US and Canadian loans

Page last updated:
20 Oct 2023

The following information will guide you through what you need to do once you have accepted your place on a course here at Leeds Beckett University for the 2023/24 academic year.

The Money Team are here to assist you and have put together a series of pages to guide you through the process of getting your loan. However, we do appreciate that the student loan process can be confusing, so please do not hesitate to contact us if you require further clarification:

Please note that Leeds Beckett does not have an EIN number and therefore is unable to complete a 1098 - T form for US students for tax purposes.

Frequently Asked Questions (FAQs)

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A) Students need to apply for their Federal Direct Loans through MyHub , by completing the online US loans application form.

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Yes you can cancel or change all or part of your loan before it has been paid. After the funds have been paid you can make changes within a certain timeframe. Your Master Promissory Note (MPN) will provide details of the procedure and time frames for cancelling your loans.

Before you do this, please contact the US Loans Office so we can guide you.

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MPN stands for Master Promissory Note and is a legal document in which you the student promise to repay your loan(s) and any accrued interest and fees. The document will disclose the terms and conditions of your loan(s). You will need to complete an MPN for each loan that you take out and should ensure it is the correct School and year. The link below is from the studentloans.gov website to apply for the MPN for types of Direct Loans.

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You must apply for your loans every year through the FAFSA and complete the Master Promissory Note and Entrance Counselling for each year.

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Your COA refers to the costs associated with completing your studies for one academic year. If you are in receipt of any Bursaries or Scholarships these will be deducted off the COA. The costs relate to you, the student and include;

  • course tuition fees
  • accommodation costs
  • general living costs and travel expenses

The costs taken into account are shown in a table shown under ‘how to apply for your loans’. The costs cannot include costs for a partner, but some costs can be included for children (childcare only) The COA is set at the beginning of the year and students cannot borrow more than this.

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The EFC stands for the ‘Expected Family Contribution’ and is shown on your student’s Aid Report (SAR). The SAR is generated once a FAFSA has been completed. The EFC is used to determine ‘need’ and therefore it limits the amount of subsidized loan that can be borrowed. You can borrow up to the full cost of attendance, even if there is a high EFC, by using the Unsubsidized and Plus loans.

The School cannot amend the EFC even if your family is not contributing to your studies.

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This is a fee charged by the US Department of Education to cover all administrative costs, relating to your Federal Loans. The charge may vary from year to year. The current charge is documented in the ‘How to apply for your US Loan’ section.

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Entrance and exit counselling are online courses which will highlight your responsibilities and obligations associated with the federal loans. Counselling for both is mandatory and if not undertaken will result in any loans not being disbursed. Exit counselling will be undertaken at the end of every academic year.

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As the university doesn’t currently have a USD bank account we can only make payments to you in pound sterling. Therefore you will need to set up a UK bank account as soon as you have enrolled. To open a UK bank account you will need:

  • Proof of your identity - this could be your passport
  • Proof that you are a student - this could be your offer letter or a bank letter from the university (obtained from the student hub)
  • Proof of your address - this could be your contract, a utility bill or a bank letter from the university

More information can be found on our managing your money webpage.

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When you have graduated, left school or dropped below half time enrolment there will be a 6 months grace period before you are required to begin repaying your loan(s).

During this time your Loan Servicer will be in touch with you to provide you with repayment information and notify you of the first payment due date.

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If you find yourself unable to make the scheduled loan payments, you will need to contact your loan servicer immediately. They can then go through your options to ensure that your loan is kept in good standing. Find out more on the studentaid.gov website.

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If a student is ineligible for federal loans students can look into whether they are eligible to apply for a private loan. Private loans can also be an option for students who enrol on programmes of study that does not qualify for federal funding.

The university does not recommend any private lender. However as far as we are aware there is only one private lender - Global Education Management Services - that makes loans available to US citizens.

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