Private loans are credit-based loans that can be taken instead of, or in addition to, Direct Loans up to the amount of your Cost of Attendance (COA).
Private loans are not part of the US federal loan programme and therefore are not covered by the Federal Student Aid regulations. Understanding and considering these loans' terms and conditions is essential. If there is an option, you should borrow through the Direct Loan programme, which includes numerous benefits: fixed interest rates, income-driven repayment plans and is generally more affordable.
The total of all loans taken, including private and federal loans, scholarships, grants and any other aid, cannot exceed your COA.
When to consider a private loan
A private loan may be an option for you if you are unable to access Direct Loans for any of the following reasons:
- Your course is not eligible for Direct Loans - check UAL ineligible courses.
- You are an independent undergraduate student and are not eligible for a PLUS loan but require additional loan funds.
- You have reached the aggregate loan limit for the Direct subsidised and unsubsidised loans.
Before applying for a private loan, you should always consider borrowing through the Direct Loan programme. More information on federal versus private student loans can be found on the Federal Student Aid.
Sallie Mae Student Loans
Sallie Mae Student Loans are available to qualifying US citizens enrolled in an eligible UAL course. Further information on available Sallie Mae loan products, interest rates and loan repayment terms and conditions can be found at Sallie Mae Student Loans.
How to apply for a private loan
While each lender may have specific requirements, students will need to take the following steps to apply for a private loan:
- Email UAL Student Funding Service at uscanadaloans@arts.ac.uk to request the Cost of Attendance.
- Submit their loan application form via the lender’s website and complete Private Education Loan Applicant Self-Certification.
- Notify UAL Student Funding Service once the loan has been approved.
- UAL will confirm the loans for students who have accepted their offer on the eligible course.
Proof of Funding Letter
- UAL cannot issue proof of funding letter confirming Sallie Mae loans.
- You can request it by contacting Sallie Mae directly at 800-472-554 or 800-416-0012 (international).
Sallie Mae loan payment schedule
Sallie Mae loan will be disbursed in a single instalment after fully enrolling in your course.
- A single payment will be made at the start of the course.
- We will deduct the total outstanding tuition fee from your Sallie Mae loan instalment.
- Any remaining funds will be paid to your UK bank account.
- Any costs incurred before the start of the course (flights, visa, accommodation deposits) in the first instance will need to be covered by your funds.
- You are advised to have sufficient funds to cover your expenses for the first few weeks of the course.
- UAL works with a third-party foreign exchange provider Western Union Business Solutions, to process foreign transactions and deliver the payments.
- Your loan will be received in USD and converted to GBP using the exchange rate available on the day of conversion. The exchange rates fluctuate daily and are outside the University’s control.
Contact us
Student Funding Service