Receiving Your Loan Receiving Your Loan

Disbursements

The University disburses Direct Loans in three instalments, in accordance with US regulations. Disbursement dates generally fall in October, January and April of each academic year.

All disbursements are subject to the following conditions:

  • You are making satisfactory academic progress;
  • You are enrolled at least half time or more;
  • You are not studying any part of your course in the USA;
  • You have not violated any federal compliance regulations (such as repayment default, fraud, drug offences).

The disbursement dates for 2016/17 are:

Table showing disbursement dates for 2016/17 academic year

Paying Tuition Fees

Before you start your course, you will be asked to complete the Online Registration Task. Part of this task asks you to identify your preferred method of payment for your tuition fees. We recommend that you select the method which allows payment across three instalments as the Finance Office can then arrange fee instalments in line with your Federal Loan disbursements.

Receiving loans

Please be aware that the disbursement date is when the University receives the funds from the US Department of Education. The University will process the payment, deducting any tuition fees and University accommodation fees due for that period, and transfer the remainder to your nominated bank account in GBP (£) within 10 working days.

During the disbursement process, your Federal Loan will be converted to GBP (£) and currency conversion costs will apply. Therefore, the actual amount the University will receive for each disbursement will vary, as it will be dependent on the exchange rate on that date.

For Federal Loan payments to be processed as efficiently as possible, we recommend that you open a UK bank account. For further information, please see the Student Support Service’s guide on opening a UK bank account. Please ensure you email the Finance Office with your nominated bank account details before your first disbursement date. If you are using an overseas bank account, please make sure your bank accepts foreign transfers and be aware that you could receive less money than you expect due to the exchange rates in the dates of conversions.

Exit Counselling

Before your final disbursement is due, you will need to complete the Exit Counselling task for your Federal Loan.  We will contact you via email about this when it is time for you to complete it.