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Disbursement of Funds

General information: Disbursement of funds

Please note the following variations to the disbursement of funds.

  • First-year, first-time undergraduate borrowers: disbursement is made 30 days after classes started.
  • Returning students & new postgraduate students: disbursement is made after 1 day after classes started.

Two equal payments will be made, whether registering for two semesters or one semester.

Half of your loan will be disbursed when your classes start and the rest is disbursed at the beginning of the 2nd semester, i.e. half of the subsidized portion, half of the unsubsidized portion plus half of the Plus loan, if applicable.

Disbursement procedure

  1. The loan funds are released (disbursed). Please be advised that the disbursement date on the award letter is not the date UCT receives the funds but the date the loan is released in the USA. UCT only receives the funds a few days later
  2. The funds are made available for transfer to UCT at least 2 days after the disbursement is made. (releasing of the loan).
  3. The US Dept of Education (USA) transfer the funds to UCT.
  4. UCT`s bank receive the funds at least 3 business days later
  5. The bank verifies the foreign payment received which takes at least 2 business days.
  6. The funds are then transferred to your tuition fee account, which you can view on PeopleSoft.
  7. A refund is processed.

NB: Federal holidays in the US or public holidays in SA may cause a delay in disbursing the funds.

Students have to maintain satisfactory academic progress (SAP) in order to receive further disbursements. For more information please click on SAP policy.

Payment of tuition fees

Costs that must be settled with the first disbursement before a refund is granted (except MBA degree students)

100% of the first semester courses
60% of on-campus housing & meals if applicable
50% of whole year courses
50% of the total Faculty International fee or 100% of the remaining cost if a FISB was granted
100% of the Admin fee
50% of all fees when registering for 1 semester only
Settlement of any other costs to be referred

GSB students e.g. MBA students MUST settle 60% of the fees even though only half of the loan is disbursed. This is not negotiable.

Costs that must be settled with the second disbursement before a refund is granted

All outstanding fees

NB: Any outstanding fees are due immediately upon cancellation of studies or if you have not obtained satisfactory academic progress.

Funds due to the student for living expenses & off campus accommodation etc

Refund form is completed and forwarded to the international office at least 2 days before the next processing day. 
GSB students (MBA degree) complete their refund form at the GSB office.

Refunds can only be transferred to a South African banking account which is loaded on PeopleSoft.

Refunds are strictly only processed on a Monday ,Wednesday and Friday. Should a public holiday fall on those days, the refund will be actioned only on the next processing day.

Withdrawing or applying for leave of absence once funds are disbursement

Funds are disbursed at the start of each semester with the expectation that the student will complete the semester. When a student leaves UCT (officially withdraws, unofficially withdraws or apply for LOA) the funds are therefore no longer needed for educational purposes.

Note:

  • the student MUST inform the International Office before leaving
  • a return of Title IV calculation is performed using the number of days the student attended classes to determine the amount of funds earned
  • unearned funds must be returned to UCT immediately
  • if the student withdraw or was granted leave of absence after having completed 60% of the period of enrolment / payment period, then the student has earned the full amount of aid disbursed