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 can borrow up to the ‘Cost of Attendance’, as agreed by the RNCM each year. For further information on interest rates and associated charges, visit the Federal Student Aid.
If you have any questions, please email Adam Croucher, Deputy Registrar and Head of Student Services, at [email protected].
Available Loans
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.
Loans 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 a Federal Family Education Loan (FFEL) Program loan and will now be receiving a Direct Loan, consolidating these into a Direct Consolidation Loan may make repayment easier.
If you consolidate, you will have just one 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.
Scholarships and Bursaries
We provide over £3 million in financial support via student scholarships and bursaries each year. From Scholarship Awards to the RNCM Humanitarian Fund, the support we provide helps talented students from a wide range of backgrounds access and thrive during their studies.