Amend or cancel your loan
We require a minimum of two weeks’ notice prior to the next disbursement date in order to action a change to your loan with effect from that disbursement.Increase your loan
Please update your Cost of Attendance (COA) spreadsheet listing any additional costs and/or adjusting Box B to show the new requested amount for your loans. Please then email this to us with a brief explanation of the changes you have made. If the increase is approved, the additional funds will be spread across your remaining disbursements for the year.
Please note that if you have an Endorser on your Plus loan, you will only be able to increase the loan up to the endorsed amount. If your Endorser is willing to increase the endorsed amount to allow you to borrow a higher Plus Loan, please let us know. Your Endorser will have to complete a new application and we will send you instructions on how to do this.
Decrease or cancel your loan
If you wish to decrease your loan prior to a disbursement, please update your Cost of Attendance (COA) spreadsheet by adjusting Box B accordingly. You should reduce your Plus loan first as this is the most expensive loan. Please then email your updated COA to us at us.loans@admin.ox.ac.uk with a brief explanation of the changes you have made, at least two weeks before the next disbursement date. The reduction will be spread across your remaining disbursements.
If you wish to cancel your loan, please email us.loans@admin.ox.ac.uk at least two weeks before the next disbursement date.
We strongly advise that you notify us in advance if you wish to reduce or cancel your next disbursement. However, there is a short timeframe after receipt of your disbursement during which you can ask us to send funds back to the US. We will email you prior to each disbursement with details on the deadline for returning funds through the University. However, please do not wait for this email if you already know that you wish to reduce or cancel your loans, as you may need to pay fees and bank charges associated with returning the funds if the payment has already been requested.
If you wish to cancel your loan and the timeframe for doing so through the University has passed, you can still make a repayment directly to your lender (your lender’s details can be found via www.NSLDS.ed.gov). If you make a repayment within 120 days of loan disbursement, then your lender will treat this as a partial or full cancellation, with the appropriate adjustment of the loan fee and interest.
If you reduce or cancel your loan, you may need to provide proof of alternative funding to your college in order to show that you are still able to pay your fees and battels.
Any student who cancels their loan after receiving a disbursement will be required to complete exit counselling via the StudentLoans.gov web site.
Any student who cancels their loan after the funds have been requested from the US may be required to pay fees or bank charges associated with returning the funds to the US.