Disbursement of Loans
The US Federal Government has passed legislation with regard to regulations concerning the disbursement of Federal Financial Aid. This means that Direct, Graduate PLUS or Parent PLUS loans are disbursed in instalments and the dates of these instalments will depend on your loan period, programme of study and also when you make an application. Please also note that all Federal Aid will now only be disbursed directly to the University.
Examples are based on students whose programme starts or progresses in September.
Undergraduate Students (excluding Medicine and Veterinary Medicine)
Federal Direct Stafford Loan funding only
Funds will be disbursed in September and January. Both loan disbursements will be applied towards the payment of your tuition fees and you must make arrangements to pay the balance of your fees either in full or following the University’s standard instalment payment plan. Further information on the payment of tuition fees and instalment plans can be obtained from the Finance Office website.
Parent Plus Loan funding only OR Federal Direct Stafford Loan and a Parent Plus Loan/Private Supplementary Loan
Funds will be disbursed in September and January and will be applied towards the payment of your tuition fees. An instalment plan to pay half the tuition fees in September and the remaining half in January can be set up to coincide with the loan disbursements. Any surplus received after your tuition fees have been paid from your US loans will be refunded to you at each loan disbursement date if applicable. Any deficit due towards an instalment of tuition fees must be paid immediately after each loan disbursement.
Undergraduate Medicine and Veterinary Medicine Students
Federal Direct Stafford Loan funding only
Funds will be disbursed in September and January (For 1st year GEP and final year GEP students August and January). Both loan disbursements will be applied towards the payment of your tuition fees and you will be required to make arrangements to pay the balance of your fees either in full or following the University’s standard instalment payment plan. Further information on the payment of tuition fees and instalment plans can be obtained from the Finance Office website.
Federal Direct Stafford loan and Graduate Plus Loan/Private Loans
Funds will be disbursed in September and January (For 1st year GEP students August and January), and will be applied towards the payment of your tuition fees. An instalment plan to pay half your tuition fees in August/ September and the remaining half in January can be set up to coincide with the loan disbursements. Any surplus received after your tuition fees have been paid will be refunded to you at each loan disbursement date if applicable. Any deficit due towards and instalment of tuition fees must be paid immediately after each loan disbursement.
Taught Postgraduate Students
Federal Direct Stafford Loan funding only OR Federal Direct Stafford Loan and a Graduate Plus Loan/Private Loan
Funds will be disbursed in September, January and May. Each loan disbursement will be applied towards the payment of your tuition fees. An instalment plan to pay a third of your tuition fees can be set up to coincide with the loan disbursements. Any surplus received after your tuition fees have been paid will be refunded to you at each disbursement date if applicable. Any deficit due towards tuition fees must be paid immediately after each loan disbursement.
Research Postgraduate Students
Federal Direct Stafford Loan funding only OR Federal Direct Stafford Loan and a Graduate Plus Loan/Private Loan
Funds will be disbursed in September and March. Both loan disbursements will be applied towards the payment of your tuition fees. An instalment plan to pay half your tuition fees in September and the remaining half in March can be set up to coincide with the loan disbursements. Any surplus received after your tuition fees have been paid will be refunded to you at each disbursement date if applicable. Any deficit due towards tuition fees must be paid immediately after each loan disbursement.
This article was published on Oct 18, 2010