Funding for students from the USA

The RCM participates in the William D Ford Federal Direct Student Loan Program offered by the US Department of Education and may distribute the following Federal loans:

• Direct Subsidised Loans
• Direct Unsubsidised Loans
• Direct Plus Loans

Full information on these loans can be found at the Federal Student Aid webpage.

Please see the table below to see how the loans compare.

Direct Loans Comparison

Subsidized and unsubsidized loans

1. Complete Free Application for Federal Student Aid Form - FAFSA 

• Go to the Free Application for Federal Student Aid website
• Create an account on studentaid.gov to produce a FSA ID
• Gather the documents required
• If you are determined a dependent - your parents will need to provide information on your application.
• RCM School Code - G12335

2. FAFSA Submission Summary & ISIR are generated

• Your FAFSA Submission Summary will provide your Student Aid Indicator (SAI) and also may detail any actions needed to further your application.
• Once your FAFSA is completed and processed, it will generate a FAFSA Submission Summary (FSS) & an ISIR for RCM..
• This is used by RCM to determine your eligibility for a loan.

3. Resolve Application Queries, if required

• If there are outstanding actions against your application we may contact you.
• You may need to provide additional evidence to support your application.

4. You will receive a Funding Notification - Award Letter

• The letter will tell you the amount you may be eligible to borrow.
• This is based on different elements such as Cost of Attendance (COA), your year of study, your need and any other financial assistance.
• Review the information and loan amounts offered and return a signed copy to us.
• We cannot disburse any loan until this is completed.

5. Complete and sign a Master Promissory Note - MPN

• The 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.
• The MPN is a binding legal document that you must sign when you get a federal student loan.
• It lists the terms and conditions under which you agree to repay the loan and explains your rights and responsibilities as a borrower.
• You should read and save your MPN so you can refer back to it when repaying your loan or if you need information about the loan.
• We cannot disburse any loan until this is completed.
• Complete MPN

6. You may be required to complete Entrance Counselling

• 1st time borrowers are required to complete entrance counselling.
• Where applicable this is a Federal Government requirement.
• It ensures you understand the terms and conditions of your loan.
• You are exempt from this if:
  • If you have previously received a loan, or
  • You are parent Direct PLUS Loan borrowers
• We cannot disburse any loan until this is completed.

7. You will receive a loan disbursement plan. 

• The plan details when to expect loan disbursements.
• It is important to ensure that you have funds in place to support your travel and living costs before you receive your first loan payment.

The amount you can borrow depends upon your calculated Cost of Attendance, minus any Other Financial Assistance (OFA), this can include things like bursaries, scholarships, grants, and other awards, minus the Student Aid Index (SAI), which is the student’s contribution from income and assets, plus the parents’ contribution from income and assets if the student is dependent.

For each new academic year, we develop a list of estimated student expenses that we anticipate students will need to cover for their chosen programs of study.

This is known as the Cost of Attendance (COA). We include:

• Tuition fees
• Course materials
• Resource costs
• Living expenses, including accommodation & food
• International and local transportation
• Miscellaneous expenses

We use the COA to support the calculation of your loan entitlement. Whilst there may be slight variations according to individual needs, we expect your COA to be in line with our estimates. We have a duty to ensure that students only borrow what is required for educational purposes.

1. Your tuition fee

Please refer to the RCM's published information on tuition fees.

2. Cost of living

After your tuition fees, add in your living costs for the year. For 2025-26 these were:

• Bachelor £33,528 which is US$45,263 to cover 37 weeks
• Master/Doctor £41,365 which is US$55,843 to cover 50 weeks

3. Deductions

Then deduct any other source of funding.

This can include things like bursaries, scholarships, grants, and other awards, or family contributions.

Borrowing

You can borrow up to the Cost of Attendance, but the value of each loan might be adjusted to compensate for your SAI or if you are already close to the maximum aggregate allowed.

Disbursements

You must meet the Student Eligibility Requirements, below, before your loan funds can be requested from the US.

The disbursement date is the date that your financial aid is paid against outstanding charges on your student account at RCM, and not the date that funds will be made available to you.

The loans are made in equal termly instalments, usually in September, January and May. The loan funds will be sent directly to RCM and converted into £GBP.  Within three working days of receipt RCM will deduct an amount to cover your tuition fees for the term.

The balance of funds, living money, will be paid by bank transfer directly into your bank account in £GBP within 14 calendar days after the fees have been paid.

Considering the above, it is important that you:

• Ensure you have sufficient funds from an alternative source to cover any costs until you receive your first loan payment.
• Notify us of any changes to your bank account details if you are a continuing student.

You may wish to open a UK bank account either while you are still in the US or at the earliest available opportunity upon entry into the UK. You may need to be fully enrolled before you can open a UK bank account in pounds sterling (GBP). Please see - Foreign nationals wanting to open a UK bank account.

If you do not have a UK bank account, RCM would pay the balance of funds into your US bank account. You may receive fewer dollars than expected due to exchange rate variances. This is because the funds would have been transferred from US Dollars into RCM’s £GBP bank account, then later from £GBP back into US Dollars into your US bank account.

Cost of Living Estimates

To receive aid, including Federal Direct and PLUS Loans, a student must meet the following eligibility requirements:

• Be a US Citizen or an eligible non-US Citizen
• Must have a high school diploma or equivalent
• Must be a student enrolled in or accepted onto an eligible programme - a Bachelor, Master or Doctor course
• Must be enrolled at least half-time for the period for which the loan is granted. That is continuously attending/studying at least half of a full-time load such that if full time is 10 classes per week, then half time is 5 classes per week.
• On campus. Any course which involves any distance learning is not eligible.  No part takes place in USA or at a non-eligible school.
• Complete required entrance counselling, where applicable, and Master Promissory Notes:
  • • Entrance Counseling
    • Complete MPN
• Must comply with RCM's Satisfactory Academic Progress (SAP) policy.  You must maintain at least a C grade throughout the course and complete within a given timescale.  For full details see the RCM SAP Policy.
  • • Satisfactory Academic Progress
• Must complete the Free Application for Federal Student Aid (FAFSA) each year
• Must not be in default on an educational loan and must not owe a repayment on an adjusted federal grant
  • • Complete required exit counselling:
      • Exit-counseling

Federal Regulations require that RCM retain records of all loans, proofs of eligibility and counselling for Compliance Audit. These are held for six years under UK Accounting law but the US Department for Education may require some are retained for longer.

The RCM is required by US Federal Regulations to define and enforce standards of Satisfactory Academic Progress for students who wish to access US financial aid. The guidelines have been established to encourage students to progress and successfully complete the academic program for which aid is received.

Satisfactory academic progress for financial aid recipients

All students who are in receipt of US Financial Aid whilst studying at the Royal College of Music are required to make satisfactory progress on their course of study. 

Students register at the beginning of each academic year and undertake to abide by RCM Student Code and Procedures, and to be bound by the programme requirements as defined in the Course Handbook for each programme.

Federal Aid students must maintain the same satisfactory standards as other students.

In addition, the US Department of Education requires the RCM to check each student’s progress at intervals, to ensure that they are meeting both the Quantitative (multiple regular assessments) and Qualitative requirements (constantly be at or above the average minimum grade C which is also measured cumulatively) and progressing at such pace as to successfully complete the required credits throughout each year and complete the entire course within the timeframe.

Failing to meet satisfactory academic progress

If the RCM cannot satisfy itself that the student is attending at least 50%, or time put into the research is felt by the RCM not to be equal to 50% or above, Financial Aid will be suspended. Once the student meets the requirements for progression on the course of study he or she will be placed in good standing for financial aid.

Financial Aid Warning

Students that fail to make Satisfactory Academic Progress will firstly be issued with a ‘Financial Aid Warning’. This warning will last for 1 payment period (i.e. until the next disbursement), during which time a student can still receive Financial Aid. Students that fail to regain Satisfactory Academic Progress by the next disbursement will no longer be eligible for Aid, unless they are successful in an appeal.

Loan Suspension

Occurs when a student is not permitted by the Board of Examiners to continue but has demonstrated such a commitment to the programme as a means of becoming a musician or has justifiable mitigating circumstances which have been reported to the Board, then study may be interrupted for a term or two or a for a year, during which failed modules will be reassessed according to a scheme approved by the Board of Examiners.

During this time federal loan funding is suspended until the student regains the academic standards to continue.

This is subject to the maximum timeframe for the course, as detailed in the policy.

Appeals against Loan Probation or Suspension is the same process as for Academic Appeals.

For full details of the policy, please view the PDF: Satisfactory Academic Progress

Entrance Counselling

Before your loan application can be completed, you must complete Entrance Counselling. This ensures that  you understand the terms and conditions of your loan and your rights and responsibilities. 

Entrance Counselling

Exit Counselling

Before you withdraw, graduate, or drop below half-time attendance (regardless if you plan to transfer to another school), regulations require that you complete an exit counselling session for your Direct Subsidized and Unsubsidized Loans. The counselling session provides information about how to manage your student loans. The RCM requests that you complete exit counselling before the end of each academic year.

Begin exit counselling

Students who are eligible for Federal student aid should complete the FAFSA and exhaust all Federal loans and scholarship opportunities, before applying for a private alternative loan. Federal student loans generally have more favourable terms and conditions than private loans.

RCM has no preferred lender of private education loans. Students and parents are free to use any lender which does not require any obligation or liability of the school. The following lenders are currently working with US students at foreign schools - GEMS, Sallie Mae, and Earnest.

Any reference to GEMS, Sallie Mae, Earnest or other private lender does not represent the existence of a "preferred" lender and is merely used as an example of a lender. RCM has no affiliation with and receives no financial incentives from GEMS, Sallie Mae, Earnest or other private lender. RCM does not offer any advice on which loan to take out. Students should conduct their own research into what loans would best suit their needs.

Private loans are not subject to Federal Regulations and may be used for Diploma or Certificate courses.

A private loan is a non-Federal education loan, provided by a private lender, typically in the student’s name and requiring a co-signer. All arrangements made are between the borrower and the lender. The school only sets disbursement dates and certifies that the value requested is within the Cost of Attendance. Please note that private student loans are still limited to your Cost of Attendance similar to Direct Loans. You are allowed to hold both types of loans but the total cannot exceed your Cost of Attendance.

For full details, please check out GEMS, Sallie Mae and Earnest website.

The following, which may be available in USA, are not available at foreign schools

• Pell Grants or Loans
• Work-Study or Athlete programs

The generosity of charitable trusts and donors enables RCM to offer some scholarships.

This has an effect on loans.

If you are considering taking time out or withdrawing, then please download and read the Withdrawal Policy which tells you about refunds and how it affects your loans.

Withdrawals and the Return of Title IV Funds

Withdrawal Policy