FAQs | US Loans & Federal Aid | University of Reading

Frequently Asked Questions

Do I have to reapply for loans each year?

If your course is for more than one academic year or you decide to take another course you will need to apply again for any further loans for the next academic year. You will need to complete a FAFSA application, obtain a new FSS and new MPN. Your MPN is only valid for one year if you are attending a school outside the USA.

Do I need to open a UK Bank Account?

Yes, you will need to open a UK bank account so that we can pay you any remaining money following payment of University charges. You will be provided information on how to open a bank account as part of your enrolment.

Do I need to pay the deposit if I receive a Direct Loan?

Once the Student Financial Support Team is notified by the Department of Education that you have applied for your Federal Aid, we will advise the Admissions Team who will waive the deposit requirement. Your offer letter will also include information regarding the waiver of deposit. However, please note that should you choose to live in University Halls of Residence, you will still be required to pay the accommodation deposit.

Do I need to tell the Department of Education that I am enrolled and attending my course?

The University will confirm your attendance online through the National Student Loan Data System (NSLDS) in accordance with Federal regulations.

For more information, advice or support

Contact the Student Financial Support Team on USLoans@reading.ac.uk

How much can I borrow?

The maximum amount we can certify as loans is the full Cost of Attendance (CoA) minus any other aid (i.e. scholarships/bursaries). It is up to you to determine how much you want to borrow, up to the maximum available.

I’ve completed my FAFSA and included Reading’s code (G10143). What happens next?

Once you have completed the FAFSA, a FAFSA Submission Summary (FSS) is produced. As a foreign school, we do not automatically receive your FSS. Once you have completed your FAFSA, please email us at USLoans@reading.ac.uk quoting your student and social security numbers and this will allow us to access your FSS. Please remember to use our school code G10143 when completing your FAFSA.

Once we have received your FSS, we will check that you meet all of the eligibility requirements and we will contact you as soon as possible if there is any problem.

We will also check that the loan amount requested in your Cost of Attendance (COA) is within the published guidelines. We will contact you to discuss if there is any adjustment required.

Once we are satisfied that all of the requirements have been met, we can proceed with originating your loan.

Is applying for a loan to study at a foreign school different to applying for a loan to study in the US?

Some processes are slightly different as foreign schools do not automatically receive notifications regarding your application. You should complete the Free Application for Federal Student Aid (FAFSA) online and list the University of Reading as one of your choices using our School Code G10143. By completing the FAFSA you will create a FAFSA Submission Summary. Once you have received your FSS please email USLoans@reading.ac.uk. As a foreign school we do not receive the automatic notification direct from FAFSA that you have completed this process. We need to download your FSS directly from the FAFSA website as it will contain information regarding your eligibility.

What do I need to know about applying for a UK Student Route Visa?

The University of Reading will provide you with a variety of documentation throughout the admissions process to prepare you for applying for a UK Student Route Visa..

It is your responsibility to ensure that you read, and understand, the documentation provided by the University. We will issue you with an official letter once we have confirmed and originated your loans, confirming that you are receiving Federal Aid to study at the University of Reading.

What exchange rate will be used when calculating my Cost of Attendance?

The University of Reading reviews the exchange rate used for calculations on an annual basis each April.

For currency exchange rates please visit oanda.

What is the University of Reading’s school code? I need this for my Free Application for Federal Student Aid (FAFSA).

The University of Reading’s school code is G10143.

When can I complete and submit my FAFSA?

Students can complete and submit a FAFSA after 1st October.

When do I repay my loans?

In most cases you will have six months from the time you graduate, or leave the school, before you have to begin making Federal Student Loan payments. This is called your “grace period”. You should use this time period to explore the different repayment options available to you.

When will I receive my loans?

We disburse Undergraduate (UG) and Post-Graduate Research (PGR) student loans in two equal instalments. UG in October and February, and PGR in October and April. For Post-Graduate Taught (PGT) we disburse loans in three equal instalments in October, February and June. Funds are drawn down by the University in US dollars (USD) and then converted into UK pounds sterling (GBP). The amount required for tuition fees and accommodation for the term is deducted first, then a refund is arranged direct to the student’s UK bank account for any additional amounts for living costs.

Please note because of the currency conversion process it will take up to 10 working days after the disbursement date before amounts for living costs are available from your bank. You should therefore ensure you bring enough money with you when you first arrive to cover your expenses for an initial period of approximately 4-6 weeks.