US Loans

The RNCM is authorised to participate in the US Direct Loans scheme, as well as Private Loans from Alternative Education Providers.

We advise students to apply for Federal Loans before applying for private loans.

Eligible students are able to borrow up to the ‘Cost of Attendance’, as agreed by the RNCM each year. Please see our Guide to Student Funding for further information.

For further information on interest rates and associated charges, please see this page on the Federal Student Aid website.

Types of Available Loan

Students studying at ‘Foreign Schools’ are eligible to apply for Direct Loans (both subsidised and unsubsidised) and Plus Loans. PELL Grants and Perkins loans are not available.

Loan Origination

Your loan will be originated (approved) and relevant evidence sent to you for your information. You may also (on request) be provided with a letter confirming support for Visa purposes. Your loans will be disbursed upon your registration, and your first instalment will not be available until after you arrive in the UK, so you should make adequate financial provision in the short term.

Private Loans

If you have taken out a private loan, the RNCM will receive a co-payable cheque from your lender. Once you have enrolled, you will need to sign the cheque.

Loan Deferment / Consolidation

Providing you are studying at least half time you may be able to defer repayment on a previous loan.

If you already have FFEL Program loans and will now be receiving Direct Loans, consolidating your FFEL and Direct Loan program loans together into a Direct Consolidation loan may make loan repayment easier.

If you consolidate, you will have just a single monthly payment. Consolidating your FFEL Program loans into a Direct Consolidation Loan may also allow you to take advantage of certain benefits that are offered only in the Direct Loan Program, such as Public Service Loan Forgiveness and the Income Contingent Repayment Plan

If you have any questions, please contact adam.croucher@rncm.ac.uk