Disbursement of funds
How and when will I receive my federal loan disbursements?
Before each disbursement, Swansea University is required to confirm you are still eligible to receive the funds. This includes ensuring you are making Satisfactory Academic Progress, and are studying at least half time and you are not conducting any study or research in the US.
Disbursements of federal loans will be made by Swansea University in three equal instalments. The actual amount in GBP(£) for each instalment may vary, as it will be dependent upon the exchange rate used to convert USD($) to GBP(£) on that date.
The disbursement dates for the year 2016–17 are outlined below. Please note that the disbursement date is the date our University will have received the loan funds and converted these into GBP(£) and is not the date that you will receive the living expenses (if applicable). The disbursement dates are indicative and not guaranteed, but we do not expect the actual date to differ by more than 1–2 days.
- Disbursement 1: 6 October 2017
- Disbursement 2: 12 January 2018
- Disbursement 3: 13 April 2018
Federal loans must be allocated to any due tuition or accommodation fees first as stated in the US Department of Education regulations before any excess is returned to you. You will then be notified of how the loan has been allocated.
Within three working days of receiving the disbursement, we will credit your tuition fee account and university accommodation account (if applicable). Excess funds will be paid directly to your UK bank account within 10 business days so that you can use these funds for living expenses. If you fail to open a UK bank account, then the funds will be available as a GBP(£) cheque and available to collect from our Finance Department. Please ensure you advise our Finance Department of your UK bank account details as soon as you have opened your bank account after fully enrolling.
Disbursement Deadline dates
For your federal loan to be disbursed on the first disbursement date above we will need to receive your complete application by 1st day of September. We cannot guarantee that applications submitted by this deadline will be approved in time for the first disbursement if there are any outstanding issues with your loan application.
Any application received after 1st day of September will be processed as a late application and, once processed, we will contact you to let you know the date of your first disbursement.
Any applications made throughout the academic year must be received at least one calendar month before the next disbursement date. Please note however that we cannot guarantee that applications will be processed within these timescales if there are outstanding issues with your loan application