US Private Loans
Private education loans are available from private non-government lenders and approval is based on credit history.
Private Loan is an alternative loan for 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.
US students can use private education loans to borrow the difference between the maximum Cost of Attendance (COA) and any federal (Direct Loan) or other loans/scholarships awarded.
Currently, Sallie Mae is the only lender offering private education loans to students studying outside of the US. Please refer to their website for specific details about eligibility, how to apply, loan amounts and other terms and conditions.
MQ strongly recommends that students first apply for Federal loans (where eligible) and then apply for additional funds through a private education loan, if required. Federal loans are more favourable due to the generally lower interest rates and more flexible repayment options.