Receiving your loans

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 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:

2025/26

• Semester 1: 29 September 2025
• Semester 2: 6 February 2026

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 $1.45 = £1. 

For an undergraduate student borrowing $69,200 (after origination fees) for the year, the loan would convert to approximately £47,700. Each of the two disbursements would have a value of $34,600 (approximately £23,900). £17,080 would be deducted from each disbursement for fees owed to the University. The remaining loan funds of £6,820 would then be paid directly to the student’s UK bank account as a personal disbursement.

Paying fees

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

After the Semester 1 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 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 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.

Complete exit counselling