Your award letter is evidence of you fully completing the loan application process. However, we cannot request the release of your loan until you have completed both stages of the student registration process.
If you have received your award letter, completed the registration process, and if there are no US Department of Education system maintenance or failures, your loan payment should be paid within 14 days of your course starting so it’s important that you have money of your own to cover expenses until your loan payment is made.
Loan payments will be paid directly to the University via Western Union and converted into UK currency (GBP). In accordance with US Department of Education regulations, your loan will then be paid to you in two or three equal instalments according to the dates on your award letter:
- Undergraduate Students: 2 instalments - September and January
- PG Taught Students: 3 instalments - September, January and May
- PG Research Students: 2 instalments - October and April
Opening a UK bank account
If you do not already have a UK bank account, you will receive your first loan instalment as a GBP cheque. Opening a UK bank account can take up to three weeks, and it normally takes three working days for a cheque to clear when deposited in your account. Realistically, it could take 3 to 4 weeks for you to have access to your loan payment so you should make this a priority after you have completed registration.
Tuition and accommodation fees
We will automatically set up a tuition fee payment plan for you, allowing you to pay your institutional charges in two or three instalments to coincide with your loan instalments. You do not have to make any payments before arriving in Aberdeen, unless you are joining a Masters programme within the Business School which requires payment of a non-refundable deposit. Deposit payments must be made in advance of registration to secure the offer of your place.
Once the institutional costs are covered, any excess amount from your loan payment will be refunded to you via cheque or bank transfer (provided we have your bank account details). This process is normally completed within 14 days of your programme start date.
The loan amount quoted on your award letter is gross and subject to origination fees (1.069% on Direct Loans, 4.276% on PLUS Loans). This will be deducted at source by the US Department of Education; therefore your actual net loan payment will be lower.
The rate is yet to be determined.