HÂþ»­

Funding for students from the USA

Silhouette of students walking onto stage of the Britten Theatre
If you are a US citizen or eligible non-US citizen and have firmly accepted an unconditional offer to commence study on an eligible program at HÂþ»­, you may be able to receive US Federal Student Aid from the US Department of Education.

US Federal Student Aid

The HÂþ»­ participates in the William D Ford Federal Direct Student Loan Program offered by the US Department of Education and may distribute the following Federal loans:

  • Direct Subsidised Loans
  • Direct Unsubsidised Loans
  • Direct Plus Loans

Full information on these loans can be found at the .

Please see the table below to see how the loans compare.

Direct Loans Comparison

Loan Amount Limits

The school determines the loan type(s), if any, and the actual loan amount you are eligible to receive each academic year. However, there are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). The actual loan amount you are eligible to receive each academic year may be less than the annual loan limit.

These limits vary depending on:

  • what year you are in school
  • whether you are a dependent or independent student.

If you are a dependent student whose parents are not eligible for a Direct PLUS Loan, you may be able to receive additional Direct Unsubsidized Loan funds.

The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans.

Note: The graduate aggregate limit includes all federal loans received for undergraduate study. If the total loan amount you receive over the course of your education reaches the aggregate loan limit, you are not eligible to receive additional loans. However, if you repay some of your loans to bring your outstanding loan debt below the aggregate loan limit, you could then borrow again, up to the amount of your remaining eligibility under the aggregate loan limit.

Subsidized and unsubsidized loans

Federal Student Aid (FSA) Application Process

1. Complete Free Application for Federal Student Aid Form - FAFSA 

  • Go to the website
  • Create an account on studentaid.gov to produce a FSA ID
  • Gather the documents required
  • If you are determined a dependent - your parents will need to provide information on your application.
  • HÂþ»­ School Code - G12335

2. FAFSA Submission Summary & ISIR are generated

  • Your FAFSA Submission Summary will provide your Student Aid Indicator (SAI) and also may detail any actions needed to further your application.
  • Once your FAFSA is completed and processed, it will generate a Student Aid Report (SAR) & an ISIR for HÂþ»­
  • This is used by HÂþ»­ to determine your eligibility for a loan.

3. Resolve Application Queries, if required

  • If there are outstanding actions against your application we may contact you.
  • You may need to provide additional evidence to support your application.

4. You will receive a Funding Notification - Award Letter

  • The letter will tell you the amount you may be eligible to borrow.
  • This is based on different elements such as Cost of Attendance (COA), your year of study, your need and any other financial assistance.
  • Review the information and loan amounts offered and return a signed copy to us.
  • We cannot disburse any loan until this is completed.

5. Complete and sign a Master Promissory Note - MPN

  • The MPN is a legal document in which you promise to repay your loans and any accrued interest and fees to the US Department of Education.
  • The MPN is a binding legal document that you must sign when you get a federal student loan.
  • It lists the terms and conditions under which you agree to repay the loan and explains your rights and responsibilities as a borrower.
  • You should read and save your MPN so you can refer back to it when repaying your loan or if you need information about the loan.
  • We cannot disburse any loan until this is completed.
If you are accepting a PLUS LOAN as well as a subsidized or unsubsidized  loan you need to complete a MPN for each.

6. You may be required to complete Entrance Counselling

  • 1st time borrowers are required to complete entrance counselling.
  • Where applicable this is a Federal Government requirement.
  • It ensures you understand the terms and conditions of your loan.
  • You are exempt from this if:
    • If you have previously received a loan, or
    • You are parent Direct PLUS Loan borrowers
  • We cannot disburse any loan until this is completed.

7. You will receive a loan disbursement plan. 

  • The plan details when to expect loan disbursements.
  • It is important to ensure that you have funds in place to support your travel and living costs before you receive your first loan payment.

How much can I borrow - Cost of Attendance?

The amount you can borrow depends upon your calculated Cost of Attendance, minus any Other Financial Assistance (OFA), this can include things like bursaries, scholarships, grants, and other awards, minus the Student Aid Index (SAI), which is the student’s contribution from income and assets, plus the parents’ contribution from income and assets if the student is dependent.

For each new academic year, we develop a list of estimated student expenses that we anticipate students will need to cover for their chosen programs of study.

This is known as the Cost of Attendance (COA). We include:

  • Tuition fees
  • Course materials
  • Resource costs
  • Living expenses, including accommodation & food
  • International and local transportation
  • Miscellaneous expenses

We use the COA to support the calculation of your loan entitlement. Whilst there may be slight variations according to individual needs, we expect your COA to be in line with our estimates. We have a duty to ensure that students only borrow what is required for educational purposes.

1. Your tuition fee

Please refer to the HÂþ»­'s published information on tuition fees.

2. Cost of living

After your tuition fees, add in your living costs for the year. For 2024-25 these were:

  • Bachelor £31,371 which is US$42,353 to cover 37 weeks
  • Master/Doctor £40,070 which is US$54,095 to cover 50 weeks

3. Deductions

Then deduct any other source of funding.

This can include things like bursaries, scholarships, grants, and other awards, or family contributions.

Borrowing

You can borrow up to the Cost of Attendance, but the value of each loan might be adjusted to compensate for your SAI or if you are already close to the maximum aggregate allowed.

Disbursements

The loans are disbursed as equal thirds which will be paid on Friday 27 September 2024, Friday 17 January 2025 and Friday 9 May 2025. Any balance, living money, is paid to the student by bank draft or bank transfer.

Cost of Living Estimates

Student Eligibilty Requirements

To receive aid, including Federal Direct and PLUS Loans, a student must meet the following eligibility requirements:

  • Be a US Citizen or an eligible non-US Citizen
  • Must have a high school diploma or equivalent
  • Must be a student enrolled in or accepted to an eligible programme - a Batchelor, Master or Doctor course
  • Must be enrolled at least half-time for the period for which the loan is granted. That is continuously attending/studying at least half of a full-time load such that if full time is 10 classes per week, then half time is 5 classes per week.
  • On campus. Any course which involves any distance learning is not eligible.  No part takes place in USA or at a non-eligible school.
  • Complete required entrance counselling, where applicable, and Master Promissory Notes:
  • Must comply with HÂþ»­'s Satisfactory Academic Progress (SAP) policy.  You must maintain at least a C grade throughout the course and complete within a given timescale.  For full details see the HÂþ»­ SAP Policy.
  • Must not be convicted of possessing or selling illegal drugs while receiving financial aid
  • Must complete the Free Application for Federal Student Aid (FAFSA) each year
  • Must not be in default on an educational loan and must not owe a repayment on an adjusted federal grant
      • .

Federal Regulations require that HÂþ»­ retain records of all loans, proofs of eligibility and counselling for Compliance Audit. These are held for six years under UK Accounting law but the US Department for Education may require some are retained for longer.

Student Responsibilities

The HÂþ»­ is required by US Federal Regulations to define and enforce standards of Satisfactory Academic Progress for students who wish to access US financial aid. The guidelines have been established to encourage students to progress and successfully complete the academic program for which aid is received.

Satisfactory academic progress for financial aid recipients

All students who are in receipt of US Financial Aid whilst studying at the Royal College of Music are required to make satisfactory progress on their course of study. 

Students register at the beginning of each academic year and undertake to abide by HÂþ»­ Student Code and Procedures, and to be bound by the programme requirements as defined in the Course Handbook for each programme.

Federal Aid students must maintain the same satisfactory standards as other students.

In addition, the US Department of Education requires the HÂþ»­ to check each student’s progress at intervals, to ensure that they are meeting both the Quantitative (multiple regular assessments) and Qualitative requirements (constantly be at or above the average minimum grade C which is also measured cumulatively) and progressing at such pace as to successfully complete the required credits throughout each year and complete the entire course within the timeframe.

Failing to meet satisfactory academic progress

If the HÂþ»­ cannot satisfy itself that the student is attending at least 50%, or time put into the research is felt by the HÂþ»­ not to be equal to 50% or above, Financial Aid will be suspended. Once the student meets the requirements for progression on the course of study he or she will be placed in good standing for financial aid.

Financial Aid Warning

Students that fail to make Satisfactory Academic Progress will firstly be issued with a ‘Financial Aid Warning’. This warning will last for 1 payment period (i.e. until the next disbursement), during which time a student can still receive Financial Aid. Students that fail to regain Satisfactory Academic Progress by the next disbursement will no longer be eligible for Aid, unless they are successful in an appeal.

Loan Suspension

Occurs when a student is not permitted by the Board of Examiners to continue but has demonstrated such a commitment to the programme as a means of becoming a musician or has justifiable mitigating circumstances which have been reported to the Board, then study may be interrupted for a term or two or a for a year, during which failed modules will be reassessed according to a scheme approved by the Board of Examiners.

During this time federal loan funding is suspended until the student regains the academic standards to continue.

This is subject to the maximum timeframe for the course, as detailed in the policy.

Appeals against Loan Probation or Suspension is the same process as for Academic Appeals.

For full details of the policy, please view the PDF: Satisfactory Academic Progress

Entrance & Exit Counselling

Entrance Counseling

Before your loan application can be completed, you must complete Entrance Counseling. This ensures that  you understand the terms and conditions of your loan and your rights and responsibilities. 

Exit Counseling

Before you withdraw, graduate, or drop below half-time attendance (regardless if you plan to transfer to another school), regulations require that you complete an exit counseling session for your Direct Subsidized and Unsubsidized Loans. The counseling session provides information about how to manage your student loans.

Private loans & preferred lenders

Students who are eligible for Federal student aid should complete the FAFSA and exhaust all Federal loans and scholarship opportunities, before applying for a private alternative loan. Federal student loans generally have more favourable terms and conditions than private loans.

HÂþ»­ has no preferred lender of private education loans. Students and parents are free to use any lender which does not require any obligation or liability of the school. The following lenders are currently working with US students at foreign schools - , and .

Any reference to Sallie Mae, Earnest or other private lender does not represent the existence of a "preferred" lender and is merely used as an example of a lender. HÂþ»­ has no affiliation with and receives no financial incentives from Sallie Mae, Earnest or other private lender. HÂþ»­ does not offer any advice on which loan to take out. Students should conduct their own research into what loans would best suit their needs.

Private loans are not subject to Federal Regulations and may be used for Diploma or Certificate courses.

A private loan is a non-Federal education loan, provided by a private lender, typically in the student’s name and requiring a co-signer. All arrangements made are between the borrower and the lender. The school only sets disbursement dates and certifies that the value requested is within the Cost of Attendance. Please note that private student loans are still limited to your Cost of Attendance similar to Direct Loans. You are allowed to hold both types of loans but the total cannot exceed your Cost of Attendance.

For full details, please check out and website.

Other Loans & Grants

The following, which may be available in USA, are not available at foreign schools

  • Pell Grants or Loans
  • Work-HÂþ»­ or Athlete programs

The generosity of charitable trusts and donors enables HÂþ»­ to offer some scholarships.

What if I decide to withdraw or interrupt?

This has an effect on loans.

If you are considering taking time out or withdrawing, then please download and read the Withdrawal Policy which tells you about refunds and how it affects your loans.

Withdrawal Policy

Further Information

  1. Academic Information
  2. Disability-related services
  3. HÂþ»­ Abroad Information
  4. Statements on privacy and record retention (labelled as FERPA)
  5. Statement on Safeguarding data
  6. Statement on misrepresentation

The Royal College of Music is committed to the highest standards of openness, probity and accountability.

It will at all times act honestly and with integrity and conduct its business without the use of any corrupt, unfair or unlawful practices, such as bribery, fraud and the use of facilitation payments.

The College seeks to conduct its affairs in a responsible manner taking into account the requirements of relevant funding bodies and the Committee on Standards in Public Life.

The College expects all staff at all levels will observe its code of conduct, contained in its detailed Financial Regulations, which covers:

    • probity and propriety
    • selflessness, objectivity and honesty
    • relationships

7. Code of conduct regarding private education loans

The Royal College of Music prohibits a conflict of interest with the responsibilities of College staff with respect to private education loans.

The following actions are prohibited for any member of staff:

  • 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

Please see our Anti-Bribery and Corruption Policy, Regulations & Procedures which may be found under Financial & other corporate information in the section entitled Financial planning and other corporate information.

For more information

Federal and private loans are handled by the Finance Department. For further information contact Barbara Seale.

Normal office hours are: Monday – Friday 9am – 5pm (UK time)

Best time to call from USA: Monday – Friday 2pm – 4pm (UK time)

Barbara Seale

Loans Manager

Barbara.Seale@rcm.ac.uk

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