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Any changes to your loan must be requested at least two weeks before the next scheduled disbursement.
If you wish to increase your loan, please update your Cost of Attendance (COA) worksheet. Send your updated COA to us with a brief explanation of the changes you have made. If the increase is approved, the additional funds will be spread across your remaining disbursements for the year.
Please note that if you have an endorser on your PLUS loan, you will only be able to increase the loan up to the endorsed amount. If your endorser is willing to increase the endorsed amount to allow you to borrow a higher PLUS loan, please email [email protected]. Your endorser will have to complete a new application and we will send you instructions on how to do this.
If you wish to decrease your loan, please update your COA worksheet. Send your updated COA to us with a brief explanation of the changes you have made. The reduction will be spread across your remaining disbursements.
If you wish to cancel your loan, please email [email protected] at least two weeks before the next disbursement date.
Whilst we strongly advise that you notify us of loan cancellations and reductions within this timescale, there is a short period after receipt of your disbursement during which you can ask Ravensbourne to send federal loan funds back to the US. We will email you prior to each federal disbursement with details of the deadline for returning funds through Ravensbourne. However, you may need to pay fees and bank charges associated with returning the funds if the payment has already been requested.
If you wish to cancel your federal loan and the time frame for doing so through Ravensbourne has passed, you can still make a repayment directly to your lender. Your lender's details can be found on the National Student Loan Data System (NSLDS). If you make a repayment within 120 days of loan disbursement, then your lender will treat this as a partial or full cancellation, with the appropriate adjustment of the loan fee and interest.
If you cancel your federal loan after receiving a disbursement you will be required to complete exit counselling via StudentLoans.gov.
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