Receiving your loans
We receive your funds from the U.S. Department of Education. We'll deduct your fees and pass any remaining balance on to you.
The University will receive your US Loan in dollars (USD). These funds will be converted into pound sterling (GBP) using the exchange rate that the University obtains from its bank and paid to you in GBP.
We'll receive your Direct Loan in three instalments, one at the beginning of each term. We'll 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 accommodation and tuition fees before passing any remaining balance to you.
If you're not in University accommodation it's your responsibility to pay for private sector accommodation from the remaining loan balance.
These are the dates we receive your loan instalments. We will pass on any remaining balance approximately one week later:
- 7 October 2022
- 13 January 2023
- 21 April 2023
- 7 July 2023
January disbursement is later due to where Christmas bank holidays (public holiday) fall, and April disbursement is later due to the Easter bank holidays (public holiday).
Say you borrowed a total of $45,000 (approximately £33,000) (the exchange rate used in this example is $1.50 = £1.00, however please note all figures have been rounded and are approximate). Each disbursement has a value of $15,000 (£10,000). We'll convert this into pounds sterling and take £7,430 towards fees owed. Any remaining loan funds (£10,000 ‐ £7,430 = £2,570) will be paid directly to your bank account.
|Total loan value||$45,000
|Total amount owed to the University||-£22,410||-£7,470|
|Loan value paid to you||£7,590||£2,530|
Your tuition and accommodation fees are paid in line with the disbursement dates for your loan.
Our standard invoice requests 50 per cent of your annual fees in October, 25 per cent in January and 25 per cent in April. The payment dates and proportions on our standard invoice do not apply to you if you are receiving a Direct Loan(s).
If your loan amount doesn't cover your fees we'll 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 U.S. Department of Education website. We'll email you a reminder when your exit counselling is due. You need to tell us once you've completed it.