Disbursements
Federal Loans originated by Northumbria University will be disbursed in either two equal instalments (for undergraduate students) or three equal instalments (for postgraduate students). Normally these disbursement dates take place at the end of September, end of January and beginning of June.
For each disbursement, Northumbria University is required to make sure that you still meet the eligibility requirements for the borrowing of Federal Direct Loans.
The actual GBP (Sterling) you receive will vary as it is dependent on the exchange rate from USD to GBP at the time of the disbursement. Please also note that the US Department for Education charge an administration fee for every disbursement so what you receive will be slightly less than what you request - although this fee is accounted for in your COA calculation.
The University will issue you with a ‘Notification of Federal Loan Disbursement’ at the time of each disbursement. This notice will:
- Advise how much loan you have received in US Dollars.
- Advise on the Conversion rate to GBP.
- Advise how the disbursement has been allocated between programme fees, accommodation and a credit refund back to you.
- Include advice and procedures on the borrower’s right to cancel all or a portion of the loan, including the deadline.
In each disbursement stage, we will:
- Deduct either half (for undergraduate students) or a third (for postgraduate students) of your Tuition fees (where fees are due).
- Deduct either half (for undergraduate students) or a third (for postgraduate students) of your Accommodation fees (if staying in Northumbria on-campus accommodation).
- Arrange settlement into your UK or US bank account if there is a surplus credit after disbursement.
See a disbursement example here: (Disbursement example)
Receiving your Federal Loan Disbursement Surplus Payment
The School has partnered with Convera to process your loan surplus payments in a secure and compliant way. At the start of the academic year, you will be invited to submit your UK or US bank details via a secure platform so that we can settle your loan surplus payment by EFT/wire transfer. You may use a US bank account if you wish but we strongly advise you open a UK bank account to aid with the smooth payment of your credit balance.
More information on how to open a UK bank account can be found on the Funding for International Students page on our website.
Please see the Convera Student Guide, which will be emailed to you, for help and assistance with this process.
