If you’ve been approved for funds to be used for living expenses, but you’re planning to start your course online, there are a few key checks you should do before your funds are sent to your school.
You still want to use funds for your living expenses now:
Your first step is to contact your school. It’s important to do this before funds are sent. Once funds are sent to your school they start to accrue interest.
- Ask your school if they’re planning to make living expenses available to you while you are studying online. If that’s the case, we’ll send your funds as planned, and you’ll work with your school to get access to the portion for living expenses.
- Make sure you’re comfortable with your school’s plan to make funds available for you. Many school administrators we’ve spoken to are working hard to ensure they will be able to pass these funds to their students who might not have arrived in the country of study yet.
If your school isn’t able to send your funds for living expenses until you arrive in your study country, keep reading to find out how you can make adjustments to your disbursement. We can’t disburse funds to students directly.
You don’t need funds for your living expenses right now:
If you don’t need your living expenses at the start of your course, or your school won’t be able to give you access to those funds, you have two options. Be sure to get in touch with our team before funds are sent to let us know your preference.
- Adjust the schedule for receiving funds. With permission from your school, we can send the portion of your loan to be used for tuition now. Then we can send the remaining funds to be used for future tuition and living expenses later in the academic year, once you are certain you’ll be able to access them.
- Downsize your loan. If you choose to take a smaller loan that includes less funding or no funding for living expenses, let our team know. You’ll need to let our team know that you have a plan to cover the full cost of your studies, then you’ll review and sign an updated loan agreement. Remember that this decision can’t be reversed once funds are sent to your school.