All Federal loans originated by the LSE will be disbursed in the three equal instalments during the first week of each term
The actual GBP sterling you receive will vary as it is dependent upon the exchange rate from USD $ to GBP £ at the time of disbursement.
The expected disbursement dates for 2020/21 are
- September 28 2020
- January 18 2021
- April 04 2021
All disbursements are subject to the following conditions:
You are making satisfactory academic progress.
You are enrolled at least part time(Half 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 and its value and how much is due to be deducted from it. When you receive this email, you may contact us to reduce or cancel the disbursement.
If you do not advise us in advance to not draw down your disbursement, then you will be responsible for all interest charges and for its repayment.
To ensure your loan is disbursed in time the LSE FICC must have received your completed application by September 14 2020. Any applications received after this date will be deemed late applications and as such disbursements will fall outside of the advertised dates. If you fall into this category we will email you to advise of the next available disbursement dates.
When your maintenance loan payment be available
- You will receive an email from WUBS requesting that your provide your U.K. bank details. If you do not have a U.K bank account you will be issued with a GBP draft which you will need to pick up and cash. We strongly recommend that yoy open a bank account as soon as possible.
- When we initiate disbursement, if there is anything which blocks yours, we will immediately contact you by email and tell you what to do. Make sure that the email address LSE has for you is current.
- If you did not get your complete application pack to LSE before September 3rd your loans may be delayed.
- If your loan disbursement is not enough to cover one third of your tuition and one third of your LSE hall fee, then there may not be a cheque for you to collect.
How to collect your cheque
You will be sent a notice with collection instructions,once you receive this notice please go to the Student Services Centre to collect your cheque. You must bring your LSE student card with you.
Staff are not allowed to release your cheque if you do not have your LSE card with you.
What to do with your cheque
You must bank the cheque which takes 3 days to "clear" before you can start to spend it. It takes up to 10 days to open a bank account in the UK before you can bank the cheque.You can't start to open an account until you are registered and have a proved address.
How much money you will get and in which currency
You will only get one third of your loans each term, this is a USDE regulation, there are deductions taken from that value.
The government deducts an 'Origination Fee' from each disbursement. The COA spreadsheet you completed at application showed how much you can borrow and how much you actually receive after the government deducts an 'Origination Fee' from each loan disbursement. The value you are going to receive is shown on the letter sent to you by LSE when we originated your loan.
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 by you is exactly what the school received in £sterling.
LSE will deduct one third of the tuition fee and one third of any LSE hall fees, as known at the time, the balance is paid to you by £sterling cheque
Please ensure you have sufficient funds to cover two weeks of maintenance costs should you loan be delayed for any reason.
The School are required to confirm attendance student every 60 days with NSLDS, this update is submitted electronically and the information will be available to your loan servicers immediately.
Entrance & Exit Counselling
Federal Regulations require you to complete entrance and exit Counselling, this is audited. The school is required to ensure that you have completed entrance and exit counselling, this is also audited and the findings are reviewed by the USDE. There are no exception to this.
All students wishing to borrow via the Direct Lending programme are required to undergo entrance counselling, this process will assist your understanding of the loan programme and underline your rights and responsibilities
You can complete entrance counselling via Student loans Gov website, you will need the pin you used to access FAFSA. Please be aware the LSE will not process your loans if you have not submitted confirmation of your entrance counselling with your loan application.
U.S. regulation required all students who withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school) to complete exit counselling
Exit counselling helps you understand your rights and responsibilities as a student loan borrower. It provides useful tips and information to help you manage your loan
1. You must complete NSLDS Exit Counselling. This is done on-line NSLDS just like your entrance counselling, just go to NSLDS and work through the pages (you will need your FAFSA log-in and PIN) . You can also download the PDF guide exitcounselguide
2. You must send proof that you have successfully completed the counselling. Scan/PDF the final “congratulations” page and email this to email@example.com Please enter USL Completed Exit Counselling in the subject field of the email.