United States of America private loans
Private loans are available for full-time and part-time students at all levels.
About the loan
US citizens and eligible non-citizens can apply for William D.Ford Direct Loans, private loans through Sallie Mae or combination of both. Direct loans and Private Loans have different interest rates and students should investigate all options before borrowing.
Private student loans are non-federal loans, borrowed from a private lender such as a bank or other corporation. When considering a private student loan please compare the interest rates and terms with the Federal Direct loan to see which is better for you.
Student Loans (Direct Loans, private loans or combination of both) cannot be certified over the maximum value of your Cost of Attendance.
The University will work with whichever private lender you decide to use, if they are willing to work with us. At the time of writing there is only one Private Education Loan provider that is known to provide loans to students at Foreign Schools which is Sallie Mae. Click on the following link to Sallie Mae and apply online.
Eligibility for Sallie Mae education loans is determined by Sallie Mae. If Sallie Mae approves loans for you, the University of Bradford is then asked certify your loan amount.
Sallie Mae have different rules on eligibility, and some of the restrictions of Federal Student Federal Aid do not necessarily apply (residency, distance learning etc). The University of Bradford is unable to advise on the Sallie Mae rules of eligibility, but we do get notified by Sallie Mae if they consider you to be eligible and we certify a loan for you, up to the value of your Cost of Attendance.
Can I borrow a federal loan as well as a private loan?
You may borrow a combination of private and federal loans but the combined total of loans between the two sources cannot exceed maximum value of Cost of Attendance (less any scholarship/award income).
Payment amount and frequency
Sallie Mae disburses loans in the form of USD cheques payable to the student. These are dispatched to the University, where they are issued. Please be aware that USD cheques can take some time to negotiate (especially if for large sums), within the UK banking system. Please also be aware that the United States has currency regulations regarding the re-importation of monetary instruments (Sallie Mae provide information with each check disbursement, concerning latest rules).
A cheque endorsement procedure can be conducted whereby the recipient can endorse the cheque to make it payable to the University of Bradford. This can sometimes improve processing time. Please seek advice from Payzone (in The Hub) before signing the endorsement section of the cheque.
Unless you advise the University otherwise, we will set a single disbursement for each Sallie Mae loan request, even if the Sallie Mae system indicates more than one disbursement. This is usually just after the start of the academic year.
If you are in receipt of both private loans and federal loans you should be aware that your federal loan disbursements may be on different dates to your private loan disbursements.
It is also strongly recommended that you plan on having sufficient funds available for accommodation, books, supplies and any other personal expenses during the first four to six weeks of classes in light of the timeframes outlined above or in the event that there is some delay in your financial aid arriving from the USA.