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 pounds 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 two instalments, one at the start of each semester. We'll deduct any tuition and accommodation fees due for the period 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're not in university accommodation it's your responsibility to pay for private sector accommodation from the remaining loan balance.
Disbursement dates
These are the dates we receive your loan instalments. We will pass on any remaining balance approximately one week later:
2024/25
- 27 September 2024
- 7 February 2025
Example disbursement
Say for example you borrowed $60,700 (approximately £43,400) (the exchange rate used in this example is $1.40 = £1, however please note all figures have been rounded and are approximate). Each disbursement has a value of $30,350 (£21,700). We'll convert this into pounds sterling and take £15770 towards fees owed. Any remaining loan funds (£21,700 - £15,770 = £5930) will be paid directly to your bank UK bank account.
| Yearly | Per semester | |
|---|---|---|
| Total loan value | $60,700 circa £43,400 |
$30,350 circa £21,700 |
| Tuition fees | -£23,700 | -£11,850 |
| On Campus Accommodation fees | -£7,840 | -£3,920 |
| Total amount owed to the University | -£31,540 | -£15,770 |
| Loan value paid to you | £11,860 | £5,930 |
Paying fees
Your tuition and accommodation fees are paid in line with the disbursement dates for your loan.
After the start of term, every student receives an invoice for their tuition fees (and accommodation charges, where appropriate). The payment dates for tuition 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 fees, you will need to pay the balance. This can be done at any time using an estimated exchange rate. Because rates fluctuate, we will not know the exact balance owing until after your February disbursement.
If you inadvertently over pay then 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 U.S. 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.