US Loans
Guildhall School participates in the US Federal Direct Loan programme and supports US students in their applications for private loans.
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US Loans at Guildhall School
US Loans at Guildhall School
US Federal Direct Loans and private loans for students from the USA are handled by the Senior Student Funding Officer. Student Funding is a part of the Registry Office.
Students applying for a US Federal Direct Loan and/or private loans should read the information below. If you have any questions please contact the Senior Student Funding Officer who will be able to provide further guidance.
Please be aware that US applicants are not eligible for the PELL grant.
Effective 1st July 2026, changes to the Parent PLUS and Grad PLUS Loans will come into effect for new students to the School. Further details are provided below and can also be found on the Federal Student Aid website.
Eligibility and Applying
Direct Loans are available to all US citizens or permanent residents with a valid social security number who have a high school diploma and are not in default on any previous student loans.
In addition to completing a Free Application for Federal Student Aid (FAFSA) and completion of the steps below, you will need to be accepted on one of the Bachelors degree, Masters or Doctoral degree programmes at Guildhall School.
If you have been made an offer or for non-degree or online course you are not eligible to receive Federal Aid from Guildhall School. You may, however, be eligible for a private loan such as Sallie Mae loans (except for short courses). For more information about private loans please see the private loan section below.
Important: You should aim to complete these steps no later than the end of June. Doing this promptly helps ensure you receive your first payment in September.
For example, to receive your first payment in September 2026 please ensure that you have completed the steps above by June 2026.
1.Complete your Free Application for Federal Student Aid (FAFSA)
The first step in applying for a US Federal Direct Loan is to complete a FAFSA (Free Application for Federal Student Aid). The Federal School Code for Guildhall School of Music & Drama is G21967. To apply electronically, you must have an FSA ID. Start the application process.
Please note that you must re-apply for each academic year of study.
If you have any queries about this process please contact the Senior Student Funding Officer.
2. FAFSA Submission Summary (FSS) is generated
Once your FAFSA is completed and processed, it will generate a FAFSA Submission Summary (FSS). The FSS is sent to Guildhall School. We will use the FSS to determine your eligibility for a loan, following guidelines stipulated by the U.S. Department of Education.
3. Receive and return your Award Letter
After Guildhall School has determined your loan eligibility we will send you an Award Letter.
The letter will tell you the amount of loan you may be eligible for. Our calculation will use information from the FSS and factor in other relevant information including your Cost of Attendance (an estimate of the total educational expenditure for the academic year), the year of course study, financial need and other known financial assistance you will be receiving.
You should expect to receive the Award Letter approximately two-three months before the beginning of academic year. After you have reviewed your loan eligibility you can indicate how much you would like to borrow. This can either be the full amount of loans available or less. You cannot borrow more than the total Cost of Attendance.
You then sign and return the Award Letter to the Senior Student Funding Officer.
4. Complete your Master Promissory Note (MPN).
Once you have accepted and returned your Award Letter, you can go on to complete the applicable Master Promissory Notes (MPN).
The MPN is a binding legal document in which you promise to repay your loans and any accrued interest and fees to the US Department of Education. It also explains the terms and conditions of your loans.
You must sign the MPN 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. It is important to read and save your MPN because you’ll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances.
You must complete an MPN for each type of loan you are applying for.
If you are a current Postgraduate student who started their course in 2025/26 or earlier you must also fill out a Graduate PLUS MPN.
If you are applying for a Parent PLUS Loan your Parent must also complete an MPN.
Complete your Master Promissory Note
If you have any questions about which MPNs you need to complete please contact the Senior Student Funding Officer.
5. Complete your Entrance Counselling
You must complete entrance counselling before the School can make the first disbursement of your loan. This helps you to understand your responsibilities regarding your loan. You can complete your entrance counselling online.
Complete your Entrance Counselling
6. Complete Credit Check for Parent PLUS Loan
If you are taking out a Parent PLUS Loan, your Parent must complete a credit check via the US Department of Education. Credit checks are valid for 180 days. When the credit check expires you will need to complete a new one.
Available Funding
This guidance applies to students who joined their course in the academic year 2025/26 or earlier and are:
- currently enrolled at Guildhall School of Music & Drama
- already receiving US Federal Aid
These students are eligible for the US Federal Aid that was available up to June 2026 for up to three years, or until the expected end of their programme (whichever is shorter).
There are limits set on the amount of money you can apply for depending on whether you are a dependent, independent or postgraduate students for US Federal Aid purposes. The table below displays the current limits.
These may be topped up to the full cost of attendance with a PLUS loan which is not an entitlement but is subject to credit checking and may be declined.
For more information about the "Dependent/Independent" status please see the FSA Website.
| Student | Subsidised Loan | Dependent Student -Unsubsidised Loan | Independent Student - Unsubsidised Loan |
| Undergraduate Year 1 | $3,500 | $2,000 | $6,000 |
| Undergraduate Year 2 | $4,500 | $2,000 | $6,000 |
| Undergraduate Year 3 & 4 | $5,500 | $2,000 | $7,000 |
| Postgraduate | N/A | N/A | $20,500 |
Interest rates for each loan type can be found on the US Department of Education page about interest rates.
Subsidised and Unsubsidised loans include an origination fee of 1.057% deducted at disbursement.
The origination fee deducted at disbursement for PLUS loans is 4.228%.
The Cost of Attendance outlines the maximum amount a student can borrow, while the actual amount received by the student is lower because the government deducts an origination fee from each loan disbursement. The net amount the student will receive is shown in the award letter issued by the school once the loans are originated.
Undergraduate Lifetime Loan Aggregates
- Dependent students:
Up to $31,000 total, of which no more than $23,000 may be subsidised. - Independent students:
Up to $57,500 total, of which no more than $23,000 may be subsidised.
Graduate and Professional Lifetime Loan Aggregates
- Up to $138,500, of which no more than $65,500 may be in subsidised loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
Students are not able to borrow more than these amounts.
However, and as applicable, Federal Direct Parent PLUS and Graduate PLUS* Loans may be used as supplemental funding when the maximum subsidised and unsubsidised loan entitlement has been reached.
The total amount a student may borrow in student loans for any academic year is limited to the annual calculated cost of attendance minus all other sources of funding.
*Only applicable to legacy Graduate students
This guidance applies to students who:
- starting their studies at the School in September 2026 and onwards
- started a course in 2025 or earlier and are not currently receiving US Federal Aid
There are limits set on the amount of money you can apply for depending on whether you are dependent, independent or postgraduate students for US Federal Aid purposes. The table below displays the current limits.
These may be topped up to the full cost of attendance with a PLUS loan and a Private loan which is not an entitlement but is subject to credit checking and may be declined.
For more information about the "Dependent/Independent" status please see the FSA Website.
| Student | Subsidised Loan | Dependent Student - Unsubsidised Loan | Independent Student - Unsubsidised Loan |
| Undergraduate Year 1 | $3,500 | $2,000 | $6,000 |
| Undergraduate Year 2 | $4,500 | $2,000 | $6,000 |
| Undergraduate Year 3 & 4 | $5,500 | $2,000 | $7,000 |
| Postgraduate | N/A | N/A | $20,500 |
Interest rates for each loan type can be found on the US Department of Education page about interest rates.
Subsidised and Unsubsidised loans include an origination fee of 1.057% deducted at disbursement. The origination fee deducted at disbursement for PLUS loans is 4.228%.
The Cost of Attendance outlines the maximum amount a student can borrow, while the actual amount received by the student is lower because the government deducts an origination fee from each loan disbursement. The net amount the student will receive is shown in the award letter issued by the school once the loans are originated.
Undergraduate Lifetime Aggregates
- Dependent students:
Up to $31,000 total, of which no more than $23,000 may be subsidised. - Independent students:
Up to $57,500 total, of which no more than $23,000 may be subsidised.
Graduate and Professional Lifetime Aggregates
- Up to $138,500, of which no more than $65,500 may be in subsidised loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
Students may not borrow more than this total amount. Federal Direct, Parent PLUS and private loans may be used as supplemental funding when the maximum subsidised and unsubsidised loan entitlement has been reached.
The total amount a student may borrow in student loans for any academic year is limited to the annual calculated cost of attendance minus all other sources of funding.
Changes to PLUS loans
Effective 1st July 2026, parents may borrow up to a combined total of $20,000 per year for each dependent student. The lifetime (aggregate) borrowing limit is capped at $65,000 per dependent student.
Any remaining financial need that is not covered by Federal loans can be met by private loans (dependent on borrower eligibility).
Effective 1st July 2026, Grad PLUS loans will no longer be available to new borrowers.
Students who already borrowed a Direct Unsubsidized or Grad PLUS loan for their current programme before this date may continue to access Grad PLUS under a legacy provision for up to three additional years, or until they complete their programme, whichever comes first.
Any remaining financial need that is not covered by Federal loans can be met by private loans (dependent on borrower eligibility).
Private Loans
Students who are not eligible for US Federal Aid loans can apply for a private loan to help with the costs of studying at Guildhall School.
Students whose US Federal Aid does not cover their Cost of Attendance may use private loans to borrow more money, up to the Cost of Attendance.
The School is authorised to distribute Title IV loans to eligible US students. The School is also able to work with private lenders such as Sallie Mae.
Students who apply for a private loan must ensure that they:
- Complete a FAFSA application form.
- Apply within their Cost of Attendance – loans which exceed the amount stated in the Cost of Attendance will not be certified.
The loan will be disbursed as follows:
- The School will calculate the tuition fees owed and then deduct these fees from the loan. We will deduct the outstanding fees in full at the beginning of the academic year.*
- The remainder of the private loan will be disbursed to the student in one payment to the details provided by the student.
If you are considering applying for a private US education loan, please note that you may qualify for FSA loans and that the terms and conditions of FSA loans may be more favourable than the provisions of private education loans.
* If the student is in receipt of Subsidised and Unsubsidised loans tuition and living costs will also be taken from this disbursement.
Cost of Attendance (COA)
The School issues Cost of Attendance notifications to applicants who have been offered a place and accepted their offer.
The Cost of Attendance is set by the School in accordance with U.S. Department of Education Title IV regulations. It reflects the reasonable and expected costs of studying on your programme and is used to determine the maximum amount you are eligible to borrow.
You may borrow up to the Cost of Attendance and no more. If you want to borrow less than the Cost of Attendance you can.
This sheet is set up by the School for each academic year but may be adjusted by you to reflect specific needs.
The table below shows the types of costs Guildhall School takes into account when calculating a Cost of Attendance.
With the exception of Tuition fees, all costs are an estimate. If you have queries about this please contact the Senior Student Funding Officer.
| Cost | Comments |
| Tuition | Fees charged for the actual programme - any financial award or fee waiver will be applied to these fee |
| Housing | This can either be for Sundial Court or an estimate of private accommodation. It is assumed that first year undergraduate students will live in Sundial Court |
| Food | Food for the loan period |
| Miscellaneous & Books & Supplies | Any other likely expenses which are needed for your period of study |
| Average Loan Fees | Not permitted for private loans |
| Transportation | Transportation to and from home country plus local travel costs, including travel to work and campuses |
How am I paid?
Disbursements will be made three times a year at the beginning of each term - end of September/ start of October, January and late April/early May. Students on undergraduate courses and some postgraduate courses will receive three disbursements.
If you are on a course with four disbursements the fourth payment will be made in July. Students on most of our postgraduate courses will receive four disbursements.
All disbursements are made on the following conditions:
- Satisfactory Academic Progress is being made (see below)
- The student is enrolled at least part-time
- The student is not in the USA
- The student has not violated any federal compliance regulations (repayment default, fraud or drugs etc).
You will be advised by email 14 days prior that a disbursement is due, its value and how much is due to be deducted from it.
It is your responsibility to contact the School to reduce or cancel the disbursement.
WARNING: If the School is not warned in advance not to draw down your disbursement, then you will be responsible for all interest charges and for its repayment.
The School will deduct any fee due to the School including tuition and accommodation for each disbursement, as well as any other charges incurred.
The remainder will be transferred directly to your bank account, provided those details have been shared with the School. The Senior Student Funding Officer contact you about this before the start of term.
Please be aware that processing of payments to students bank accounts can take up to 10 working days after the disbursement has been received by the School.
If you need assistance opening a UK bank account, please contact Registry to request a status letter. The bank you want to open an account with will need to the status letter as proof that you are an enrolled student. You can email Registry at registry@gsmd.ac.uk
SAP (Satisfactory Academic Progress)
The School is required by the US Department of Education regulations to ensure that all students receiving the Federal Aid make satisfactory academic progress. If you are not making satisfactory academic progress you will become ineligible for US Direct Loans.
The Senior Student Funding Officer will email your department before each disbursement to check that you are making satisfactory academic progress.
For more information please read the School's SAP Policy below. We will also send this to you by email once your US Loans application process is complete.
What if your circumstances change?
If you withdraw or defer your studies during the academic year you must inform the Senior Student Funding Officer as soon as possible.
If you withdraw from the programme we will recalculate the financial aid eligibility based on the period of attendance. This could mean that you have to pay back money received.
The School may also have to repay money paid towards tuition and/or accommodation. In this case you may become liable for additional fee payments to the School to replace these funds.
Any calculation will be undertaken in line with the rules set by the US Department of Education and cannot be amended.
If you are a current student (Legacy) who pauses your studies or withdraws you may, lose your Legacy status and be subject to the new regulations which are effective from 1st July 2026.
We recommend that you look at the School’s Tuition Fee Payment, Enrolment and Debt Collection Policy for information on how withdrawing from or deferring your studies can impact you.
You may want to look at our other policies on the School Policies webpage, for example under HE Fees and Funding, for information on how this may affect you.
If a student who receives Title IV funding withdraws, interrupts for more than 180 days in a 12-month period, or drops below half time attendance Guildhall School of Music & Drama will follow the requirements of returning funds laid down by the US Department of Education. This procedure will be applied alongside the college's withdrawal and refund policy.
The Senior Student Funding Officer will use the resources provided by the US Department of Education to determine how much of the loan may be retained and how much must be returned.
Please see the Return of Title IV Funds Policy.pdf and Tuition Fee Enrolment and Debt Collection Policy for more information.
What happens when you finish your course?
It is a legal requirement that all students who have received Federal loan(s) and have graduated or withdrawn from their programme of study complete exit counselling. This is done through the Federal Student Aid website.
When you finish your course go to the site and follow the instructions for Direct Loan and /or PLUS Loan exit counselling.
Once you have completed the Exit Counselling please scan or generate a PDF of the ‘congratulations’ page and email it to the Senior Student Funding Officer.
All borrowers must complete exit counselling when they finish their course.
