Private Loans

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. Borrowers may be required to have a co-signer.

Very few private lenders remain in the market offering loans to US students attending University overseas. For those that do, students can borrow up to the total cost of attendance less any Direct or PLUS loans already taken out but no more (subject to credit rating).  

Students studying on degree programmes, PGCEs and other certificate programmes and study abroad programmes should be eligible for a private loan.

Before applying for a private loan, students should always exhaust all of their federal loan eligibility. Parents may also want to consider using federal parent loan funds before co-signing a private loan for a student.

The University of Manchester encourages students and families using private loans to apply for one full academic year at a time rather than on a per-term basis. This prevents multiple credits hits on borrower credit report and ensures that a student has a way to cover their costs for a full academic year.

We recommend that students apply for a private loan with a co-signer. A co-signer assumes responsibility for a loan should the borrower fail to repay. Having a co-signer on the loan often results in a lower interest rate and reduced fees.

Lenders

The University of Manchester does not endorse any private lender. However, we currently work with 2 private lenders, these lenders are listed below.  Each lender's loan programs may have different requirements. Be sure to check with your lender regarding the loan programs you qualify for that best suit your needs:

Sallie Mae Private Loans

Earnest Private Loans