US Federal Loans

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 FAFSA and following 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 (with the exception of short courses).

1.Complete your 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). This is used by Guildhall School to determine your eligibility for a loan as stipulated by the U.S. Department of Education.

3. Award Letter is sent to you

After Guildhall School receives your FSS, you will receive an Award Letter approximately two-three months before the beginning of academic year. This will be sent to you by Guildhall School. The letter details the amount of loans you may be eligible for based on such elements as your Cost of Attendance, your year of study, need and other financial assistance.

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 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.

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. 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 (including Graduate PLUS if applicable). If you are applying for a Parent PLUS Loan your Parent must also complete an MPN.

Complete MPN

5. Complete your Entrance Counselling

Except for parent Direct PLUS Loan borrowers, if you have not previously received a loan, 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 Entrance Counselling

To receive your first payment in September promptly it is recommended to complete the above steps by June. 

For example to receive your first payment in September 2025 please ensure that you have completed the steps above by June 2025. 

There are different types of Loans available to students. How much you can borrow for each type of loan will depend on - 

• The financial support you are receiving from other sources. 
• What programme and year that you are studying in. 
• What loans you have received before. 

For more information on this please consult the Federal Student Aid Pages 

There are limits set on the amount of money you can apply for depending on whether you are dependent, independent or postgraduate. The table below shows 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.

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 shows how much can be borrowed and how much is actually received by the student after the government deducts an 'Origination Fee' from each loan disbursement. The value that is going to be received is shown on the letter sent by the School when the loans are originated.

The lifetime aggregates are:

• $57,500 for undergraduates - no more than $23,000 of this amount may be in subsidised loans.
• $138,500 for graduate or professional students - no more than $65,500 of this amount 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 and Graduate PLUS Loans may be used as supplemental funding when subsidised and unsubsidised loan maximums are reached. As always, 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.

The School does not issue Cost of Attendances to applicants who have not been offered a place or accepted their offer of a place. 

The School uses a Cost Of Attendance to Calculate how much in Federal Loans you can receive. We take in to account a variety of things when calculating the Cost of Attendance such as - 

• The type of programme you are on. 
• Whether you are classed as an independent or dependent student (this is from your FAFSA). 
• Your Student Aid Index (this is from your FAFSA).

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 spreadsheet will give a warning if too much money is requested.

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 at studentfundingofficer@gsmd.ac.uk 

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. 

From each disbursement the School deducts an amount that will go towards tuition, accommodation (if applicable) and any other charges incurred. 

The remainder will be transferred directly to your bank account once the details have been provided. The Senior Student Funding Officer will be in contact with you before the start of term regarding this. 

Please note payment processing can take up to 10 working days from when the disbursement is received by the School.

If you need assistance opening a UK bank account please contact the Registry department to request a status letter which the bank will need to see as proof that you are a student. The email for this department is registry@gsmd.ac.uk 

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 fail to meet SAP then you will become ineligible for US Direct Loans.

Prior to each disbursement the Senior Student Funding Officer will email your department to ensure that you are progressing in your course to a satisfactory standard. 

For more information please read the School's SAP Policy below, this will also be sent to you by email once the application process is complete.

Should you withdraw or defer during the academic year then you must inform the Student Funding Officer as soon as possible.

If you withdraw from the programme then 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 in order 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 in any way.

We also recommend that you look at the Schools Policies relating to Tuition Fees and how withdrawing/deferring from your studies can impact your fees and funding. 

Policies Guildhall School of Music and Drama 

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 and is 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 policies below 

Tuition Fee Enrolment and Debt Collection Policy.

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 Student loans website.

Please 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/pdf the ‘congratulations’ page and email it to the Student Funding Officer.

Exit Counselling must be done when you finish or leave your course.