Ensure you applied for loans on time
The procedure for loan applications for foreign schools is not the same as when you were in the USA. The rules must be followed exactly. If you need to arrange further loan(s), please ensure that you apply for them in good time. For further information, please go to Download Leaflets and Forms on applying for Federal Loans and Timeline chart.
The process takes a good eight weeks. If you applied late, there are no shortcuts and if it is the very busy season, the process may take longer.
Track your loan progress
Stay in touch with your lender to monitor progress of your loan. After the university has certified your loan, we will hear nothing more until your cheque(s) arrive. Use the Timeline chart to see when you should check.
Have initial funds
Your loan application may not be complete and you might not have access to you loan funds for a few weeks. You must have sufficient funds to be able to live for a few weeks. Plan for banking delays.
In the UK there are a lot of security measures surrounding bank accounts and these take time to arrange. You need be prepared to survive for several weeks without an account - which may also mean without the funds from your loan.
Collect and bank cheques
Your loan cheque(s) will be in US dollars. Getting a bank account in the UK will take several weeks. US dollar cheques banked in the UK normally take about five weeks to 'clear'. Banking delays can be expensive if the dollar rate goes up, but if you hold out for the rate to go down, cheque(s) may become invalid if not quickly banked.
Pay fees first
Your loan is specifically for education. If fees are not paid first then you will have defaulted on the terms of your loan(s). As soon as you have exchanged your loan into £sterling, you must pay your fees.
The money has to last all year. Plan your budget to cover monthly bills and weekly expenses. Do not budget to spend everything, allow for unexpected expenditure.
Open and read your mail
Your lender and the school will write to you from time to time. You must read it and respond if required. Your lender will not accept I did not know if things go wrong.
Do not default on any loan(s)
You must keep up repayments or deferments or you will incur extra charges.
You have the right to defer your previous loans while still in school. Get a deferment form from your lender and have it certified by the Fees Office, drop it into Student Service Centre drop-box and collect it from the counter two days later. It will not be signed off during a 'drop-in' session as it has to match to your file held elsewhere. Make and keep a copy and send the original to your lender.
By accepting your loan, you promise to accept the responsibilities that come with it. Your government requires us to bring several things to your attention.
You MUST read the Rights and Responsibilities page. Your government will not accept ignorance as an excuse.
The information on these pages is still growing so you might like to visit them again in a few weeks to see if more information has become available.