Private Loans
Students who are unable to take out US federal loans or who do not meet the criteria for a US federal loan can borrow from private lenders in the US. For instance, students wishing to study a course which is not approved for federal US loans (Nursing), or students on distance learning courses based in the US but enrolled on a UK degree course at GCU.
We advise that if you are eligible for US federal loans, you investigate these before applying for a US private student loan, as federal loans are often cheaper and most American students are eligible for them. Please note that US private student loans do not enable you to borrow more funds than US federal loans.
If you wish to apply for a private US student loan, please email usfederalloansadmin@gcu.ac.uk. From May onwards, the Student Funding Team will email you a Cost of Attendance to inform you of the amount of loan you are able to borrow.
The University will work with whichever private lender you decide to use, however, please be aware that Sallie Mae is the only lender we currently work with. Private loan applications with Sallie Mae must not exceed 180 days between the application date and disbursement date.
You are advised to compare the terms, charges, and interest rates before taking out a private loan.
The Student Funding Team will certify your Sallie Mae loan application once you have registered at Bristol. We will request the loan be payable in one instalment and this will be received by cheque. If you are in Glasgow, we will advise you to come into the Student Funding Team to countersign your cheque. The University will allocate any Tuition Fees and Accommodation Fees to be paid from the private loan, and pay the student any remaining funds. If you are distance learning student, providing the amount is less than $10,000, we will post the cheque to you by courier.