Private Loans

Before applying for a private loan you should exhaust your Federal Loan eligibility. Private loans may be used to supplement your Federal loans but only up to your maximum Cost of Attendance. They are normally subject to credit rating and you may be required to have a co-signer. Lenders offer these private loans at commercial rates. Sallie Mae offers private educational loans that are commonly utilized by students at Queen’s University Belfast. However you are not required to use this lender.

If you have already borrowed Federal Loans up to your full Cost of Attendance, we will be unable to certify a private loan. Please read all of the available information about Direct Subsidised loans, Direct Unsubsidised loans, Direct PLUS loans and Private Loans before making any borrowing decisions. Federal loans generally have better benefits and lower, fixed interest rates.

Further information on Private Loans:

Smart Option Student Loan

The Smart Option Student Loan for Undergraduates and Postgraduates

Following the loan origination process-Application to disbursement


Loan Repayment:

Understanding Student Loan Payments

Tips for sucessfully repaying your student loan

Student Loan Payment Amount Estimator

Loan Process

Please notify the US Federal Loans administrator if you plan to apply for a private loan. Once you have completed the application, your lender will normally contact the University to ask us to confirm your Cost of Attendance and certify your loan.

The Truth in Lending Act specifies that students borrowing private loans must receive three required disclosures from their lender with the loan application, after loan approval and at the end of the loan process. In addition to receiving the disclosures, student borrowers must complete a Self-Certification Form as part of the loan application. This form must be completed and submitted to International Student Support by email before loans are processed.

Disbursement Loan

Private loans will be disbursed in full at the start of the year. You must be fully enrolled and registered at Queen's before we can disburse your loan. The disbursement date used is the date that private lenders issue the cheques in the US and it may take up to 10 days to be received by Queen’s.

US Federal Loan disbursements are only paid in British Pounds GBP and transferred directly into a UK bank account. Therefore on arrival you will need to open a local bank account and complete the direct payment form. Please bring this form to the Student Finance Office, within the Student Guidance Centre before your loan disbursement is due. 



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