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Private Loans

A private alternative loan is a non-federal education loan, through a private lender, typically in the student’s name and requiring a cosigner. Approval and interest rates are based on the creditworthiness of the borrower and cosigner. Each alternative lender has different eligibility requirements, loan rates, terms, and conditions.

Students who are eligible for federal student aid should complete the FAFSA and exhaust all federal loans and scholarship opportunities, before applying for a private alternative loan. Federal student loans generally have more favourable terms and conditions than private loans. We recommend that you utilise all federal loan eligibility before turning to private loans.

The University is willing to work with any lender who offers alternative educational loans to students enrolled at Foreign Institutions. Currently we are aware of only one such lender, Sallie Mae, but students are advised to explore all options available to them and can opt to use any lender.

Northumbria University works closely with Global Education Management Services. Look on their website to find the most suitable student loan for your field of study. 


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