US federal loans
This guide provides information on applying for and managing a US federal loan as a new or continuing student.
When should I apply for my loan and how long will it take to process?
For study during the 2024/25 academic year
Loan applications for 2024/25 are now open. We would recommend applying as soon as possible, for more information on how to complete your application please see the How to Apply tab on this page. The loan approval process can take up to four weeks, or longer if there are difficulties with your application.
If your application includes requests for additional funds e.g. fieldwork costs or requires a decision under the professional judgement policy we would recommend submitting your loan application as soon as possible. Once your loan has been processed and approved we will then be able to confirm the disbursement date for your first instalment.
For study during the 2025/26 academic year
Loan applications for 2025/26 will open in May 2025. Please do not start any part of your loan application prior to this date, as this may cause delays with processing your loan and you may need to repeat parts of your application.
Once applications have opened this page will be updated with all of the information needed to apply, as well as the 2025/26 Cost of Attendance form that you will need to complete as part of the loan application process.
Can I apply for my US federal loan mid-year?
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 disburse the funds before the end of your academic year (e.g. June for undergraduates). There is a US Department of Education deadline for submitting your FAFSA, so you must ensure that this is also met.
Other funding options for US students
Scholarships
Information on funding and scholarship opportunities can be found on our Oxford Funding and External Funding pages.
Private loans
If you are interested in applying for a private US student loan, please see our private loans page.
US Department of Veterans Affairs (VA) funding
The University is able to process applications for US Department of Veterans Affairs (VA) funding (also known as the GI Bill or Post 9/11 Bill) and can complete and submit certificates of enrolment to the VA. Please refer to our US Department of Veterans Affairs funding information.
Am I eligible for US federal loans?
You must meet the criteria set by the US Department of Education on the Federal Student Aid website in order to be eligible for US federal loans.
The federal loan eligibility criteria are subject to change at the US Department of Education's discretion and are beyond the University's control. You should check the latest eligibility criteria on the Federal Student Aid website.
In addition to the criteria specified on the Federal Student Aid website, you must also:
- be enrolled on at least a half-time basis for the duration of your Oxford course;
- be studying an eligible, degree-bearing course;
- make satisfactory academic progress during your course; and
- with limited exceptions, undertake your study or research within the UK.
We can only approve loans for students who meet the criteria set by the US Department of Education.
More information about these criteria is provided below.
Enrolment
You must remain enrolled on at least a half-time basis for the duration of your Oxford course. We will only be able to request your loan funds from the US if you are enrolled a minimum of seven calendar days before each disbursement date. More information on enrolment is available on the Guide to registration page.
If there are any changes to your enrolment status, course or college you must email the US loans team immediately and read the Receiving your loan tab.
You cannot receive a US federal loan at Oxford if you are also enrolled and taking a federal loan at another institution.
Ineligible courses
There are restrictions on the University's ability to offer federal loan funds to students on certain courses. Students on ineligible courses may however be eligible for a private loan.
The following types of courses are not eligible for federal loans:
- any non-degree bearing course, e.g. undergraduate or graduate certificates and diplomas;
- courses which are less than half time;
- courses involving study outside of the UK for more than 25% of the overall course duration (please check with the US loans team);
- courses involving distance learning and/or online elements (with exceptions - please check with the US loans team);
- medical training courses; or
- summer school courses.
The US loans team will assess whether your course is eligible when you submit your loan application. Please note that if any element of your programme is ineligible for federal loans, even if just a single part of one year, the entirety of the degree and all years become ineligible. We would therefore recommend you check with the US loans team at the beginning of your degree if you have any queries or concerns about the eligibility of your programme of study. Please email the US loans team with any questions.
Satisfactory academic progress (SAP)
The University's SAP policy applies to all students taking federal loans at Oxford, specifically Direct Subsidized, Direct Unsubsidized, Grad PLUS and Parent PLUS loans.
Full details of the SAP process, and the procedures to be followed if a student fails to meet SAP requirements, are outlined in the SAP policy (see our Consumer information and policies page).
Undertaking study or research outside of the UK
Regulations will potentially allow students receiving US federal loans to take up to 25% of their program of study in the United States or at institutions outside the US through a written agreement. The US loans team will need to assess the eligibility of your selected institution/entity to ensure it meets the conditions of the regulation. If you plan to undertake any periods of study or research away from Oxford, or undertake a placement or internship during your course, please email the US loans team before applying for your loan so that we can assess your eligibility. It is important that you contact us at the beginning of your course so that we can advise accordingly, even if you will not be completing study outside of Oxford until a future year of study.
What US federal loans can I borrow?
The type of loan and the amount you can borrow is dependent on whether you are a graduate or undergraduate student.
In addition to the below, you must complete the federal Cost of Attendance (COA) form to determine the amounts you are eligible to borrow in the relevant academic year. Your COA refers to the costs of completing your study at Oxford for one academic year. The COAs are available on the How to apply tab.
Loan types for Graduate Students
Direct Graduate Unsubsidized loan | Direct Graduate PLUS loan | |
|---|---|---|
Who is eligible | Most US citizens (or eligible non-citizens) on eligible graduate courses.* | Most US citizens (or eligible non-citizens) on eligible graduate courses.* A credit check is required. |
Maximum federal loan amount per year | $20,500 | Total amount remaining after all other funding has been deducted from the COA. |
Aggregate loan limit (how much you can borrow over your lifetime) | $138,500 - no more than $65,500 of this may be Direct Subsidized loans. | No limit. |
Origination and default fee | 1.057% for loans first disbursed on or after 1 October 2020 and before 1 October 2025.** | 4.228% for loans first disbursed on or after 1 October 2020 and before 1 October 2025.** |
Interest rate | 8.08% for loans first disbursed on or after 1 July 2024 and prior to 1 July 2025.** | 9.08% for loans first disbursed on or after 1 July 2024 and prior to July 2025.** |
Loan types for Undergraduate students
Before completing a federal loan application, you will need to determine whether you are a dependent or an independent student and this will establish which loan types and amounts you are eligible to borrow. Definitions on how to determine this can be found on the Federal Student Aid website, but if your circumstances are unusual and you need advice, please email the US loans team.
Direct Subsidized loan and Direct Unsubsidized loan | Parent PLUS loan | |
|---|---|---|
Who is eligible | Most US citizens (or eligible non-citizens) on eligible undergraduate courses.* Available to dependent and independent students who demonstrate financial need. | Parents (biological, adoptive, or in some cases, step-parent) of dependent undergraduate students on eligible courses. Both the parent and the student must be eligible for federal student aid. A credit check is required. |
Maximum federal loan amount per year | Year 1 Independent Undergraduate: $9,500 - no more than $3,500 can be Subsidized. Year 2 Dependent Undergraduate: $6,500 - no more than $4,500 can be Subsidized. Independent Undergraduate: $10,500 - no more than $4,500 can be Subsidized. Year 3 and up Dependent Undergraduate: $7,500 - no more than $5,500 can be Subsidized. Independent Undergraduate: $12,500 - no more than $5,500 can be Subsidized. | For dependent undergraduate students only. Total amount remaining after all other funding has been deducted from the COA. |
Aggregate loan limit (how much you can borrow over your lifetime) | Dependent Undergraduate: $31,000 - no more than $23,000 Subsidized loans. Independent Undergraduate:$57,500 - no more than $23,000 Subsidized loans. | No limit. |
Origination and default fee | 1.057% for loans first disbursed on or after 1 October 2020 and before 1 October 2025.** | 4.228% for loans first disbursed on or after 1 October 2020 and before 1 October 2025.** |
Interest rate | 6.53% for loans first disbursed on or after 1 July 2024 and prior to 1 July 2025.** | 9.08% for loans first disbursed on or after 1 July 2024 and prior to 1 July 2025.** |
*Some courses are not eligible for federal loans. More information is available on the Eligibility tab.
**Origination fees, default fees and interest rates are subject to change. For the latest information on interest rates and fees, please see the Federal Student Aid website.
US federal student loan application steps
We will only be able to start processing your loan once we receive your COA and all of the steps below are complete.
Step 1- Am I eligible for federal loans?
Please ensure you have read the information provided in the Eligibility tab and direct any questions on course eligibility to the US loans team.
Before you proceed to the next step, please see our How much tab for information on which loans types you may be eligible to borrow as an Undergraduate or Graduate student.
Step 2 - Make a note of your college code
Your college code will be required to complete this process. If you have not yet been allocated a college place, please do not start your US loan application.
List of college codes
| College: | College code: |
|---|---|
| Balliol | G10090 |
| Blackfriars Hall | G22719 |
| Brasenose | G11072 |
| Christ Church | G11071 |
| Corpus Christi | G10088 |
| Exeter | G11070 |
| Green Templeton | G34923 |
| Harris Manchester | G34946 |
| Hertford | G11069 |
| Jesus | G11068 |
| Keble | G11067 |
| Kellogg | G08394 (University Code) |
| Lady Margaret Hall | G11055 |
| Linacre | G12765 |
| Lincoln | G11066 |
| Magdalen | G10866 |
| Mansfield | G11838 |
| Merton | G11065 |
| New | G11064 |
| Nuffield | G11063 |
| Oriel | G11062 |
| Pembroke | G11061 |
| Queen's | G11060 |
Regent's Park | G12201 |
| Reuben | G08394 (University Code) |
| Somerville | G10980 |
| St Anne's | G11054 |
| St Antony's | G11059 |
| St Catherine's | G09634 |
| St Cross | G08394 (University Code) |
| St Edmund Hall | G11058 |
| St Hilda's | G11053 |
| St Hugh's | G10942 |
| St John's | G10867 |
| St Peter's | G10087 |
| Trinity | G11057 |
| University College | G11056 |
| Wadham | G10999 |
| Wolfson | G12275 |
| Worcester | G10789 |
| Wycliffe Hall | G21835 |
Step 3 - Complete your FAFSA
Please go to www.FAFSA.gov. You must do this every year you wish to take a federal loan. The FAFSA acts as the loan application for Unsubsidized (Undergraduate and Graduates) and/or Subsidized (Undergraduates only) loan takers. There is no separate loan application in addition to the FAFSA for Subsidized and/or Unsubsidized loan takers.
Step 4 - Complete your PLUS loan application (if applicable)
If you are intending to apply for a PLUS loan in addition to the Unsubsidized and/or Subsidized loan (or your parent will be applying for a Parent PLUS loan), you (or your parent) will need to complete a PLUS loan application on StudentLoans.gov as linked below:-
Graduate PLUS loan application
Please note that when applying for a Direct PLUS loan it is recommended that you use your home address in the US rather than your term time address in the UK.
Step 5 - Complete your loan agreement (MPN) for each loan type
Please complete your loan agreement (MPNs) on StudentLoans.gov. As we are a foreign school, new MPNs must be completed every year of study you apply for a federal loan at Oxford. You must complete an MPN for each type of loan you are taking, for example:
- Undergraduates: complete an MPN for the Subsidized and Unsubsidized loans and, if applicable, your parent should complete a separate MPN for the Parent PLUS loan.
- Graduates: complete up to two MPNs - one for the Unsubsidized loan and one for the Grad PLUS loan.
Step 6 - Complete entrance counselling
You must complete entrance counselling for each loan type you are taking. The entrance counselling link on the StudentLoans.gov will fulfil counselling requirements for Direct Subsidized Loans, Direct Unsubsidized Loans and Direct PLUS Loans.
You do not need to complete this step if you have completed entrance counselling which covers all of the above loan types in a previous institution or year of study.
Please note that financial counselling for the PLUS loan type is not entrance counselling, please complete the entrance counselling for all of the above loan types at the entrance counselling link at StudentLoans.gov.
Step 7 - Complete Oxford’s Cost of Attendance (COA) form
Important things to note before completing your COA:
- Make sure you have completed steps 1 to 7 above before starting your COA.
- You cannot save the COA form and return to it later so we recommend reading through the form first and making sure you have all of the information to hand before you start to complete it.
- At various point in the form you may be asked to upload supporting evidence, it is important to supply this to avoid delays to your loan being processed.
- If you are an undergraduate you can confirm whether you are a dependent or independent student by consulting the Student Aid Report (SAR) generated by your FAFSA (see the How much tab for more information).
- The COA contains a large amount of data and so please allow a few seconds for the form to open initially and wait for the confirmation screen after submitting before closing your browser window.
To continue please select the relevant COA link below:
For loans in 2024-25:
If you have already applied for a loan for the 2024-25 academic year and wish to increase/decrease the amount you are receiving please contact the US loans team.
COA forms for 2025/26 will be released in May 2025.
What next?
We will email you to either confirm that your loan application has been approved, or to clarify any queries we may have regarding your application.
Once approved in the US systems, we will send you a confirmation letter, which will detail your loan amounts and disbursement information. The wording and format of the letter has been agreed with UK Visas and Immigration as acceptable proof of funding for visa applications. For further information on the visa process please visit the University’s visa and immigration pages. You may also find the before you arrive page helpful, which includes details of setting up a UK bank account.
How do I receive and manage my US federal loan?
Receiving your US federal loan
Payment of federal loans are made in equal termly instalments by bank transfer to your college. The US Department of Education stipulates that loans must be paid in equal instalments.
The disbursement dates are when your college will receive the loan funds, not the date that you will receive any funds remaining for living costs. Once the US loans team approves your loan, you will receive a letter providing the details of your loan disbursements. The main scheduled disbursement dates are in October, January and April, with an additional payment in July for those on courses with 11 or 12 month loan periods.
You should ensure that you have sufficient funds from an alternative source to cover any costs until you receive your first disbursement. You must be fully enrolled before your funds can be requested from the US. If you have not completed your enrolment by the deadline your loan payment will be postponed to the next scheduled disbursement date. Further information on registration can be found on the Guide to registration webpage.
Although it is standard practice to invoice students for all fees at the beginning of the academic year, special dispensation is made for federal loan takers. Instead, your college will arrange for your fees to be paid in instalments that correlate with your US loan payments.
Within three working days of receiving the funds, your college will deduct a proportion for fees and battels (room and board). They will then pay the balance to you within 14 calendar days for living costs. For students on some courses, the central University and/or your department will perform these functions instead. Please note the US loan regulations require that colleges pay US loan funds to you within the specified time scales and colleges cannot usually hold funds on your student account beyond these dates.
Exchange rate
Your funds will be converted to £GBP on receipt and currency conversion costs will apply. Although the Cost of Attendance (COA) form uses a static exchange rate to calculate costs, the actual amount your college will receive for each disbursement will vary, as it will depend on the exchange rate on the date the funds are received.
Managing your US federal loan
Any changes to your loan must be requested by the deadlines specified in the table below. Any changes made after the deadline given may cause your loan payment to be delayed to the next disbursement date.
| Disbursement date | Deadline for amendments |
| 15 October 2024 | 15 September 2024 |
| 29 October 2024 | 29 September 2024 |
| 26 November 2024 | 27 October 2024 |
| 14 January 2025 | 15 December 2024 |
| 04 February 2025 | 05 January 2025 |
| 04 March 2025 | 02 February 2025 |
| 22 April 2025 | 23 March 2025 |
| 13 May 2025 | 13 April 2025 |
| 10 June 2025 | 11 May 2025 |
| 08 July 2025 | 08 June 2025 |
| 19 August 2025 | 20 July 2025 |
SAP
To be eligible for US federal student loans, a student must make satisfactory academic progress (SAP). To assess SAP you will be sent a form for your supervisor to complete confirming you have made satisfactory academic progress for your course. For courses lasting 12 months or less SAP will be evaluated once per term; for those on programmes lasting more than 12 months SAP will be evaluated in Trinity term. Please note that your form must be returned by the deadline given, otherwise it may cause any upcoming disbursements to be postponed until such time as your SAP form has been completed. More information on SAP can be found here.
Increasing your loan
To increase your loan within the limits of your COA, email the US loans team stating the new gross $USD amounts you would like to borrow in the current academic year. We will return an updated version of your COA to you for your approval. Any approved additional funds will be spread across the remaining scheduled disbursements.
If you have an endorser on your PLUS loan, you can only increase the loan up to the endorsed amount, unless your endorser is willing to increase the endorsed amount. Please email the US loans team in the first instance if your PLUS loan is endorsed and you wish to increase the amount.
If you are currently taking only a Subsidized and/or Unsubsidized loan but your increase includes a PLUS loan, you will need to complete a PLUS loan agreement (MPN), PLUS entrance counselling and a PLUS loan application. More information on this is on our How to apply tab.
Decreasing your loan
To decrease your loan, email the US loans team stating the new gross $USD amounts you would like to borrow in the current academic year. The reduction will be spread across your remaining disbursements. You cannot decrease your loan below the amounts already released for each type of loan in the current academic year.
Cancelling your loan
We will email you prior to each disbursement with the deadline for cancelling/returning loan funds through the University. To cancel your loan you must notify us by the specified deadline, as well as informing your college of your requested cancellation. You may need to pay fees and bank charges associated with returning any funds if payment has already been requested from the US.
If you would like to cancel your federal loan and the deadline for doing so through the University has passed (if it is more than 120 days past the disbursement date), you can make a repayment directly to your lender; details on this can be located on the Federal Student Aid webpage. If you make a repayment within 120 days of the loan disbursement date, your lender may be able to treat this as a partial or full cancellation with the appropriate adjustment of the loan fee and interest.
Changes affecting your loan
You must contact us if any of the below occur or may occur. Contact us immediately and in advance of the change where possible.
- Other funding received: If you are provided with a financial award, such as a scholarship or grant, your COA will be adjusted accordingly. This may change the amounts you are able to borrow.
- Change of college: Your loan will be transferred to new records on Oxford and US systems. We will be unable to release funds unless your record is against the correct college.
- Change of course: We will reassess your eligibility and amend your COA, which could change the amounts you are able to borrow.
- Change of mode of study: If you change from full- to part-time study or vice versa, we will reassess your eligibility and amend your COA, which could change the amounts you are able to borrow.
- Change of location of study: If you change where you are living during the academic year (except vacations) we will reassess your eligibility. More information can be found on our Eligibility tab.
- Change or potential change in enrolment status: You must contact us immediately if you are considering changing enrolment status, so that we can prevent your disbursement being released if this has not already been done. We are required to report any enrolment changes within tight timescales and may need to complete a Return to Title IV (R2T4) calculation, which can lead to ‘unearned’ funds being returned to the US Department of Education (see our Consumer information and policies page for the full R2T4 policy). Please contact us with any questions as we can provide information tailored to your individual circumstances. The requirements for Title IV program funds when you change status are separate from the University's refund policy, therefore you should also discuss any enrolment change with your college and department.
- Return to study from a suspension: You need to complete a loan application for the year in which you will be returning to study, should you wish to borrow funds for this period. Information on applying is on our How to apply tab. It is advisable to submit your application prior to the term you are due to return, for example in November if you are returning in Hilary term.
How do I repay or defer my loan?
Repaying your US federal loan
This is arranged directly through your loan servicer. We recommend you keep in contact with your loan servicer to ensure your loan repayment information is up-to-date. You must notify them of:
- Anything that affects your ability to repay your loan;
- Any changes in your status, including course completion or if you do not enrol for the period covered by your loan; and
- Any changes to your personal details, such as name, address, phone number.
Your student loan must be repaid and you risk going into default if you do not make repayments as required by your loan servicer. Federal Student Aid offers guidance on understanding repayments and default.
Loan type | How do repayments work? | When do repayments start? |
|---|---|---|
Direct Subsidized | No interest or payments required as long as you are enrolled on an eligible course at least half-time. | Usually six months (known as the 'grace period') after your course finishes or you become less than half-time. |
Direct Unsubsidized | No payments required as long as you are enrolled on an eligible course at least half-time. Interest accrues whilst you are studying. | Usually six months (known as the 'grace period') after your course finishes or you become less than half-time. |
Graduate PLUS or Parent PLUS | No payments required as long as the student is enrolled on an eligible course at least half-time. Interest accrues whilst studying. | Repayment period begins on the date of the final disbursement. Unless you receive a deferment or forbearance, the first payment will be due within 60 days of the final disbursement date. |
Information on making an early repayment to your loan servicer can also be found on our Receiving your loan tab.
Deferring your US federal loan
Current loan takers
If you are taking US federal loans at Oxford in the current academic year, we will automatically report your enrolment on NSLDS so that repayment of previous US student loans can be deferred.
Non-loan takers
If you are not taking US federal loans in the current academic year, please complete the NSLDS deferment request form if you would like the US loans team to report your enrolment on NSLDS. If you are a new student you will be unable to complete this form until you have been provided with your Single Sign On (SSO) account details by Oxford, and you must be showing as enrolled on the student system before we can add you to NSLDS.
Federal loan servicers are required by federal law to use NSLDS and enrolment information is sent to them on a weekly basis. NSLDS is also accessed by the US Department of Education to obtain student enrolment information. Your NSLDS record will be updated and checked every two months.
If you have previously borrowed a loan through a private lender that does not use NSLDS and would like us to complete a paper deferment form, please email the US loans team with a copy of the required form, ensuring you have first completed any sections to be filled out by the borrower.
Students enrolled on part time courses will usually need to be enrolled at a half time pace or greater to qualify for deferment with most loan servicers. If you are less than half time and are unsure as to whether you are eligible to defer your previous loans, by having your enrolment reported in NSLDS, we would recommend reaching out to your loan servicer for guidance.
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