Variations and timing
When you apply or renew your loan each year, you must confirm the amount that you will borrow. The loan disbursements are usually not the same amount as your loan amount, because of exchange rate fluctuations and the deduction of origination fees made by the US Department of Education (information on fees and rebates is covered in your Entrance Counselling and can be found in the Disclosure Statement sent to you when your loan is disbursed).
Loans will be disbursed around one week after the start of each semester or, if you are enrolled at the Melbourne Business School, at the start of each module. We will notify you via your student email address when the funds have arrived. The email will include information on the amount in AUD$ and instructions on how to update your bank account and address details so that your funds can be electronically transferred into your nominated bank account.
Tuition fees and refunds
Any tuition fees owing are automatically deducted from your disbursement, after which Student Fees will arrange for remaining funds to be deposited into your nominated bank account via Electronic Funds Transfer (EFT). Provided that your details are correct, this should take around 7 to 10 days from the date of disbursement.
If the loan disbursement arrives after you tuition fees are due, Student Fees will exempt you from any debt sanctions or late payment fees until 7 days after the loan disbursement date.
If the loan disbursement does not cover the tuition fees that are due, you will need to pay the difference by the fees due date or, if the loan disbursement was received after the fee due date, within 7 days of the loan disbursement date.
If your tuition fees are higher for one semester, you can ask Student Fees for a payment plan to deduct the fees in equal instalments in line with your loan disbursements. While you are on a payment plan, your Statement of Liability will show outstanding fee amounts.