US Federal Aid

FAQ

Common queries about US Federal Aid are answered below:

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

    Yes. Financial situations change as well as the cost of attendance (COA).

  • Can my loan funds be paid into my US bank account?

    No. The US Department of Education transfers funds into the university's bank account. UCT cannot make a transfer to an overseas bank account. The funds will only be transfered into your UCT tuition fee acoount.

    In order to get money from your loan funds, you have to sign a refund form, which releases funds from the fee account. Funds are then transfered into your South African banking account.

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

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

  • Why do I have to complete a counselling session?

    It is a Federal regulation. It is important to know your rights and responsibilities 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 receiving a scholarship or a bursary?

    Departmental scholarships, faculty international student bursaries (FISB) or any other type of funds awarded to you are treated as financial aid. The need for US Federal Aid to cover the cost of your education is then less due to the extra funds you have received. The loan amount originally awarded is re-calculated and reduced.

    If you have completed 60% of your academic period and the bursary funds are awarded afterwards then there is no reduction unless you choose to have the loan reduced. Funds cannot be sent back after they have been disbursed due to the exchange rate and the difference in foreign currency. You will have to do this on your own.

 

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