Exchange rates.
The University of Kent accepts no responsibility for any variation in currency exchange rates.
This applies to US Federal Direct Loans and variations between the points of a calculated Cost of Attendance, loan origination, and between the first and second disbursements. As per US Federal Regulation 34 CFR 668.164, the University of Kent 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 US 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 US Private Loans and VA Educational Benefits.
$USD:£GBP exchange rate
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.
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 Kent constitutes acceptance of this. You will be informed of the rate of exchange by the University when funds are disbursed.
Bank accounts
You are required to have a bank account.
You are required to supply bank account details to the University in anticipation of receiving any remaining credit balance after funds are applied against eligible outstanding charges.
Students now have the option of receiving surplus loan funds in GBP or USD as a wire transfer. We strongly encourage students to open a UK bank account to receive their loan surplus funds.
Students who opt to provide their US bank details should be aware that their loan will first be converted into GBP and the surplus funds will need to be converted back to USD at the live interbank rate in order to settle the fund in a US bank account, no margin will be applied by Convera. The University of Kent is not liable for any exchange losses.
Proof of funds
The University will provide you with an Award Letter if you are a recipient of Title IV (Direct Loan) aid, as proof of funding, once your loans have been originated. This Award Letter may be required by the UK Visas and Immigration (UKVI) as part of your visa application for entry to the UK. It must be supplied in its original form: copies will not be accepted by UKVI. The format of the Award Letter has been agreed with UKVI and the University will not make any amendments. The University is not responsible for any postal delays or items lost in transit. Replacement Award 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 of Kent does not provide proof of funds for these sources of financial aid.
Financial aid for continuing students
Eligibility for financial aid for continuing students is subject to Satisfactory Academic Progress (SAP).
If you are receiving Direct Loans, Private Loans or VA Educational Benefits you must satisfy the requirements of the Policy on Satisfactory Academic Progress (SAP) for Title IV Aid Recipients - see details below.
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.
Satisfactory Academic Progress (SAP) for Students in Receipt of US Federal Financial Aid (Title IV Aid)
To remain enrolled and receive US Federal Financial Aid, all students must make satisfactory academic progress. This requires the student to maintain the required academic standard in order to remain on their course at the University of Kent.
- Students are required to complete their course within a timeframe no longer than 150% of the published length of the course.
- If a student has to temporarily withdraw (i.e. take a leave of absence/intermit) from a course for circumstances beyond their control (e.g., illness), this will result in failure to meet the requirements for minimum satisfactory progress. However, once the student returns to the course, the student will be eligible to reapply for funding for the remainder of their course, provided this does not extend the course beyond 150%.
- If a student has been offered the opportunity to repeat all or part of a year by their academic school, the student will normally be eligible to apply for funding, provided this does not extend the course beyond 150%.
- Students who exceed the 150% timeframe for any reason will be placed on Student Loan Denied status. Under no circumstances may a student who exceeds 150% of the time normally required to complete a course be eligible to receive US Federal funds.
- Where it no longer becomes possible for a student to complete their program within 150% of the published length of the course, the student will also become ineligible to receive US Federal funds.
Undergraduate Students
- A student must complete the programme in no more than 150% of the normal time taken to complete the programme (e.g., a 3-year Degree must be completed in no more than 4.5 years). This time scale includes any previous period of study at other institutions for the same programme.
- Students are expected to complete 120 credits per year. In exceptional circumstances students may “trail” credits; it is expected that these “trailing” credits will be completed in the subsequent academic year.
- Students must have a satisfactory attendance record.
- The end of year examination board determines progression or completion of the course as applicable. Undergraduate students must meet the requirements for progression to the following year of study.
- Final year undergraduate students must meet the minimum requirements for a pass degree.
- To pass a unit, students must achieve a pass grade as defined in the assessment criteria given in the relevant course handbook.
- Exceptionally, if a student has personal circumstances which affected their performance in assessment, this will be considered on an individual basis.
Postgraduate Research Students
- The programme length cannot exceed 150% of the normal length of the programme. This includes time for writing a thesis and viva examination (e.g., a 4-year PhD should be completed in 6 years). This time scale includes any previous period of study at other institutions for the same programme.
- Students complete report forms in accordance with Annex J of the Code of Practice for Postgraduate Research students (Codes of Practice for Research Courses of Study - Regulatory Framework - University of Kent) and the supervisory panel decides if they are making satisfactory academic progress
- The student must have met all University progress deadlines plus any written deadlines agreed with the supervisory panel. The supervisory panel must agree that progress with research is satisfactory.
- Postgraduate students must achieve their postgraduate award.
Postgraduate Taught Students
- A student must complete the programme in no more than 150% of the normal time taken to complete the programme (e.g., a 1-year MA programme should be completed in no more than 1.5 years). This time scale includes any previous period of study at other institutions for the same programme.
- The end of year examination board determines the completion of the course and the award
- Postgraduate students must achieve their postgraduate award.
Evaluation Process
Undergraduate and Postgraduate Research Students
- Students receiving financial aid will be evaluated once annually to coincide with the end of the current academic year.
- For students about to start a course, SAP is met by being accepted to the University of Kent and satisfying the entrance criteria.
- SAP will be evaluated by confirming that the student has successfully passed the current academic year and will progress into the succeeding academic year.
- AND that the student can still complete their program within the 150% timeframe limit
- Students are expected to be in attendance and are responsible for the completion and signing of a “Satisfactory Academic Progress Monitoring” prior to the commencement of each academic year.
- Federal loan funds will not be disbursed to existing students until the “SAP Monitoring” form has been returned to the Foreign Loans Unit.
Postgraduate Taught Students
- Students receiving financial aid will be evaluated prior to each disbursement of Direct Loans (with the exception of the first disbursement).
- For students about to start a course, SAP is met by being accepted to the University of Kent and satisfying the entrance criteria.
- SAP will be evaluated by the completion of an SAP Attendance Monitoring form whereby the Supervisor or Tutor declares the student is progressing satisfactorily.
- Students are expected to be in attendance and are responsible for the completion and signing of a “Satisfactory Academic Progress Monitoring” form before each disbursement.
- Federal loan funds will not be disbursed to existing students until the “SAP Monitoring” form has been returned to the Foreign Loans Unit
Students will be notified in writing if financial aid is suspended or probated on the basis of the evaluation above.
Appeal Procedure
A student may appeal the financial aid suspension decision, when they have been deemed to be not making Satisfactory Academic Progress, within 14 calendar days of notification, by submitting a signed and dated letter of appeal to the Foreign Loans Unit, The Registry, Canterbury, Kent CT2 7NZ. A student may appeal due to an emergency condition such as:
· Student suffered an illness that necessitated missing lectures or research time
· Student suffered a loss in his/her immediate family
· Student was directly or indirectly impacted as a result of a natural disaster, pandemic or other act of God
Students must state the change in their situation that will allow them to meet SAP at the next evaluation date. Documentation verifying the situation may be requested.
The Committee will consider the appeal and render a decision which will be conveyed in writing to the student within 2 weeks of the student’s appeal.
All decisions made are final.
Where an appeal is successful, students will be placed on Student Loan Probation.
Student Loan Probation
- Students who fail to meet the requirements for minimum satisfactory performance may be required to withdraw from their course. However, if there are exceptional personal circumstances that affect performance, the student is permitted to appeal the decision, as detailed in the above section.
- If the student appeal is successful, they will be placed on Student Loan Probation for the subsequent payment period until the next evaluation of SAP.
- The student will be informed of this and advised of what conditions are needed to be met in order to re-establish eligibility. At the end of this payment period/academic year, a student must have a satisfactory progress report in order to re-establish eligibility.
- Students who have been placed on probation and subsequently meet the requirements will be placed back into good financial aid (SAP) standing
- Student loans can be received during the probation term, but not afterwards unless satisfactory progress is re-established.
- If, after one payment period on probation, the student is still not making SAP, the student may appeal again using the appeals process detailed above. Any successful appeal at this stage will require the student to be placed on an academic plan, to be agreed with the school. This plan may include, but is not limited to:
o Participation in Student Support and Wellbeing services
o Regular meetings with an academic advisor or tutor
o Participation in other student success related workshops
- If academic progress is not deemed satisfactory, a student will normally be required to withdraw, and the funds returned in according with the Return of Title IV Funds.
Change(s) in circumstances
The University's Foreign Loans Unit must be notified of any change(s) in circumstances leading to a change in registration or study location.
If your circumstances result in a change to your registration at the University in any capacity (e.g. withdrawal, intermitting, transition from full-time to part-time study), or study location (e.g. moving to another campus/centre, or returning to the United States), you must notify the Foreign Loans Unit immediately by emailing foreignloans@kent.ac.uk
Return of Title IV Direct Loan Funds
If a student in receipt of US Direct loan money withdraws from the University of Kent during a loan payment period, the University will carry out a Return of Title IV calculation to determine the amount of US Direct loan money the student is entitled to receive for the period in which they were registered. If the student received more loan money than they earned (i.e. the student has not completed 60% of the loan period), the excess funds must be returned to the US Department of Education by the University and/or the student.
Right to cancel
Direct Loans: 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 Direct Loan Servicing Center 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 up-front 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.