UCL Scholarships and funding


US Loans Payments

Find out how your US Loans will be disbursed, how you will receive the funds and further information on exchange rates and fees

Disbursement Dates

Direct Loans are disbursed by the US Department of Education electronically to UCL. The funds will be requested in two equal instalments:

The first instalment will be 26 September 2022.

The second instalment will be at the mid-point of your academic year. This date will be confirmed to you in your preliminary loan confirmation.  

Please note the first disbursement will not be requested in the first term until you have enrolled at UCL and in subsequent terms until we have received Satisfactory Academic Progress reports for you.

Loan Fees

The U.S. Department of Education applies a fee charge on Direct Subsidised, Unsubsidised and Direct Plus loans. To review these fees please visit The Student Aid Government Website UCL does not charge any loan fees. If you choose to take out a PLUS Loan, these loan fees will be included as part of your Cost of Attendance, so please be aware that the overall figure you choose will have loan fees deducted. UCL’s third-party agent Western Union, acts on our behalf receiving the USD loan funds and converts this into the equivalent GBP according to their daily exchange rate.

Paying Your Tuition Fees

Loan funding will first be used by the Student Fees Office to pay half of your tuition fees (US students with Direct Loans are allowed to pay their tuition fees in two instalments corresponding with the above disbursement schedule - please ignore any general information from UCL advising otherwise). Any credit balance due will be available to you within 10 working days of the disbursement date.

Receiving Your Living and Course Materials Funding

As loan funds will not be requested until you enrol at UCL, please ensure you have sufficient money to cover your living and course costs until you receive your first loan disbursement. All payments will be made by direct bank transfer via our third-party agent Western Union, who will contact you directly to collect your bank details shortly before the first disbursment is due. Where possible we advise all students to open a UK bank account, so you can have easy access to your funds and avoid any possible bank charges incurred when using your USD bank account in the UK.

Exchange Rate

We are aware that the US Dollar-Sterling exchange rate may fluctuate over the course of the academic year. However, we will not be able to change a cost of attendance assessment based on any fluctuation in this exchange rate during the academic year.