Receiving your loans

We receive your funds from the US Department of Education. We'll deduct your fees and pass any remaining balance on to you.

The University will receive your US Loans in dollars (USD). These funds will be converted into pounds sterling (GBP) using the current exchange rate that the University obtains from its bank on the date of the disbursement and this will then be paid to you in GBP.

For Postgraduate Taught students, we'll receive your Direct Loan in three instalments, one at the start of each semester and one at the start of the summer period.

For Postgraduate Research students, we'll receive your Direct Loan in two instalments, one at the start of each semester.

We must use loan funds to pay for University accommodation and tuition fees before passing any remaining balance to you. We'll deduct any tuition and accommodation fees due for the period within three working days of receiving your funds. Any remaining balance will then be paid to you within 14 days.

If you're not in University accommodation, it is your responsibility to pay for your accommodation from the remaining loan balance.

Disbursements

These are the dates we expect to receive your loan instalments. We will pass on any remaining balance, known as a personal disbursement, to you approximately one week later:

2026/27

Semester 1: 2 October 2026
Semester 2: 5 February 2027
Summer (postgraduate taught students only): 11 June 2027

Origination fees

The US government deducts an origination fee when your loan is disbursed. Information on origination fees can be found on the Student Aid website.

Example disbursement

In this example, all figures have been rounded and are approximate, using an exchange rate of $1.50 = £1.

For a postgraduate taught student borrowing $81,000 (after origination fees) for the year, the loan would convert to approximately £54,000. Each of the three disbursements would have a value of $27,000 (approximately £18,000). £13,133 would be deducted from each disbursement for fees owed to the University. The remaining loan funds of £4,876 would then be paid directly to the student’s UK bank account as a personal disbursement.

	Yearly	Per disbursement
Total loan value	$81,000 circa £54,000	$27,000 circa £18,000
Tuition fees	-£28,600	-£9,533
On-campus accommodation fees	-£10,800	-£3,600
Total amount owed to the University	-£39,400	-£13,133
Loan value paid to you	£14,600	£4,876

Please note that the Graduate PLUS Loan program will be removed for all new borrowers beginning from 1 July 2026. If you are a new student starting after 30 June 2026, you may need to find other financing beyond the base Direct Loan award. For information regarding private loans, please see our Private Loans web page.

Paying fees

For students using US Direct Loans, your tuition and accommodation fees are paid in line with the disbursement dates of your loan.

After your first semester starts, every student receives an invoice for their tuition fees (and accommodation charges, where appropriate). The payment dates for your fees should be ignored and as a US Loan recipient, you should view this invoice as for information only.

Outstanding fees

If your loan does not cover your University fees, you will need to pay the balance. This can be done at any time using an estimated exchange rate. Because the exchange rate fluctuates, we will not know the exact balance owing until after your final disbursement.

If you inadvertently overpay your fees, any overpayment will be paid back to you once the exact amount is known after your final disbursement.

Exit counselling

You must undergo Direct Loan Exit Counselling at the end of each academic year. This can be completed online at the US Department of Education website. We'll email you a reminder when your Exit Counselling is due. You must tell us once you've completed it.

Complete exit counselling