About US loans
William D Ford Federal Direct Loans
Subsidized and Unsubsidized Loans (formerly known as Stafford Loans) and Plus Loans are available through the Direct Loan programme operated by the US Education Department.
Direct Loans are educational loans to assist US citizens with the costs of studying. You should consider the Subsidized and Unsubsidized Direct Loans first as usually this is the cheapest way of borrowing. If you need additional funding you should then consider a Direct Plus Loan.
The maximum total borrowed from Direct and private loans cannot exceed the annual maximum Cost of Attendance. For Direct Loan application details please see How to Apply for a US Federal Loan.
Please note that only on-campus degree students are eligible for Federal Direct Loans at SOAS. Students studying online or by distance-learning, or at certificate or diploma level are not eligible.
The School Federal Direct Loan Code is G06694 listed under ‘School of Oriental and African Studies - University of London'.
If you have any questions about US loans please contact the Fees and Funding Team by emailing funding@soas.ac.uk.
| Level of Study | Mode of Study | Eligible for US Federal Direct Loans | Eligible for US Private educational loans |
|---|---|---|---|
| Undergraduate | Foundation year without a language year abroad | Yes | Yes |
| 3 years full-time | Yes | Yes | |
| 4 years full-time with a language year/study abroad | Whole degree ineligible | Yes | |
| Postgraduate Masters | 1-year full-time (including on-campus, part-time variants if your visa allows part-time study) | Yes | Yes |
| 2 years full-time with (Intensive Language) study abroad | Whole degree ineligible | Yes | |
| Postgraduate Research | 3 years full time plus 1 year full time for writing up | Yes | Yes |
Cost of Attendance, Loan Periods, and Exchange Rates
Cost of Attendance
The Cost of Attenance (CoA) is the amount it will cost a student to go to SOAS, if you are attending School at least half time.
The CoA is the estimate of tuition and fees, cost of food and housing (living expenses), cost of books, supplies, transportation, loan fees and miscellaneous expenses.
The CoA is set by SOAS school but may be adjusted downwards by the student to reflect their specific needs.
You may borrow up to the CoA set by the School, but not exceed it.
| Cost of Attendance per Week | |
|---|---|
| Tuition Fees | Tuition fees for the programme of study |
| Room | GBP 300 |
| Board | GBP 100 |
| Books and Study Supplies | GBP 30 |
| Transportation | GBP 40 |
| Personal | GBP 60 |
| Cost of Attendance, Single Costs | |
|---|---|
| 2 Return Flights | GBP 1,600 |
| Visa Application and Associated Fees | GBP 1,654 |
Other essential costs may be included but are subject to approval by the School and must be in line with the relevant guidance and regulations.
Loan Periods
Loan periods covered for academic year 2024/25 are as follows:
| Level of Study | Loan Period |
|---|---|
| Undergraduate | 23 September 2024 - 13 June 2025 |
| Postgraduate Taught | 25 September 2024 - 5 September 2025 |
| Postgraduate Research | 25 September 2024 - 19 September 2025 |
Students who are only due to enrol for parts of the academic year will be subject to a lower Cost of Attendance.
Exchange Rates
The actual GBP (Sterling) you receive will vary as it is dependent on the exchange rate from USD to GBP at the time of the disbursement. The rate applied will be a retail rate and not the interbank rate.
Interest Rates and Origination Fees
Interest Rates
The US Federal Government calculates and sets the interest rates for Direct Loans on an annual basis starting from July 1st each year. For more information please visit studentaid.gov.
Origination Fees
Federal student loans have an origination fee; therefore, the amount you may receive as a disbursement may be slightly lower than the amount you accept.
Loan Limits
Different loan limits apply to the different types of loans. Details can be found below.
| Loan Limits for: | All Students | Dependent Students | Independent Students |
|---|---|---|---|
| Subsidised Loan | Unsubsidised Loan | Unsubsidised Loan | |
| Undergraduate Year 1 | USD 3,500 | USD 2,000 | USD 6,000 |
| Undergraduate Year 2 | USD 4,500 | USD 2,000 | USD 6,000 |
| Undergraduate Year 3 | USD 5,500 | USD 2,000 | USD 7,000 |
| Graduate/Professional | USD 20,500 | ||
| Direct PLUS Loan | Balance up to the Cost of Attendance | ||
- You can borrow less than the maximum COA
- You can request more funds later in the year up to the maximum COA
- You should only borrow what you need.