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 2023-24:
- First disbursement - 2nd October 2023
- Second disbursement - 12th February 2024
Postgraduates
Fall start 2023-24:
- First disbursement - 2nd October 2023
- Second disbursement - 29th January 2024
- Third disbursement - 20th May 2024
Postgraduates
Spring start 2023-24:
- First disbursement - 29th January 2024
- Second disbursement - 20th May 2024
- Third disbursement - 2rd September 2024
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)
As our 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 our university
- Proof of your address – this could be your contract, a utility bill or a bank letter from our university
You can request official letters via our Official Letters web page.
For more information about UK money, please see our Managing Your Money page.
