How and When Funds are Disbursed
Funds are disbursed by the U.S Department of Education electronically to the University of Exeter. The funds will be disbursed equally between the number of disbursements set up at the beginning of the academic year. All U.S students in receipt of a Direct Loan are permitted to pay their tuition fees in the number of installments that their student loans are disbursed in. The disbursement dates for the academic year 2011/12 are as follows:
- Disbursement 1: 15th September 2012
- Disbursement 2: 2nd January 2013
- Disbursement 3: 15th April 2013
- Disbursement 4: 20th June 2013
Please note that the dates outlined above are the dates that the University will request the funds from the US Department of Education. It can take up to 7 days for the funds to reach the University and be credited to your student account.
Please also note that funds will not be released from the U.S Department of Education until the student has arrived at the University of Exeter and has enrolled for the current academic year. Funds may not be disbursed until 30 days after the start of the academic year for first time Undergraduate borrowers.
In order to maintain eligibility for your loan and therefore receive each disbursement on time, the University of Exeter is required to monitor your progress through your course. The U.S Department of Education requires that all students in receipt of U.S Federal Aid must:
- Be in good standing and maintain Satisfactory Academic Progress (SAP) each term. The Student Funding Team will contact your college prior to each disbursement to confirm that you are making satisfactory academic progress (Satisfactory Academic Progress Policy 2012.). Funds will not be released from the U.S Department of Education until the Student Funding Team has received confirmation from your college that you are making satisfactory academic progress.
- Complete Entrance and Exit Counselling. All students wishing to apply for a Direct Loan in 2011/12 must complete entrance counselling via StudentLoans.gov. Final year students must also complete exit counselling.
- Should your enrolment status change, disbursements may be stopped and your loan entitlement recalculated. This may result in funds being returned to the U.S Department of Education.
Receiving your Funds
The Student Funding Team will inform you via email upon receipt of your loan funding. The proceeds of your loan will be applied to your student account to offset any charges on your account applicable for that disbursement. Once all charges for that period have been paid, any balance will be returned to you via electronic bank transfer. Please ensure that the University has details of your nominated bank account (MyExeter).
Borrowers Right to Cancel
Direct Loan funding is disbursed electronically to the University of Exeter. Students will be notified by e-mail prior to each disbursement, that their payment is expected and the amount any type of loan. Students have up to 14 days to inform the Student Funding Team if they no longer wish to receive these funds. If a student wishes to cancel their loan after the disbursement is made, and 120 days has passed, the student is responsible for returning the funds to the U.S Department of Education along with any interest that has accrued.