- The University accepts no responsibility for any variation in currency exchange rates
This applies to direct loans and variations between the points of a calculated cost of attendance, loan origination, and between the first, second, and if applicable, third disbursements. As per US Federal Regulation 34 CFR 668.164, the University of Liverpool is bound to supplying this statement (and if appropriate issuing any remaining funds) no later than 14 calendar days after it initially disburses the originated funds.
This also applies to private loans and VA Educational Benefits which may be subject to exchange rate variations between certifications and the negotiation of cheques received from lenders/sponsors for Private Loans and VA Educational Benefits.
- For accounting purposes, and for the conversion of cheques only, the University operates a policy of fixing its $USD:£GBP exchange rate on a quarterly basis unless the rate variation is considered to be substantial at which point the rate is fixed on a monthly basis.
Funds received electronically are converted using the prevailing daily rate of exchange. The exchange rate you receive on cleared $USD funds may, therefore, differ from the published market rate at the time of loan origination. Your request for the origination of Direct Loans, and/or certification of private loans, and/or certification of enrolment for VA Educational Benefits, by the University of Liverpool, constitutes acceptance of this. You will be informed of the rate of exchange by the University when funds are disbursed.
- Federal regulations require that the first disbursement for direct loans for first-time first year undergraduate borrowers be no earlier than 30 days after the start date of the period of enrolment.
In addition, you are required to open a UK bank account and to supply bank account details to the University via the Western Union portal in anticipation of receiving any remaining credit balance after funds are applied against eligible outstanding charges.
- The University will provide a loan notification letter (email) as proof of funds for direct loan recipients.
The University will provide you with a loan notification letter via email if you are a recipient of Title IV (direct loan) aid, as proof of funding, once your loans have been originated. This letter may be required by the UK Visas and Immigration as part of your visa application for entry to the UK. The format of the loan notification letter has been agreed with UK Visas and Immigration and the University will not make any amendments. Dispatch of a loan notification Letter is via email. Replacement letters may be issued in exceptional circumstances. Proof of funding for private loans and VA Educational Benefits must be obtained directly from the lender/sponsor, e.g. Sallie Mae or the US Department of Veterans Affairs. The University does not provide proof of funds for these sources of financial aid.
- Eligibility for financial aid for continuing students is subject to satisfactory academic progress.
If you are receiving a direct loan you must satisfy the requirements of the Policy on satisfactory academic progress for Title IV Financial Aid Recipients in addition to the University's progression requirements as outlined in the guide on the progress of students on taught programmes of study.
If you are receiving private loans or VA Educational Benefits you must satisfy the University's progression requirements as outlined in the guide on the progress of students on taught programmes of study.
The University will not originate direct loans, and/or certify private loans, and/or certify enrolment for VA Educational Benefits, should you fail to demonstrate satisfactory academic progress.
- The University's Financial Aid Administrator(s)/Certifying Official(s) must be notified of any change(s) in circumstances leading to a change in registration.
If your circumstances result in a change to your registration at the University in any capacity (e.g. withdrawal, suspension of studies, transition from full time to part time study) you must notify the Financial Aid Administrator/Certifying Official, immediately by emailing email@example.com. This is because there may be implications for your eligibility and receipt of Title IV aid. The University will apply the return of Title IV funds policy on those occasions where a recipient of Title IV aid withdraws from study.
- The University will disclose your loan details to the National Student Loan Data System (NSLDS).
The University is required, in accordance with Federal Regulations, to report the details of your loans, and any changes to your enrolment, to the US Department of Education via the National Student Loan Data System (NSLDS), within a specified time frame. Please note that this information will be accessible to loan servicers and other institutions determined, by the US Department of Education, to be authorised users of the data system.
If you are in full time study you will be reported as 'F - full time'. If you are in part time study or you have transferred to 'submission pending' then you will be reported as 'H - at least half time'.
If you are a postgraduate research student, and you submit your thesis, then from that date you will be reported as 'L - less than half time'.
If you suspend studies for longer than 180 days then you will be reported as 'W - withdrawn'.
When you receive your award you will be reported as 'G - graduated'.
If you are reported as being in less than half time attendance, or that you have withdrawn or graduated, you will no longer be eligible for the in-school deferment of your loan repayments.
For the terms of the repayment of your loans please consult your Master promissory note and/or the studentloans.gov website.
- Right to cancel
You may cancel all or a portion of your direct loans within 30 days of receipt of notification that your loans have been originated. If you ask the University to cancel all or part of your loan outside of this 30 day period then the University may process your cancellation request but is not required to do so.
You may return all or part of your loan to the US Department of Education within 120 days of the date that the University disburses your loan money (i.e. the date the money is credited to your student account at the University, or the date it is paid directly to the borrower or both). You must contact the studentloans.gov for guidance on how and where to return loan money in these circumstances.
You do not have to pay interest or the loan fee on the part of the loan that is returned within 120 days of the date on which that part of the loan was disbursed. If you receive an upfront interest rebate on the loan, then the rebate does not apply to the part of the loan that is returned. Loans will be adjusted to eliminate any interest, loan fee, and rebate amount that applies to the amount of the loan that is returned.
- Private loans
Refer to the terms and conditions of the loan.
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