This page will provide you with general information regarding US and Canadian applications.
When your loan payment will be available
As soon as you arrive in the UK, we recommend that you open a UK bank account. UKCISA (UK Council for International Student Affairs) has information on how to open a bank account in the UK on their website.
Once you have opened your bank account, please provide us with your account details – bank, address, account number and sort-code. This means that when your first instalment of loan is ready we can pay you straight away.
If you don’t set up a UK bank account in time, your loan will be paid to you by GBP check. This will take longer to clear than a direct bank payment so you should budget your living costs accordingly.
If you did not get your completed application pack to us before 1st September, your loans may not be available until the end of October.
If your loan disbursement is not enough to cover one third of your tuition and one third of your UL hall fee (if applicable), then there may not be a payment made to you.
How much money you will get and in which currency
You will only get one third of your loans each term and there are deductions taken from that value.
The US Department of Education charge an origination fee on all loans and this is deducted from each disbursement. The value of the fees and the disbursements are shown in the Cost of Attendance spreadsheet. For more detailed information, see the US Department of Education’s Student Aid website.
The money is transferred to the UK and converted into £sterling. The school is not allowed to charge any fee or receive any commission for processing your loan, so the money received for you is exactly what the school received in £sterling.
The University of Lincoln will deduct one third of the tuition fee and one third of any UL hall fees (if applicable), as known at the time.
If the value of your disbursement does not cover all the deductions, you will not receive a payment. If you have only applied for Sub/Unsub loans, it is unlikely that you will receive a payment but will have to pay the shortfall in tuition and halls yourself.
You will receive each disbursement at the beginning of each term. The dates are in the letter sent to you by the Student Funding Team for your visa.
All disbursements are subject to the following conditions
- You are making satisfactory academic progress
- You are enrolled at least part time
- You are not in USA
- You have not violated any federal compliance regulations (repayment default, fraud, drugs)
You will be advised by email that a disbursement is due. When you receive this email, you may contact us to reduce or cancel the disbursement.
WARNING – if you don’t warn us in advance not to draw down your disbursement, then you will be responsible for all interest charges and for its repayment.
1098-T Tax Form
University of Lincoln’s Employer Identification Number (EIN) is 98-1493098.
Unfortunately as a Foreign Institute, the University of Lincoln is not able to complete the 1098-T Tax Form. However, students can request confirmation of any fees paid by requesting a Statement of Account from the Finance Office.
They can be contacted by emailing email@example.com.
If you have a deferment form for any previous loans which need repayment deferment please bring your form to us in the Student Support Centre after enrolment, and we will complete the relevant school elements for you.
Refund & Return to Title IV Funds Policy
The 1998 Reauthorization of the Higher Education Act requires institutions to calculate a return of Title IV funds on all financial aid students who withdraw from classes. As a participant of the US Direct Loan Program the University of Lincoln is required to adhere to US law regarding the repayment of Title IV funds following a student’s withdrawal from study. The Title IV programs that are covered by this law include Direct Loans and Direct PLUS Loans. This document sets out how this is calculated and the procedure followed to return ‘unearned’ funds to the US government.
Students are responsible for following the University’s interruption of studies (approved leave of absence) and/or withdrawal procedures, which can be found in the regulations on Secretariat.
A student is considered to have withdrawn, for financial aid purposes, if
– s/he stops attending classes before the end of term, or if
– s/he takes an approved leave of absence of more than 180 days over a 12 month period.
A student who stops attending classes, but who does not officially withdraw, will be subject to return of funds. This will be based on the date of withdrawal or on the last documented date of attendance as determined by the University.
Withdrawing from classes means that a student may not receive further financial aid disbursements, may have to repay some or all of the aid that has already been disbursed, and will be personally responsible for payment of any charges for tuition fees that are due.
If the University determines that a student has withdrawn, the student is no longer considered to be enrolled and in attendance. Therefore the student is no longer eligible for an in-school status or in-school deferment, and the University must report the student as withdrawn in NSLDS Enrolment Reporting.
Although each term’s US Federal Loans disbursement is posted to each student’s account at the start of each period students only earn the funds as they complete the period. If a student withdraws during the term the amount of Title IV program assistance s/he has earned is determined by a specific formula set out below.
If a student has received less assistance than the amount that s/he earned, s/he may be able to receive those additional funds. If a student received more assistance than s/he earned, the excess funds must be returned by the school and/or the student.
The amount of assistance a student has earned is determined on a pro rata basis, using the withdrawal date/last date of attendance. The number of days counted includes all calendar days in the term excluding University closures that exceed four days. The percentage of the term attended is used to determine the amount of ‘earned’ versus ‘unearned’ aid. The University will calculate R2T4 using worksheets provided by the US Department of Education for the purpose of this. All funds must be returned to the lender within 45 days of the withdrawal date.
For example, if a student completed 30% of the payment period or period of enrolment, s/he earn 30% of the assistance s/he was originally scheduled to receive. Once a student has completed more than 60% of the payment period or period of enrolment, s/he has earned all the assistance that s/he was scheduled to receive for that period.
The University is required to return a portion of the excess equal to the lesser of unearned Title IV aid or unearned institutional charges. The University must return this amount even if it didn’t keep this amount of the student’s Title IV program funds.
The student is responsible for the return of any difference. If a student is required to return Title IV funds to a Federal Loan program, the loan may be repaid in accordance with the existing terms of the loan program promissory note.
The requirements for Title IV program funds when a student withdraws are separate from any refund policy that the University has. Therefore, a student may still owe funds to the University to cover unpaid institutional charges. The University may also charge the student for any Title IV program funds that the University was required to return. The University’s withdrawal and refund policy can be found within the University Regulations.
There may be cases where The University of Lincoln has originated funds for a student who fails to arrive and enrol during the registration period. Any Title IV funds already received will be returned to the US Department of Education, and their systems updated to confirm that the student did not enrol or receive any funds. There will be no tuition fee liability for the student.
If there are any further queries or advice needed with regards to US Loans, then please email firstname.lastname@example.org.
All Federal Student Aid funded students will be asked to complete exit counselling when their term 3 disbursement is ready to be made.