Receiving your loan

Your US Loan will be disbursed to you in two or three  disbursements. The disbursements will be effected at the start of Semester 1 and Semester 2, or at the start of week four of classes for new students, providing you are fully registered and are in attendance. Tuition and University accommodation fees are deducted automatically from your loan disbursement and then the remainder will come to you by bank transfer for living expenses.

All disbursements are subject to the following conditions.

  • You are making satisfactory academic progress.
  • You are enrolled at least part time.
  • You are not in the USA.
  • You have not violated any federal compliance regulations (repayment default, fraud, drugs).

You will be advised by email that a disbursement is due and its value and how much is due to be deducted from it. When you receive this email, you may contact us to reduce or cancel the disbursement. You should ensure that you have sufficient funds from an alternative source to cover any costs until you receive your first disbursement.

Currency conversion costs

Please be aware that:

  • Your loan funds will be converted to £GBP on receipt and currency conversion costs will apply. Therefore, the actual amount that we will receive for each disbursement will vary, as it will be dependent upon the exchange rate on that date.
  • You are strongly advised to open a £GBP bank account for your remittance to be paid into, so that the funds do not have to undergo a second currency conversion from £GBP back to $USD (which could be expensive for you). You should provide your UK bank details to your university as soon as possible.

Please note: if you don't warn us in advance not to draw down your disbursement, then you will be responsible for all interest charges and for its repayment.