Private Loans
Some students may choose to take out a private loan through a private education lender. The terms and conditions of loans available through the Direct Loans Program may be more favourable than the provisions of the private education loans. Students and parents should therefore check their entitlement to these in the first instance before applying for a private education loan.
Private education loans must be certified by the University and may not be certified for more than your Cost of Attendance. The loan will be subject to credit rating. If you have already borrowed up to the full Cost of Attendance through Direct Loans, you cannot apply for any other loans, not even a private education loan.
Lenders
The lenders listed below offer private education loans to students studying at the University of Sussex. These are not endorsed or recommended by the University of Sussex. There may be other private education loans available to you and you are not required to select a lender from the list.
- The Global Education Management Services Smart Option Student Loan by Sallie Mae is available to students at foreign schools.
- The Vermont Student Assistance Corporation (VSAC) is offering a fixed-rate private education loan (The Vermont Advantage) for Vermont residents.
How You Apply
Application Form
Complete an on-line application form through your lender’s website.
Self-Certification Form
Students are required to complete a self-certification form for private education loans as part of the application process. Your lender may provide you with a copy of the form or it is available for download here.
To complete section 2 of the form please send an email to the University’s Financial Aid Administrators requesting your cost of attendance. You must include in your email request whether you will be receiving a scholarship / bursary or any other funding for the 2013/14 academic year.
Once complete the form must be returned directly to your lender and not to the University’s Financial Aid Administrators.
Master Promissory Note (MPN)
It is essential that you complete and agree to the terms and conditions of your loan by signing a Master Promissory Note (MPN). You must email a copy of your e-signed and dated MPN to the University’s Financial Aid Administrators. If you do not send us your MPN we cannot certify your loan for you.
Confirmation Letter
Once the University’s Financial Aid Administrators have certified your loan they will send you a confirmation letter in the post. You will need to contact your lender directly to obtain confirmation documentation that you can use as proof of funding when applying for your visa.
How You Receive Your Loan
To meet UK Border Agency requirements private education loans will be disbursed in full at the start of the academic year. The cheque will be issued in US Dollars. Student Accounts will send an email to your Sussex email account detailing when and where your cheque will be ready for collection. The University will endorse the cheque ready for you to pay into your bank account.