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Types of Financial Aid available

What support is available?

An American National or permanent resident can apply for a loan if you have accepted an offer of a place at Liverpool Hope University. We are an eligible Federal Loan institution and our school code is G41159. We recommend you refer to the Federal Loans webpage which has the most up to date information and interest rates.

Federal Student Loans

Direct subsidised/unsubsidised loan

This loan supported by the US government is available to all students. The federal loan is offered at a fixed interest rate which has been set at 4.66%. This loan does not enter into repayment until six months after the student has completed the course or dropped below 50% attendance. There are two parts to the federal loan.

  • The subsidised loan is assessed on “need” and as such the interest accrued on this portion of the loan is paid by the US government whilst students are in study. These costs will revert to the student’s responsibility after completion of the course.
  • The unsubsidised loan will accrue interest during the period of study and these costs will be the student's responsibility.

There is a loan fee on all Direct Subsidized and Unsubsidized Loans. The loan fee is a percentage of the amount of each loan you receive. For loans first disbursed on or after 1st July 2013 the loan origination fee is 1.073%. We will deduct the loan origination fee proportionately from each loan disbursement. The specific loan origination fee that you are charged will be reflected in a disclosure statement that will be sent to you. Further information on Federal Loans.

The Plus loan

Unsubsidised loans for the parents of dependent students and for graduate/professional students. Plus loans help pay for education expenses up to the cost of attendance minus all other financial assistance. The interest rate for direct unsubsidised loans for graduate students is 6.21% and for direct plus loans it is 7.21%. The current loan fee is 4.292%.

Private Loans

Private student loans are non-federal loans, borrowed from a private lender such as a bank or other corporation. Private loans are typically offered with higher rates of interest than federal loans and with less flexible repayment options. A federal loan is usually partly based on financial need, whereas a private loan is not.

You may only use student loans (whether they are federal or private) for educational expenses such as tuition and fees, books and supplies, room and board, and transportation. Your Cost of Attendance is calculated by the University, and you may not borrow more than this whether you take out a private loan or a federal loan or both.

For further information you may find the Mapping your future - guide to private loans to be useful.

The University will work with whichever private lender you decide to use, if they are willing to work with us. As an example: the University currently works with Sallie Mae, who offer a "SMART Option Private Loan".

Unlike federal loans you may borrow a private loan up to the full amount of your Cost of Attendance regardless of your financial need or you may use a private loan to supplement your federal loans up to your Cost of Attendance if, for example, you cannot borrow that full amount in the form of a federal loan.

  1. You must first make sure that the lender is willing to offer you a private educational loan, and that they are willing to work with the Liverpool Hope University.
  2. Tell us how much you wish to borrow and in conjunction with your cost of attendance we will confirm how much you can borrow.
  3. You must then complete your loan application directly with your chosen lender.
  4. You will need to complete and sign a Master Promissory Note supplied by your lender. Once you have completed these steps you must notify the University of your intentions.

How much can I borrow?

The table below show the amounts of subsidised/unsubsidised loan a student can borrow depending on the course and year they will attend and also aggregate limits.

Dependent Undergraduate Students

Subsidised*

Unsubsidised

Subsidised and Unsubsidised combined

Ist Year

$3,500

$2,000

$5,500

2nd Year

$4,500

$2,000

$6,500

3rd Year

$5,500

$2,000

$7,500

 Aggregate limit for Dependent students;

  • $23,000 (subsidised)
  • $31,000 (subsidised and unsubsidised combined.

Independent Undergraduates and Dependent Undergraduates where parent is denied Parent PLUS

Subsidised*

Unsubsidised

Subsidised and Unsubsidised combined

Ist Year

$3,500

$6,000

$9,500

2nd Year

$4,500

$6,000

$10,500

3rd Year

$5,500

$7,000

$12,500

 Aggregate limit for Independent students;

  • $23,000 (subsidised)
  • $57,500 (subsidised and unsubsidised combined).

 

Aggregate limit for Graduate students for period of enrolment that began after 1st July 2012;

  • $20,500 (unsubsidised)

 

Aggregate limit for Graduate students for period of enrolment that began before 1st July 2012;

  • $65,500 (subsidised)
  • $138,500 (subsidised and unsubsidised combine)

Any Parent Plus loan (available to UG dependent students only), Grad Plus or Private loan is intended to cover any remaining costs of attendance the student has, without any set annual maximums.

Subsidised* - US government pays interest while student is in University and six months after graduation/withdrawal