Leeds Beckett University - City Campus,
Woodhouse Lane,
LS1 3HE
receiving your loan
Receiving your loan
On this page you’ll find information about when you’ll receive your loan, and what you need to do to ensure you receive it in a smooth manner. You can also use our US Loans Checklist to ensure you have completed everything you need to do before starting your studies for the year.
When will I receive my loan?
Disbursements of the Federal Direct Loan are made as follows:
Undergraduates
Fall start 2024-25 First disbursement 30th September, 2024
Second disbursement 27th January, 2025
Postgraduates
Fall start 2024-25 First disbursement 30th September, 2024
Second disbursement 27th January, 2025
Third disbursement 19th May, 2025
Postgraduates
Spring start 2024-25 First disbursement 27th January, 2025
Second disbursement 19th May, 2025
Third disbursement 22nd September, 2025
Students must have enrolled fully before the check list is signed and dated by the University. Students should ensure that they have brought sufficient money to cover any living costs up until the first disbursement has been received.
The University requests that students open a UK bank account so any funds can be paid directly into it. There is a guide to opening a bank account in the FAQ section.
Your loan funds will be converted to £GBP on receipt and currency conversion costs will apply.
Students need to be aware that the US will deduct an originating fee from every loan so the actual amount received will also be less than borrowed.
Deadline dates
For the direct loans to be disbursed in line with the dates given for the first disbursement, students need to have submitted a complete application by September 10 of the academic year they are applying for. Any applications that are received after that date cannot be guaranteed to be approved in time for the first disbursement.
Amend or cancel a loan
If you need to either amend or cancel your loan you must contact the US administrator, at least two weeks before the next scheduled disbursement so that the appropriate paperwork can be filled in and sent to the US.
Please note that if you have a Plus Loan any increases in loan will have to be updated and agreed by your endorser and that the increase will only be allowed if you have not exceeded your COA.
Frequently asked questions (FAQs)
A) Students need to apply for their Federal Direct Loans through MyHub , by completing the online US loans application form.
Yes you can cancel or change all or part of your loan before it has been paid. After the funds have been paid you can make changes within a certain timeframe. Your Master Promissory Note (MPN) will provide details of the procedure and time frames for cancelling your loans.
B) Before you do this, please contact the US Loans Office so we can guide you.
The SAI stands for the ‘Student Aid Index’ and is shown on your FAFSA Submission Summary (FSS). The FSS is generated once a FAFSA has been completed. The SAI is used to determine ‘need’ and therefore it limits the amount of subsidized loan that can be borrowed. You can borrow up to the full cost of attendance, even if there is a high SAI, by using the Unsubsidized and Plus loans.
The School cannot amend the SAI even if your family is not contributing to your studies.
Entrance and Exit Counselling are online courses which will highlight your responsibilities and obligations associated with the Federal loans. Counselling for both is mandatory and if not undertaken will result in any loans not being disbursed.
Exit Counselling will be undertaken at the end of every Academic year.
As the University doesn’t currently have a USD bank account we can only make payments to you in pound sterling. Therefore you will need to set up a UK bank account as soon as you have enrolled. To open a UK bank account you will need:
• Proof of your identity – this could be your passport.
• Proof that you are a student- this could be your offer letter or a bank letter from the University (obtained from the student hub).
• Proof of your address – This could be your contract, a utility bill or a bank letter from the University.
Please read the link below for further information
When you have graduated, left School or dropped below half time enrolment there will be a 6 months grace period before you are required to begin repaying your loan (s).
During this time your Loan Servicer will be in touch with you to provide you with repayment information and notify you of the first payment due date.
If a student is ineligible for Federal loans students can look into whether they are eligible to apply for a private loan. Private loans can also be an option for students who enrol on programmes of study that does not qualify for Federal funding.
The University does not recommend any private lender. However as far as we are aware there is only one private lender that makes loans available to US citizens. Please see a link to their website below.
