The Liverpool Institute for Performing Arts (LIPA) is eligible to participate in the William D. Ford Direct Student Loan Program authorized by US Education Department. This page and the documents in our download section set out recent changes in the system and will guide you through the application process.
The decision to remove Federal Loan eligibility from schools that do not award their own degrees, has just been reversed. Many UK music, drama and film schools, including LIPA, were affected: all have now been re-instated and students are again eligible to receive Direct Loans.
The amounts that new and continuing students can borrow are given in the Cost of Attendance sheets below.
How To Apply
If you are a US Student seeking to borrow a Direct Loan you should read the information at http://www.direct.ed.gov/applying.html and then apply through The Free Application for Federal Student Aid (FAFSA), if you have not already done so. The following website will guide you through the process of completing your FAFSA http://studentaid.ed.gov/fafsa
The US loans flow chart in the Downloads section of this page shows the steps you must then take in order for LIPA to approve your loan.
Continuing students should check that any promissory notes are still valid and re-sign if necessary, and re-apply for credit check (for PLUS loans): you must keep copies (pdf versions) as any previously signed are likely to be out of date and they will be needed for your loan to be input into the US loan systems by LIPA.
Due to sequestration, the US government has changed the origination fees for Direct Loans, which means that the US Department of Education loan systems have to be revised. We are told that the systems will not be ready for input of 2013/14 loans until 28th June and that the correct documentation for 2013/14 loans will not be live on US Government websites until the 21st of June.
We appreciate that for new students wishing to use US Federal Financial Aid loans in order to fulfill UKBA visa requirements this will impact on when you can apply for your visa and we will prioritize and certify your certify loans on the 28th of June. It is therefore essential that you have followed all the steps in flow chart in the downloads section but do not attempt to start the process until the 21st of June.
Sallie Mae offer private loans for students studying at LIPA as an alternative to US Govenet Direct Loans. Their website is www.salliemae.com
One line of funding Sallie Mae provides is the Smart Option Student Loan for Undergraduate Students. Private loan providers, such as Sallie Mae, almost always require a co-signor, who is prepared to guarantee repayment of the loan in the event you default. The co-signor would usually be your parent or guardian, but other people may be acceptable.
You should be aware that it is likely that the terms of loans from private providers will not be as good as those you would receive under the Federal Student Aid Scheme. The rate of interest you pay on the loan might be higher. The terms of the loan will depend on your own credit status and that of your co-signor.
For more information please contact:
Tel: +44 (0) 151 330 3118
Fax: +44 (0) 151 330 3131