When and how will my loan be paid?
Federal loans are paid at the beginning of each term i.e. Sept for returning students/Oct for new students, Jan and Apr
The credit balance will be paid directly to a UK bank account if you have entered your bank details in Campus Connect. Otherwise we will issue you a cheque for you to collect from Student Services, please note that this will incur an extra week to process.
Are private loans such as Sallie Mae disbursed the same way as Federal loans?
Private loans such as Sallie Mae can be disbursed in 1 lump sum at the beginning of the term, or via 3 termly payments in line with the Federal loans.
Having the loan disbursed in a lump sum will incur more interest, because the entire balance incurs interest when the loan is disbursed. Termly disbursements incur less interest.
What exchange rate will be used to convert my US loan?
We will use the market rate from our partner Western Union Business Solutions (WUBS) on the day we convert the USD to GBP. This is when the US loan is received in our bank account and converted to GBP by WUBS.
The exchange rate in the COA is higher to account for any market fluctuations forecasted for the next 12 months. This is done because we need a static rate to calculate the COA in USD.
Your loan will however be converted using the exchange rate at the time of disbursement.
How will my tuition and accommodation be paid?
We will deduct 1/3 of your tuition and accommodation fees (if applicable) from your disbursement before paying the remaining credit balance.
What if I decide to cancel or reduce my loan?
We will notify you via email a week before your disbursement is due to be paid, this email will show the amount due. You can either opt to have this amount reduced or cancel the disbursement by emailing firstname.lastname@example.org. You must do so before the deadline on the email.
Do I have to apply for a new loan for each year of study?
Yes, the Cost of Attendance is reviewed annually and therefore the amount you can borrow will change every year.
If you are a returning student then an email will be sent to you over the summer inviting you to submit your FAFSA, should you be interested in borrowing further loans.
I need someone to complete my 1098-T IRS tax form, who can do this?
Royal Holloway, University of London does not have an IRS Taxpayer Identification Number (TIN) which is required to complete the 1098-T form.
However, we can provide you a Tuition/accommodation certifying letter detailing the charges and payments received.
Do I have to pay the tuition fee deposit?
If your loan covers the full tuition fees, then you do not need to pay the deposit of £2000. When your loan has been approved and a loan letter issued, a CAS will be automatically requested without the need to pay the deposit.
Can I receive part of my loan before I enrol in order to fund the initial costs such as flights and visas?
No, this is because you need to fully enrolled before your loan can be disbursed.
The room and board on the Cost of Attendance (COA) seems a bit high, do I have to borrow the full COA?
The COA is based on the most expensive halls on campus which is comparable to the rent in the local area, the other items on the COA is based on the average cost of living in the area. Therefore you do not need to borrow the maximum COA, instead borrow what you feel you need as you can potentially increase the loan at a later stage (up to the max COA).
Do I need to submit my loan letter for my tier 4 visa application?
If you are applying for your tier 4 visa from the USA, then you do not need to submit the loan letter as US nationals are classed as low risk (differentiation arrangements). Therefore you are not required to include the evidential documents.
Within the application form where it asks you to send in documents to support your finances, you should write the following: “I am not required to submit financial documents in support of my tier 4 visa under the Differentiation Arrangement in the Immigration Rules appendix H”