US Loans for American Students – University of Copenhagen

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US Loans for American Students

The University of Copenhagen participates in the William D. Ford Direct Loan Program (Direct Loan). To apply for US Federal loans through the Direct Loan Program, you must be an American student enrolled in a degree-granting program at University of Copenhagen.

The University of Copenhagen is not eligible to certify Direct Loans for medical or veterinary students. If you are an American student intending to study medicine or veterinary science at the University of Copenhagen, please note that you will not be able to fund your studies with Direct Loans.

Types of Loans

As a foreign school the University of Copenhagen is eligible to certify loan applications for Stafford loans and PLUS loans. Stafford loans are either subsidized or unsubsidized. PLUS loans are unsubsidized.

  • Subsidized Stafford Loans: for undergraduate students with demonstrated financial need as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
  • Unsubsidized Stafford Loans: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
  • PLUS Loans: unsubsidized loans for the parents of dependent students and for graduate students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
  • Private loans: students can apply for private loans either in addition to, or instead of, US Direct Loans. The maximum amount that can be borrowed is the cost of attendance minus any Stafford or PLUS loans you may have applied for. You can apply to any lender for a private loan. Sallie Mae is a frequently used lender for private loans.

How to Apply

The first step in applying for a US Federal Loan is to complete a FAFSA (Free Application for Federal Student Aid) at http://www.fafsa.ed.gov/. The Federal School Code for the University of Copenhagen is G06690. To apply electronically, you must have a Federal Student Aid PIN.

Once your FAFSA is completed and processed, it will generate a Student Aid Report (SAR). This is used by the University of Copenhagen to determine your eligibility for a loan as stipulated by the US Department of Education. The report is not automatically sent to the university. It is therefore vital that you send your details (full name, SSN and DOB) to the contact person. See below.

As a part of the application process you will be required to complete Entrance Counseling online and to sign a Master Promissory Note.

Entrance Counseling

Except for parent Direct PLUS Loan borrowers, if you have not previously received a loan, you must complete entrance counseling before the University of Copenhagen can make the first disbursement of your loan. This helps you to understand your responsibilities regarding your loan. You will be able to complete your entrance counseling online.

Master Promissory Note

The Master Promissory Note (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.

To complete your MPN electronically, you must have a Federal Student Aid PIN.

How much can you borrow?

The maximum you can borrow is the estimated cost of attendance. The cost of attendance is set by the University of Copenhagen. It includes tuition fees and living expenses. Any tuition waiver or other grants must be deducted.

There are fixed limits to the amount of money you can borrow each year in subsidized and unsubsidized Stafford loans (please see table above).

As long as the full Stafford loan has been applied for, parents of dependent students or postgraduate students can apply for PLUS loans to top up the Stafford loans. The maximum that can be borrowed in a PLUS loan is the cost of attendance minus any Stafford loan the student may have applied for.

Cost of attendance

The maximum amount you can borrow per year is your cost of attendance. The annual cost of attendance (COA) is made up by the tuition fee and the estimated cost of living for students in Copenhagen, Denmark during the academic year (September to June).

  • Estimated cost of living: DKK 125.000 per academic year (DKK 12.500 per month for 10 months).
  • Tuition fee: variable. Please consult the description on the specific Master's Programmes for further information about tuition fee.

The following expenses are included in the calculation of monthly living expenses: room and board, books, supplies, transportation, loan fees, mandatory field trips, and miscellaneous expenses (including a reasonable amount for a personal computer and two return trips a year to the US).

Satisfactory Academic Progress

The University of Copenhagen is required by U.S. Federal Law (34CFR 668.16) to define and enforce standards of Satisfactory Academic Progress for students who wish to access U.S. financial aid. The guidelines have been established to encourage students to progress and successfully complete the academic program for which aid is received.

Students who receive U.S. financial aid will be evaluated at the end of each semester. This evaluation process will consider your progress under the following criteria:

  • Academic Standing
  • Maximum Timeframe

To receive U.S. financial aid you must meet minimum standards for both the above mentioned components while simultaneously adhering to academic progress rules and Danish Immigration legislation.

Students who drop below half-time are not eligible for U.S. financial aid.

Academic Standing

The Danish 7-point grading scale

The 7-point grading scale consists of five marks designating a passing level (12, 10, 7, 4 and 02) as well as two marks designating a non-passing level (00 and -3).

In tests and examinations that according to the rules on the individual study programs etc. require documentation in the form of tests, examinations or leaving certificates, students are to be given an assessment according to the following grading scale (7-point grading scale):

  • 12: For an excellent performance
  • 10: For a very good performance
  • 7: For a good performance
  • 4: For a fair performance
  • 02: For an adequate performance
  • 00: For an inadequate performance
  • -3: For an unacceptable performance

Students in receipt of U.S. financial aid must achieve a cumulative Grade Point Average (GPA) of 2 or higher at the end of each semester.

For the purposes of U.S. financial aid, withdrawals from exams will be assessed individually to ascertain whether there are any exceptional issues behind the withdrawal. The assessment will include looking at the timing of the withdrawal and whether the student is attempting to maintain the required GPA by withdrawal from courses.

Maximum Timeframe

An undergraduate or postgraduate by coursework student is entitled to receive aid for 150% of the allocated course timeframe. For example:

Undergraduate

  • 3 year degree – eligibility for aid: 4.5 years
  • 4 year degree – eligibility for aid: 6 years
  • 5 year degree – eligibility for aid: 7.5 years

Graduate

  • 1 year degree – eligibility for aid: 1.5 years
  • 2 year degree – eligibility for aid: 3 year

Please note that while a student may maintain their eligibility for U.S. Title IV loans, institutional academic progress rules and student visa restrictions may impact on your ability to continue within the program. Conversely, a student may lose eligibility for U.S. Title IV aid and still meet institution requirements for continued enrolment.

Notification

Satisfactory Academic Progress will be assessed for each student at the end of each semester to determine the student’s eligibility for continued award or disbursement of aid. You will be notified in writing, if you are placed on probation or if your financial aid eligibility has been suspended.

Financial Aid Probation and Suspension

Satisfactory Academic Progress (SAP) will be assessed for each student at the end of each academic period to determine eligibility for continued award or disbursement of aid. A student will be notified in writing by both email and hard copy if they are placed on Financial Aid probation or if their loan eligibility has been suspended.

Students who fail to achieve the required GPA will be placed on Financial Aid probation for one semester of study with the opportunity to increase the GPA to the required academic standing. Students who have been placed on probation and subsequently meet the GPA requirements in the next semester will be placed back into good SAP standing.

Failing all courses in which a student was enrolled will result in an immediate suspension of aid.

Students who have been placed on probation and subsequently do not meet the requirements applicable to their degree and level will have their U.S. Title IV financial aid eligibility suspended and will be ineligible to receive this aid until such time as they achieve the required GPA.

Students who transfer into a new academic program will also transfer with any SAP warning or sanction and will still need to meet the specified criteria in the new program before re-establishing eligibility to receive aid.

Satisfactory Academic Progress Appeals

Although the University of Copenhagen cannot automatically waive the Satisfactory Academic Progress (SAP) requirement for any student to allow them to begin or continue receiving U.S. financial aid, SAP appeals for verifiable extenuating and unforeseen circumstances are available if you have met the appeal criteria.

Students who have their eligibility for aid suspended may appeal the suspension if one or more of the following circumstances apply:

  • Death of an immediate family member, i.e. parent, caregiver, spouse/partner, sibling, dependent child.
  • Extended illness – extended illness is defined as a documented chronic or recurring medical or emotional illness that causes the student to be absent from class at least 15 days or more in 2 consecutive academic periods.
  • Extended illness of a family member that places hardship on the student. Immediate family member includes parent, spouse/partner, caregiver, sibling, dependent child.
  • Mitigating circumstances as determined by the Financial Aid Appeal Committee.

All appeals must be received by Academic Advisor Ms Eva Raimondos-Møller (eva.raimondos-moeller@adm.ku.dk) in writing within ten days of receipt of the Notice of Suspension. You must indicate in writing the reason(s) you failed to meet the SAP requirements and why financial aid should not be suspended. All documentation to support the appeal is required at the time of the appeal submission. The appeal will be considered on its merits and a response to the appeal will be provided within 10 working days.

If this appeal is rejected, you may appeal your suspension of aid by written appeal to the Deputy Head of the International Education and Grants Office. If you wish to undertake this option you must advise Academic Advisor Ms Eva Raimondos-Møller within 14 days of receiving a response. At that time she will forward the documentation for submission to the Deputy Head of the International Education and Grants Office.

Students who appeal the first appeal decision will be informed of the decision of the Deputy Head of the International Education and Grants Office in writing. This decision is final.

Refund Policy

The University of Copenhagen has a refund policy for international students attending this institution. The following is an addendum for students who are receiving U.S. Title IV financial aid.

For students receiving U.S. Title IV financial aid that withdraw from the university and are eligible for a refund of fees paid for that period of enrolment, a determination must be made as to whether any of the refund money must be returned to the U.S. Title IV programme.

Pro-rated refund calculations are required for any student in receipt of U.S Title IV aid who withdraws before completing 60% of the payment period.

If the University of Copenhagen is required to return money on your behalf to the U.S. Title IV programme as a result of your early withdrawal, you will be required to repay that money to the University of Copenhagen.

If it is determined that refund money must be returned to the U.S. Title IV aid programme, the distribution of money returned to the lender/guarantor will be as follows:

1.Direct Unsubsidized Stafford
2.Direct Subsidized Stafford
3.Direct PLUS

After these calculations and repayments are made, any remaining refunds will be returned to you or your parents.

In addition, you may also be required to pay back money to the U.S. Title IV programme if you withdraw early from the university while in receipt of aid.

We strongly recommend you contact Academic Advisor Ms Eva Raimondos-Møller (eva.raimondos-moeller@adm.ku.dk) if you are considering early withdrawal to discuss your options and the possible implications.

Loan Disbursement

According to US regulations, the University of Copenhagen is required to disburse your loan funds in multiple installments that coincide with scheduled semester start dates. If your loan period is based on enrolment for two semesters, you will receive two disbursements, one at the start of each semester. If you have not already paid your tuition fee once the University has received the amount of the disbursement from the US Federal Government, this fee will be deducted before any surplus is forwarded to you.

Exit Counseling

Before you withdraw, graduate, or drop below half-time attendance (regardless whether your plan is to transfer to another school), regulations require that you complete an exit counseling session for your Direct Subsidized and Unsubsidized Loans. The counseling session provides information about how to manage your student loans. To begin your exit counseling, please go to www.studentloans.gov

Contact

Please write to Ms Eva Raimondos-Møller (eva.raimondos-moeller@adm.ku.dk)  in case you have any questions about US Federal Student Aid at the University of Copenhagen.