Thinking about a private loan?
If your course is inelgible for a federal loan, you may be able to borrow privately instead. You are also able to borrow privately alongisde a federal loan (as long as you remain under your calculated COA). It is important that to carefully compare the terms and conditions of private loans (including the interest rates, fees, and repayment terms) before making a decision.
Private loans are credit-based, and applications must be submitted directly to the lender by you and/or your family. Each lender sets its own credit and eligibility criteria, which must be met for approval.
Private Loan Process
Before Applying
Inform us - If you are planning on borrowing privately, then please inform us at usloans@glasgow.ac.uk. We will be able to provide you with your COA which will set out your maximum borrowing limits.
Plan for your loan - We reccomend applying for one loan for the entire academic year. Ensure that you are borrowing enough to cover your costs and to allow you to have funding for the whole year. Additionally, make sure that you have read all the loans terms and conditions.
Consider a co-signer - If possible then applying with a creditworthy co-signer may increase your chances of approval and could result in lower interest rates and fees. The co-signer would assume responsibility for a loan should the borrower fail to repay.
Loan Application
Loan application should be done via your chosen lender.
After Applying
When you are approved for your private loan then get in contact with usloans@glasgow.ac.uk to inform of your private loan company. We will then certify the loan for you and set up the dates to align with the academic year.
Loans will be released once you are on campus, enrolled and have met all admission requirements. The date of this release will be outlined to you beforehand. Private loan funds are normally disbursed in a single payment. The loan will be sent directly to the university where institutional charges will be deducted and any remaining fund will be refunded to you for living expenses.