Student Services

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.

When your funding is disbursed each Semester, it will be applied to the cost of your tuition first.  Any remaining balance can be applied to your accommodation (if you live in University of Lincoln Accommodation and have requested we pay this direct) and to you for your living costs.

How much money you will get and in which currency

Loans are disbursed in two Semesters for undergraduate and doctoral students, and three Semesters for masters students.  The expected date of disbursement will be notified to you once your loans are originated.

The US Department of Education charge an origination fee on all loans and this is deducted from each disbursement. 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.

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.

Disbursements

You will receive each disbursement at the beginning of each semester. The dates are in the letter sent to you by the Student Funding Team for your visa.

All disbursements are subject to continued eligibility, this will be checked ahead of each payment period.

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 ar@lincoln.ac.uk.

Deferments

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.

Regulations

See link below for the full Policy.

Refund and Return to Title IV Funds Policy – Regulations

Exit counselling

All Federal Student Aid funded students are required to complete exit counselling prior to the end of their programme of study.