Terms and Conditions for Private US Student Loans

It is your responsibility to notify the US Loan Administrator in advance of any formal change to your study terms. Your eligibility and assessment for loan payments have been based on the information shown in your academic record.

Unless you have already advised us or it is mentioned in your financial aid package, your loan has been assessed on the understanding that you have not been awarded any other financial assistance including scholarships, bursaries, private loans or additional funding to help with tuition fees or living expenses.  If this is not the case, you need to notify the US Loan Administrator (usaloans@abdn.ac.uk) now. You are eligible for financial assistance to be certified up to the maximum cost of attendance, as determined by your academic situation, the funding you have received, and the types of loans you are applying for.

You will not be required to pay a deposit or make an advance payment for tuition fees if your loan covers the full cost. We will notify the Credit Control team that you are receiving a private student loan and the approximate date that it is due to be disbursed.

If your borrowing is not at a sufficient level to cover the cost of your tuition fees, , you may be required to pay deposit to receive your CAS and make a minimum 50% payment when completing Online Registration. A payment plan will be put in place automatically to allow you to pay the remaining 50% of your tuition fees once your disbursement has been made.

We use Convera as our bank for processing your loan disbursements. Convera uses a mid-exchange rate, and other banks may offer better rates. We have no plans to change our payment processing system, and your loans will be paid according to the rate Convera offers on the day the funds for your disbursement are received.

If you have any questions about this process, please email the US Loan Administrators usaloans@abdn.ac.uk.