Receiving your loans

We receive your loan funds from the US Department of Education. We'll deduct your fees and then 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.

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's 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

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 an undergraduate student borrowing $72,000 (after origination fees) for the year, the loan would convert to approximately £48,000. Each of the two disbursements would have a value of $36,000 (approximately £24,000). £17,630 would be deducted from each disbursement for fees owed to the University. The remaining loan funds of £6,370 would then be paid directly to the student’s UK bank account as a personal disbursement.

	Yearly	Per semester
Total loan value	$72,000 circa £48,000	$36,000 circa £24,000
Tuition fees	-£26,900	-£13,450
On-campus accommodation fees	-£8,360	-£4,180
Total amount owed to the University	-£35,260	-£17,630
Loan value paid to you	£12,740	£6,370

Please note that there are changes to the Parent PLUS Loan program for all new borrowers beginning from 1st July 2026. If you are a new student starting after 30th June 2026, Parent PLUS Loans will be capped at $20,000 per student per year. You may therefore need to consider 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 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 February disbursement.

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