Payment of loans

MoneyinhandAny federal or private loan processed by the University will be used to credit your tuition fees and other charges first, before any excess funds are returned to you.

What are disbursements?

These are the actual dates that your funds will be credited against your University fees. This is also the date from which your loans will start to incur interest; please refer to you Master Promissory Note (MPN) for the exact rate of interest as it will vary across different loans.  

You will be informed of the disbursement dates once your loan has been originated via a formal notification letter sent to you from your designated assessor within Funding, Graduation & Awards.  Each loan disbursement is subject to you maintaining satisfactory academic progress (SAP) and there are no changes in your status.

How are my tuition fees/accommodation fees credited?

Your loan will be be used to credit your tuition fee and accommodation fee charge (if living in University-owned halls of residence); this will be credited proportionately:

  • 35% from first loan disbursment
  • 35% from second loan disbursment
  • 30% from third loan disbursement

You do not need to pay any tuition/accommodation charge or make arrangements to pay during registration

Students undertaking a distance learning program and in receipt of a private loan should make arrangements to pay their tuition fees directly to the University once funds have cleared into their US bank account.

How will I be paid any excess funds?

You may borrow up to your Cost of Attendance (COA) therefore anything you borrow towards living costs will be viewed as an excess.

In order to receive this money, you must complete a refund request form and return it to the address listed on the form; a copy of this form will accompany your loan notification letter.

Do I need a UK bank account?

Once your loan has been taken from the US Department of Education, the funds are converted into GBP(£). To receive any excess, you will need to open a UK bank account, thus preventing any additional conversion charges. Once your bank account has been opened, return the refund request form complete with new details. When your bank account details are received, we aim to get this money to you as soon as possible, however up to 14 days are allowed from your stated disbursement date (see your Notification of Student Loan letter) for the money to credit your account. 

If you are unable to open a bank account until you arrive, you need to return the refund request form stating that the University may hold any funds on your behalf until such time that you can supply the relevant bank details (tick box at the bottom of the form). Failure to return the form will result in a delay in your loan payment.  

Payment details

  • Payments will be made into your UK bank account by a third party - Western Union.
  • All payments will be made in pounds sterling (GBP).
  • You will receive an email confirmation from Western Union detailing the amount deposited.  

Your right to cancel

Before your loan money is disbursed, you may cancel all or part of your loan. Your request will need to made in writing 14 days before the disbursement date listed on your notification letter and include:

  • Your full name
  • Your social security number
  • Your student ID number
  • The name of the loan you wish to reduce and the value you wish to reduce it to.

Please send any request by submitting an online enquiry for the attention of Funding, Graduation & Awards with the subject 'Cancellation of American Loan'.

After your loan has been disbursed, you have 120 days to return the money without incurring any interest charges. Details on how and where to return the money can be obtained from your loan servicer.

If you received an up-front interest rebate on your loan, the rebate does not apply to the money you or the school returned. 

Withdrawal from your programme

If you choose to withdraw from your programme you must inform Funding, Graduation & Awards by submitting an online enquiry.

It is a legal requirement that the University does a Title IV calculation to determine how much needs to be returned the US Department of Education including any refunds of tuition or accommodation fees.  

For more information visit, change of circumstances.

Please note that the date of your withdrawal is also the date that you become responsible for repaying your loan.

Glossary of Terms


A pre-agreed amount of money which is released to you. 



Interest is money paid to your lender in exchange for borrowing money. Interest is calculated as a percentage of the unpaid principal amount (loan amount) borrowed.


Origination Fee

The charge made by the lender to cover the administrative charges related to your loan.