US Federal Aid

FAQ

  • Do I have to apply for financial aid every year?

    Yes. Financial situations change as well as the COA.

  • Can my loan funds be disbursement to my US bank Account?

    No. The US DOE transferes the funds into the school`s bank account. UCT cannot transfer the funds to an overseas bank account.The funds will only be transfered into you UCT tuition fee acoount. In order to get money from your loan funds ,you have to sign a refund form,which is a release of funds from the fee account. The funds will then be transfered into your South African banking account.

  • Why can't I do my research work at home in the US?

    Because your loan was awarded to enable you to pursue your studies outside of the US. This gives you the opportunity to be exposed to different countries and their cultures.

  • Why do I have to complete a counselling session?

    It is a Federal Regulation. It is important for the student to know the rights and responsibility as a borrower before getting into debt. Exit counselling provides useful tips and information to help you manage the loan repayments.

  • Why is my loan amount reduced after I received a scholarship or a bursary?

    Departmental scholarships, the FISB or any other type of funds awarded to you is considered as financial aid. The need for US Federal Aid to cover your costs for education is then less due to the extra funds you received. Your loan amount originally awarded is re-calculated and therefore reduced. However, if you completed 60% of your academic period and the bursary funds etc is awarded afterwards then there is no reduction unless you choose to have the loan reduced and / or send back. We cannot however send funds back after it has been disbursed due to the exchange rate and the difference in foreign currency. The student will have to do it on their own.

 

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