The School will request that the direct loans are disbursed in at least 3 instalments, in accordance with US laws. The first disbursement of any direct loan will be requested once you have enrolled at the start of the academic year. Subsequent instalments of the loans will be requested at the beginning of the Spring and Summer terms, providing you are still fully enrolled, are maintaining satisfactory academic progress, and for the final instalment of each year, have completed exit counseling. Students should plan for (and budget for) their loan/s to be disbursed 2-3 weeks after the start of each term. The initial disbursement will be by GBP cheque, which will take an additional time to clear through the bank.
Students should take note of the term dates as you will need to come in and register at the start of each term if you are to receive your US loan funds by the disbursement date outlined in your loans letter. Students who register after the initial registration date of each term should expect a further delay in the time it takes to disburse your loans. Any loan requests that are received after the term's disbursement has been actioned and before the term's reading week will be processed and available to students the week after reading week.
The US Department of Education applies an origination fee charge on loans. LSHTM does not apply any charges on loan funds. The US Department of Education charges are different for Direct Unsubsidized loans and Direct PLUS loans. For details of the interest rates and fees charged please see the relevant loan details on the Federal Student Aid website.
Paying your tuition fees
Each disbursement is paid directly to the School. After each disbursement is received the School will deduct tuition fees due for the term and any remaining balance will be refunded to you.
The School has a policy that all students must pay tuition fees in full before the first day of the course. However, US Federal loan holders will be able to pay tuition fees in instalments each term as each loan instalment is disbursed.
Receiving your loan funds for living costs
After the deduction of tuition fees any remaining loan funds will be refunded directly into your UK bank account, with exception of your first instalment which will be raised as a cheque in Great British Pounds (GBP £). We advise that you open a UK bank account as soon as you can following your enrolment with the School.
We strongly advise that you have funds to cover travel to the School plus living expenses for approximately 4 - 6 weeks after your arrival. You will need to allow time to open your UK bank account and for the refund cheque to clear in your account, which can take an extra 3 - 5 working days.
Your eligibility to continue to receive direct loan funds depends on you making satisfactory academic progress. The Registry will therefore contact your tutor before the Spring and Summer disbursement is requested to confirm that you are in good academic standing.
Spring and Summer disbursements will only be requested from the US government at the start of each term. There is a waiting time between this initial request and students receiving payment. We suggest, therefore, that when budgeting you plan for a minimum of 2 weeks expenses before any refund due to you will come through.
Additional term 3 requirement
You will also be required to complete exit counseling before your Summer disbursement is requested. You will be contacted with further details towards the end of the Spring term.