Receiving funds

Information about how and when funds will arrive
Receiving funds
Please note that the University of Plymouth no longer administrates VA benefits for new students.
The University of Plymouth does not authorise the disbursement of aid directly to the student. You should not expect to receive funds prior to arriving in the UK.
Disbursement of Direct Loans will be on two (2) or three (3) separate dates coinciding with the nature of the degree programme you are undertaking. This is to allow the academic monitoring requirements mandated by the US Department of Education in the second and, if applicable, third payment periods.
Disbursement of Private Loans will be on one (1) occasion.
Disbursement of VA Educational Benefits will be on two (2) or three (3) occasions coinciding with the nature of the degree programme you are undertaking. This is a requirement of the certification process for benefits mandated by the US Department of Veterans Affairs.
Please note that the disbursement date is the date that your financial aid is paid against outstanding charges on your student account at the University, and not the date that funds will be available to you. Any funds remaining after payment is made against your student account will be paid into your bank account. This must be a UK bank account and you must provide us with your UK bank account details at the earliest opportunity. 
We recommend that, on arrival in the UK (if not before), you make it a priority to open a UK bank account. Once you have the details of your bank account then please inform the University’s Student Funding Unit.
You will be informed of the disbursement dates once your loan has been originated via a formal notification letter sent to you from the Student Funding Advice Team. Each loan disbursement is subject to you maintaining satisfactory academic progress and there are no changes to your status.

Anticipated Disbursement Dates

If there are any credit of funds due to be paid to you, this will normally be within seven working days of the dates as listed below:
Standard undergraduate programmes – continuing students
  • 29 September 2022
  • 3 February 2023
Standard undergraduate programmes – first year, first-time borrowers
  • 31 October 2022
  • 3 February 2023
Standard postgraduate taught programmes
  • 29 September 2022
  • 3 February 2023
  • 9 June 2023
PhD/Doctoral programmes 
Dates will be confirmed once your loan has been originated.

Application of funds

Funds will be sent to the University directly and converted from $USD into £GBP. The University will then pay allowable charges (which include tuition and fees; including accommodation if you contract with the University) against your student account. You will be notified by email when funds have been paid against your student account. A statement will also be issued to you explaining how your charges have been calculated and either:

  • A request for the outstanding half or third (whichever is appropriate) of tuition/residence fees owed to the University is made, for payment by a determined date.

or

  • Any remaining funds will be paid directly into your UK bank account in £GBP no later than 14 days after payment has been made against your student account.

In light of the above, it is important that you:

  • Arrange to open a UK bank account either while you are still in the US or at the earliest available opportunity upon entry to the UK. If you are a continuing student, you must notify us of any changes to your UK bank account details. If you do not provide us with bank details then you will not receive your aid.
  • Plan on having sufficient funds available for accommodation, books, supplies and any other personal expenses during the first four to six weeks of classes in light of the timeframes outlined above or in the event that there is some delay in your financial aid arriving from the US.

Your right to cancel

Before your loan money is disbursed, you may cancel all or part of your loan. Your request will need to be made in writing 14 days before the disbursement date listed on your notification letter.

Withdrawal from your programme

If you choose to withdraw from your programme, you must inform the Student Funding Advice Team at studentfundingadvice@plymouth.ac.uk It is a legal requirement that the University performs a Title IV calculation to determine how much needs to be returned to the US Department of Education, including any refunds of tuition or accommodation costs.

Please note that the date of your withdrawal is also the date that you become responsible for repaying your loan.