Payment of your direct loan
How you will receive your loan, instalment payment dates and requirements for you to continue to receive funding.
All loan payments will be split across 3 dates based on academic terms. The instalment dates will be listed on your Federal Aid Award letter.
Prior to each loan payment, you will be contacted via your NTU email address to advise of your instalment and cancellation rights.
Where a Parent PLUS Direct loan has been taken, the parent borrower will be contacted via email. Any borrower can cancel or reduce an instalment within 14 days of the email being sent.
Each term your loan instalment will be paid into the University’s Western Union account, the process will then be as follows:
- If the loan is notsufficient to cover tuition fees and any University accommodation costs due, we will require you to provide credit or debit card details to cover the balance due. The University will contact you by email to confirm the loan received, and to advise if any further payment details are required.
- If the loan instalment is in excess of the amount required to cover tuition fees, the balance will be credited to any University accommodation costs (where applicable). Should there still be excess funds then the balance will be credits to your bank account via Western Union.
For each payment of funds, there is a processing fee, which is subtracted from the gross amount of loan borrowed.
Nottingham Trent University manages payment processes through the Western Union Business Solutions. As such, at the start of the Academic Year and prior to each instalment, each student will be given the opportunity to provide UK bank details for the payment of surplus funds.
All international students planning to study in the United Kingdom should open a UK bank account for the duration of their studies.
However, if you did not wish to open a UK bank account or where you have not been able to open an account prior to an instalment disbursement, any surplus funds from Western Union will be usually made available in the form of a cheque at your campus cash office.
From the advised payment date, you will need to allow up to 14 days for the release of surplus funds to be completed.
You are required to complete Exit Counselling either when you are a final year student approaching the end of your studies at Nottingham Trent University, or where you are no longer eligible or choose to receive no further loan payments.
We will normally contact you in May of your final year of study to ensure that you complete exit counselling.
Satisfactory Academic Progress
Prior to the payment of instalments of your direct loan, the University is required by the US Department of Education to check that you are progressing in your studies.
The Student Financial Support Service will liaise directly with your academic school to obtain this information, and if there is a problem that might affect your ability to receive the loan funding, we will contact you.
Download a copy of NTU’s Satisfactory Academic Progress policy.
Changes to your studies
Changes to your programme of study may have an impact on your loan eligibility. If you are thinking of making any changes to your course (eg withdrawing, taking a leave of absence or transferring course) it is essential that you contact the Student Financial Support Service prior to making any changes, to discuss the implications this may have.
You will need to repeat the application process (how to apply section for each academic year of study (i.e. complete a new FAFSA, obtain a new SAR and new MPN).
Managing your money
We recommend that you only borrow funding that you feel is required for your course, based on your own anticipated cost of living.
The Federal Student Aid website has resources on money management, which you may find useful.
Please be aware that you will not be able to receive any of your loan funding until you have arrived in the United Kingdom and completed your enrolment process.
There will be some expenses that you may encounter before receiving any student loan funding – this may include (although may not be limited to):
- Student visa and NHS surcharge costs
- Deposits (or early instalments) for student accommodation
- Basic funds for living costs on arrival.
Some of these costs will be reimbursed through student loan funding, but the University will not ordinarily be able to aid in these upfront costs.
We can offer to defer the £3,000.00 Advance Payment International students are required to pay.
This will only be when a student is entitled to sufficient loan to cover their full Tuition Fees.
More guidance regarding money management as an International Student can be found at Managing Your Money.