The information on this page relates to US federal loans only. For information on receipt of private US student loans, please see the Private loans page.
How and when will I receive my federal loan disbursements?
Disbursement of federal loans will be made in three equal instalments by bank transfer to your college. The disbursement dates for the 2018-19 academic year 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 costs. The disbursement dates are not guaranteed, but we do not expect the actual date to differ by more than one to two days.
- Disbursement 1: 09 October 2018
- Disbursement 2: 15 January 2019
- Disbursement 3: 23 April 2019
You must be enrolled before receiving your loan funds. You should ensure that you have sufficient funds from an alternative source to cover any costs until you receive your first disbursement.
Within three 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 costs. For students on some courses, the central University and/or your department will perform these functions instead of the college.
Although it is standard practice to invoice students for all fees at the beginning of the academic year, special dispensation will be made for students who are funding their studies using a US federal loan. Your college will arrange for your fees to be paid in instalments that correlate with your US loan disbursements.
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 your college 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 college as soon as possible.
For your federal loan to be disbursed on the first disbursement date above we will need to receive your complete application by 14 September 2018. 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 your federal loan application.
Any application received after 14 September 2018 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 calendar month before the next disbursement date in order to be processed in time for that disbursement.