Decrease your loan
To decrease your loan, email the US loans team stating the new gross $USD amounts you would like to borrow in the current academic year. The reduction will be spread across your remaining disbursements. You cannot decrease your loan below the amounts already released for each type of loan in the current academic year.
Cancel your loan
We will email you prior to each disbursement with the deadline for cancelling/returning loan funds. To cancel your loan you must notify us by the specified deadline. You may need to pay fees and bank charges associated with returning any funds if payment has already been requested from the US.
Changes affecting your loan
- You must contact us if any of the below occur or may occur. Contact us immediately and in advance of the change where possible.
- Other funding received: If you are provided with a financial award, such as a scholarship or grant, your COA will be adjusted accordingly. This may change the amounts you are able to borrow.
- Change of course: We will reassess your eligibility and amend your COA, which could change the amounts you are able to borrow.
- Change of mode of study: If you change from full- to part-time study or vice versa, we will reassess your eligibility and amend your COA, which could change the amounts you are able to borrow.
- Change or potential change in enrolment status: You must contact us immediately if you are considering changing enrolment status, so that we can prevent your disbursement being released if this has not already been done. We are required to report any enrolment changes within tight timescales and may need to complete a Return to Title IV (R2T4) calculation, which can lead to ‘unearned’ funds being returned to the US Department of Education (see our for the full R2T4 policy).
- Return to study from a deferment: You need to complete a loan application for the year in which you will be returning to study, should you wish to borrow funds for this period. Information on applying is on our How to apply tab. It is advisable to submit your application prior to the term you are due to return.
Exit Counseling
You are required to do this when you graduate, leave the school or drop below half-time enrolment. Exit Counseling provides important information to prepare you to repay your federal student loan(s). This is mandatory