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You must be enrolled to receive any disbursements. Continuing students are able to complete enrolment online using the Registry web portal Rover. New students complete pre-enrolment online using the Registry web portal Rover, but must attend an enrolment session and provide ID to complete enrolment.

Disbursements are made by electronic transfer. To arrange this, complete the Direct Loan Payment Form and send it to Sanjay Raikundalia SRaikundalia@RVC.AC.UK in Finance.

The disbursement will normally be made on the dates indicated in the ‘Student Paid’ column’ of the “Disbursement Notices and Payment Dates” section below.

Please Note;

• All disbursements will be made in British pounds (GBP). It is not possible to make the disbursement in U.S. dollars (USD).
• We receive the loan disbursements from the US Department of Education in US dollars (USD).
• These disbursements are converted into GBP based on the exchange rate at the time (Disbursement Exchange Rate).
• The rate used will be confirmed to you in your disbursement notice, which is emailed to you by Finance after the payment is made.  This normally occurs within 1-2 working days of the payment being made.
• The amount you are allowed to borrow is determined in pounds. A static rate for the academic year (the Advance Exchange Rate) is applied to convert that to a USD amount, as your loan is originated in USD.
• This Advance Exchange Rate is displayed in the COA Budget Tool you use to determine the amount of your loan request. It appears in your budget submission confirmation email.
• If the Disbursement Exchange Rate is less than the Advance Exchange Rate, you will receive more in GBP than we determined you could borrow.
• This happened in 2022/3, when we calculated the USD amount using the Advance Exchange Rate of 1.4 USD to GBP, but the highest Disbursement Exchange Rate applied was 1.28 USD to GBP. The average Disbursement Exchange Rate was 1.2 USD to GBP.
• You have the option to return some of your disbursement. You may wish to do so to reduce your borrowing, as you are charged interest from the time of disbursement. How to do so is explained in the disbursement notice.
• Be aware that the Disbursement Exchange Rate fluctuates, and could be greater than the Advance Exchange Rate, in which case you will receive less in GBP than we determined you could borrow.  

Early Disbursements Please note we cannot make disbursements before the dates indicated below under any circumstances, due to the rules of US Direct Loans we must comply with. Make sure you have sufficient money with you to cover your expenses during September.

First Disbursement New Undergraduate Students (High School Leavers)

Please note we cannot request the disbursement until 30 days after the start of the course. Therefore, you will not have immediate access to your loan funds when you arrive in the UK - you will need to prepare for this by bringing sufficient money with you to cover your expenses until Mid-November.

Final year BVetMed student “A” borrowed £53,080. £36,640 for tuition fees and £16,440 for living expenses.

• The Advance Exchange Rate of 1.4 USD to GBP converted this to.$74,312 in the COA Budget Tool.
• The loan was originated as two instalments of $37,156.
• The first disbursement was made on 23 September 2022 with a Disbursement Exchange Rate of 1.16.
• The total disbursement was £32031.03. £18,320 was deducted for tuition, leaving £13,711.03 for living expenses.
• The second disbursement was made on 9 February 2023 with a Disbursement Exchange Rate of 1.23.
• The total disbursement was £30208.13. £18,320 was deducted for tuition, leaving £11,888.13 for living expenses.
• The tuition fees of £36640.00 were paid in full from disbursement.
• Student “S” received £25,599.16 in living expenses. This exceed the amount requested, £16,440, by £9,159.16.

First year BVetMed student “B” borrowed £48,200. £38,600 for tuition fees and £16,440 for living expenses. They had paid £3,900 as a deposit towards their fees, leaving £32,740 outstanding.

• The Advance Exchange Rate of 1.4 USD to GBP converted this to.$67,480.00 in the COA Budget Tool.
• The loan was originated as three instalments of $22,494, $22,493 and $22,493.
• The first disbursement was made on 29 September 2022 with a Disbursement Exchange Rate of 1.1.
• The total disbursement was £21,442.73. £12,866.66 was deducted for tuition, leaving £8,576.07 for living expenses.
• The second disbursement was made on 19 January 2023 with a Disbursement Exchange Rate of 1.24.
• The total disbursement was £18,139.52. £12,866.67 was deducted for tuition, leaving £5,272.85 for living expenses.
• The third disbursement was made on 19 April 2023 with a Disbursement Exchange Rate of 1.27.
• The total disbursement was £17,711.02. £8,966.67 was deducted for tuition (reduced by deposit amount), leaving £8,744.35 for living expenses.
• The tuition fees of £38,600.00 were paid in full from disbursement and deposit.
• Student “S” received £22,593.27 in living expenses. This exceed the amount requested, £16,440, by £6,153.27. £3,900 of this is due to the tuition fees being reduced by the deposit. £2,253.27 is due to the difference between the Advanced Disbursement Rate and the actual rates used during disbursement.

The disbursement notice tells you an estimated date when the loan will be disbursed and how much each disbursement will be for. The RVC is required, under US Department of Education regulations, to disburse Direct Loan funds in multiple instalments that coincide with scheduled term start dates. For example, if your loan period is based on enrolment for three terms, then you will receive three disbursements, one at the start of each term. If your loan period is based on enrolment for one full year, then you will receive two disbursements - one at the start of the year and one at the mid-point.

When your loan has been approved and processed you will be able to access your Award Letter via , the Registry’s online portal. The award letter tells you the dates for disbursement (i.e. the dates Finance will pay you) , and the dollar value of the amounts to be disbursed.

Disbursement Dates for 2024/5 

To ensure the earliest possible disbursement of your loan please submit a complete application by 6 September 2024.

Review of applications by the Financial Aid Office often discovers incomplete, or incorrect documents submitted in support of loan applications. We recommend you complete your loan application in advance of 6 September, to ensure it is complete by this date.

* Secondary disbursements will only be released upon Satisfactory Academic Progress.

Completed applications received after 6 September 2024 and by 20 September 2024

Completed applications received after 20 September 2024 and by 27 September 2024

NB;  Why do BVetMed students get three disbursements in years 1 & 2, and two in years 3-5? The clinical years of BVetMed are longer than years 1 and 2, with the extra weeks tagged onto the summer term as you do EMS in the summer. If we did three disbursements, your first would cover 13 weeks, the second 12 weeks and the third 19 weeks. But they would be for equal amounts. The likelihood is students would run out of money during the summer period. Therefore, we make two disbursements, with the second midway through your loan period. 

US Loan Funded Tuition Fee Deduction 2024/25

Your tuition fees are set in GBP as published on RVC's website at /study/fees-and-funding/fees

Your loan disbursements will be paid to the RVC in USD. The RVC’s finance department will determine the rate to apply to convert that dollar amount into British pounds at the time of disbursement. If you have chosen to pay your tuition fees from US Loan disbursements, your tuition fee instalment in GBP will be deducted and applied to your student account on RVC's finance system. Any balance on your US Dollar loan amount will be disbursed to you in GBP based on the exchange rate on the day that funds are paid out to you.

The tuition deductions are split into two or three equal amounts. All new entrants to the RVC are required to pay a deposit in advance. For these students, the tuition deduction from their last disbursement will be reduced by the amount taken for deposit.

Disbursement notices will be sent to you to confirm the GBP amounts you have received within 30 days of your disbursement date, by the Finance department (not the Financial Aid Office). These will confirm the amount being deducted for tuition from the disbursement.

Queries to Student Fee Payments Team Should you have any queries on your disbursement, please contact the Student Fee Payments Team (Finance Department) as follows: StudentFeePayments@rvc.ac.uk Tel: 020 3905 4605

The amounts taken for tuition fees will be as follows

BVetMed/Accelerated BVetMed

Other Courses