Loan disbursement
How and when will I receive the federal loan disbursements?
Disbursements of federal loans will be made in three equal instalments by bank transfer to your college. The actual amount in GBP(£) that your college receives for each instalment may vary, as it will be dependent upon the exchange rate used to convert USD($) to GBP(£) on that date.
The disbursement dates for year 2013-14 are outlined below. Please note that the disbursement date is the date your college will receive the loan funds, not the date that you will receive the living expenses. The disbursement dates are indicative and not guaranteed, but we do not expect the actual date to differ by more than 1-2 days.
Disbursement 1: 07 October 2013
Disbursement 2: 13 January 2014
Disbursement 3: 29 April 2014
Within 3 working days of receiving the disbursement, your college will deduct a proportion for fees and battels (room and board), unless you are not using the loans to pay your fees. The balance will then be paid directly to you by the college, within 14 days, so that you can use these funds for living expenses.
Disbursement of private loans
The US Loans team will receive a cheque for your private loan. Your cheque will be co-payable to your college and to yourself. The college acts as trustee to the lender, and signatures are required from both you and the college representative before cheques can be cashed. If your private loan is approved before September, you can expect the cheque to arrive in the first few weeks of October.
Deadline dates
For your loan to be disbursed on the first disbursement date above we will need to receive your complete application by 09 September 2013. We cannot guarantee that applications submitted by this deadline will be approved in time for the first disbursement if there are any outstanding matters related to the loan.
Any application received after 09 September 2013 will be processed as a late application and, once processed, we will contact you to let you know the date of your first disbursement.
Any applications made throughout the year must be received a minimum of one month before the next disbursement date in order to be processed in time for that disbursement.