Private loans

US private loans

A private loan is an alternative loan for the educational expenses of International students who are not eligible for US Direct Loan program, or who may prefer to apply for Private Loans instead of US Federal loans (DLP). At current Sallie Mae is the only lender offering private student education loans to students studying outside of the USA, you can view information regarding the “smart option” loan and submit your applications on-line.

UOW recommends that all students considering a private loan take the time to explore their options and choose a lender wisely; there may be other lenders who are offering private education loans.

Please forward the MPN/certification form and a copy of your offer letter to the Scholarships and Sponsorships Unit on Once we have received the documents we then assess the loan eligibility and certify the loan for disbursement processing. Please note that while students can request for any amount for the private loan, the maximum amount of a private loan that can be certified will be based on the student’s Cost of Attendance (COA).

Students should always start with savings, grants, scholarships and federal student loans to pay for university. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Disbursement of private loan funds

It is strongly recommended that you plan on having sufficient funds available for any expenses above the Cost of Attendance, and for the first six to eight weeks of session as there is some delay in your financial aid arriving from the US. When your private loan funds arrive, we will be in contact with and advise you of the process. It is important to note that the funds cannot be disbursed before five (5) days prior to the commencement of session. You should not expect to receive funds prior to arriving in Australia.