Private Loan Lenders

Lenders to the private sector

Personal loans UAL Personal lending is credit-based lending that can be taken out in lieu of or in conjunction with US Direct Debt up to the participation fee. Personal loan facilities are not part of the US Government Loan Program and are therefore not subject to the rules of US Student Aid. Careful understanding and consideration of the loan term is important.

Where there is an optional solution, student borrowing should take place through the Direct Loan Scheme, which offers a number of advantages: set interest rate, income-based redemption schedules and generally more affordability. Your course is not suitable for US government loan financing - please review the UAL non-eligible course schedule. Unaffiliated student who are not entitled to a PLUS loan but need the resources in supplement to their subsidized and non-subsidized loan.

Undergraduates should always consider lending under the Direct Loan Programme before registering for a private loan. Further information on government and private credits can be found on the website of the German government's study support programme. The Sallie Mae Smart Options Loan is available to U.S. nationals registered with the UAL for qualifying classes. The UAL is willing to work with any private lenders willing to grant credit to foreign undergraduates.

Currently we are working with Sallie Mae, who offers Smart Option Loans for college kids and their families as well as doctoral candidates. For more information on eligible funding, how to make an investment, current interest and loan repayments, please visit the Sallie Mae website. Send your credit request via the lender's website and fill in the applicant's self-certification for a private educational loan.

Inform the UAL Students Funding Service as soon as the loan has been authorized. The private creditor issues a notice in which the amount of credit that has been authorised and the date of payment are confirmed. Private loans are paid out in a lump sum after the students have come to the UK, signed up for their course and fulfilled all visas and immigrant registration formalities.

At the beginning of the maturity period, a private loan disbursement is made. Failure by a candidate to pay all his/her full course attendance costs before the course begins will result in a deduction from his/her personal loan of the entire amount of the pending study contribution account. Every money left will be disbursed to the pupil as a GBP-check.

It is recommended that all enrolled in the course have adequate means to meet their costs for the first few week of their course. They will be paid out in US dollars and translated into GBP at the current foreign currency rates on the date of grant.

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