Receiving your loans
We receive your funds from the Department of Education. We'll deduct your fees and pass any remaining balance on to you.
We will receive your Direct Loan in four instalments, one at the beginning of each term. We will deduct any tuition and accommodation fees due for the term within three working days of receiving your funds. Any remaining balance will be paid to you within 14 days. We must use loan funds to pay for university accommodation and tuition fees before passing any remaining balance to you. If you are not in university accommodation, it is your responsibility to pay for private sector accommodation from the remaining loan balance.
Each instalment is converted from dollars when we receive it. The pound sterling value of each payment will vary depending on the exchange rate.
These are the dates we receive your loan instalments. We will pass on any remaining balance approximately one week later:
- 4 October 2019
- 10 January 2020
- 3 April 2020
- 3 July 2020 (postgraduates only)
- 5 October 2020
- 4 January 2021
- 5 April 2021
- 5 July 2021
In this example, the student is borrowing a total of $50,000 (£33,000). Each disbursement has a value of $12,500 (£8,250). We will convert this into pounds sterling (the exchange rate used here is an example) and take £6,023 towards fees owed. Any remaining loan funds (£8,250 ‐ £6,023 = £2,227) will be paid directly to the student's bank account.
|Total loan value||$50,000
|Total amount owed to the University||-£24,093||-£6,023.25|
|Loan value paid to student||£8,907||£2,226.75|
Your tuition and accommodation fees are paid in line with the disbursement dates for your loan.
Our standard invoice requests 50% of your annual fees in October, 25% in January and 25% in April. The payment dates and proportions on our standard invoice do not apply to you if you are receiving US Direct Loans.
If your loan amount doesn't cover your fees we will send you a reminder in April confirming any anticipated shortfall.
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 will email you a reminder when your exit counselling is due. You must tell us once it is complete.