Travelex Direct Loans Solution

New legislation recently introduced in the U.S. is affecting the loan programs available for U.S. students. Travelex Global Business Payments has developed a solution that ensures your institution can make the transition to the new scheme as smoothly as possible.
We are proud to introduce the Travelex Direct Loans Solution, a unique product built specifically to help education institutions process US loans payments in accordance with the US Depart of Education and the Direct Loan Program’s requirements.


Key Benefits of Travelex Direct Loans Solution:

  • Transparent Pricing -No fees will be deducted when the Federal funds are transferred. Our US Dollar account is held in the US which will allow us to receive your students’ Direct Loans on your behalf as a local / domestic transfer. The only fee charged is for the transfer of Federal funds to your students which could be a little as £5.00 per transaction

  • Simplicity – Using the Travelex Direct Loans Solution and processing your students’ Direct Loans with GlobalPay means that everything is managed in one place.

  • Easier Reporting – Using GlobalPay will mean that the Federal funds will be segregated. This will make the monthly reporting on these funds easier.

  • Efficiency – Travelex will check your sub-account(s) daily for new deposits coming from The US Department of Education via the Federal Reserve. We will then transfer the corresponding amount in Sterling to you / each college.

  • Seamless Reconciliation – Your University will be able to retain the required institution fees from the deposit and then transfer the remainder to the student directly to their US Dollar or Sterling bank account or by cheque, leaving a clear audit trail. Travelex can issue the payment within 24 hours, well within The US Department of Education’s 3 day disbursement requirement.

For more information about the Travelex Direct Loans Solution, please contact us on: 0845 300 9820 or email us at education@travelex.com. To download a copy of our Direct Loans Solution brochure click here