Private loans may provide an alternative means of funding if you cannot cover your entire study and living costs with federal loans or you don’t qualify for federal loans.
Federal loans have more favourable terms and conditions and tend to be cheaper than private loans, therefore it is adviseable to borrow federal loans first, wherever possible. We have to certify private loan applications and the amount you borrow may not exceed your Cost of Attendance. Interest rates are variable and will depend on your credit rating. If credit is denied, you need a co-signer.
St Mary’s University doesn’t have a preferred lender arrangement. You may approach any lender of your choice, however you should check first whether they are willing to lend to students studying at foreign schools. Some of our students have borrowed a private loan though Sallie Mae.
Private loans may be disbursed as a lump sum, or as a multiple disbursements. As interest starts accruing from the day the lender releases the disbursement, you will have more interest to pay if your loan is disbursed as a lump sum. Disbursements are sent to St Mary’s University by cheque and converted from USD to GBP.