (trimester). Please read the full Satisfactory Academic Progress Policy for further information.

Without this progress confirmation we are unable to process any of your Direct Loan disbursements.

Please note that in the event that a student’s SAP report is not satisfactory they will be put on probation for 3 months.  Failure to improve academic results during this period will affect future disbursements.

Subsidized and Unsubsidized loans enter repayment six months after a student graduates or drops below half-time (grace period). Payments to the principle and interest on Federal Direct Unsubsidized Loans can be deferred while the student is in school and during the grace period (although interest will still accrue). Deferred interest will be capitalized (added to the principle) at repayment or the borrower can pay while in school.

A Parent PLUS loan will enter repayment 30 days after the final disbursement. Parents have the option to defer payment until after their dependent student graduates or drops below half time enrolment by contacting their loan servicer.

The standard repayment period for all Federal loans is 10 years but can be extended. Please go to studentaid.gov for information about different repayment plan options, deferments and forbearances available through the Department of Education.

The College’s code of conduct for US loans is as follows:

In order to prohibit a conflict of interest of an agent with respect to private education loans, all agents at the University with responsibility for US loans are prohibited from the following:

• Revenue-sharing arrangements with any lender
• Receiving gifts from a lender, a guarantor, or a loan servicer
• Contracting arrangements providing financial benefit from any lender or affiliate of a lender
• Directing borrowers to particular lenders, or refusing or delaying loan certifications
• Offers of funds for private loans
• Call centre or financial aid office staffing assistance
• Advisory board compensation.

 All agents with responsibility for US loans are reminded at least annually of the code.

We understand that there may be special circumstances where students may request to adjust a component of the cost of attendance. There may also be unusual circumstances where certain conditions justify College making an adjustment to a student’s dependency status based on a unique situation (e.g., human trafficking, refugee or asylee status, parental abuse or abandonment, incarceration), more commonly referred to as a dependency override.

Please read our Professional Judgement Policy for more information.

If you feel that you have a special or unusual circumstance, please contact student.funding@imperial.ac.uk to discuss your situation in more detail.