Private education loans are available from private non-government lenders and approval is based on credit history.
US students can use private education loans to borrow the difference between the maximum Cost of Attendance (COA) and any federal (Direct Loan) or other loans/scholarships awarded.
Private education loans are also available to those students enrolled in any nursing degree programs and all non-degree programs such as Certificate, Graduate and Postgraduate Diploma programs who are ineligible to receive federal (Direct Loan) funding.
At current, Sallie Mae is the only lender offering private education loans to students studying outside of the US. Please refer to Sallie Mae or Global Education Management Services (GEMS) for specific details about eligibility, how to apply, loan amounts and other terms and conditions, or contact the Financial Aid Office.
However, UQ strongly recommends that students first apply for federal loans (where eligible) and then apply for additional funds through a private education loan if required. Federal loans are more favourable due to the lower interest rates and other associated benefits.