Private loans

This page provides information on private loans which may supplement, or replace your federal loan requirements.

Private student loans are non-federal loans, borrowed from a private lender such as a bank or other corporation.

The University will work with whichever private lender you decide to use if they are willing to work with us. However, please be aware that Sallie Mae Student Loans  and Earnest are the only lenders we are currently aware of that work with Foreign Schools.

Applying for a private loan

Applicants can apply for a private loan (subject to credit history) up to the full amount of your cost of attendance regardless of your financial need. Or, you may use a private loan to supplement your federal loans up to your Cost of attendance if, for example, you cannot borrow that full amount in the form of a federal loan.

However, the University does encourage students to apply for Federal Aid in the first instance as most are eligible and may be more favourable than private loans.

  1. You must first make sure that the lender is willing to offer you a private educational loan, and that they are willing to work with the University of Liverpool
  2. You must request a cost of attendance (COA) from usloans@liverpool.ac.uk  . This will tell you how much you can borrow and tell us how much you want to borrow.
  3. Complete your loan application directly with your chosen lender
  4. You will need to complete and sign a Master Promissory Note (MPN) supplied by your lender.

Once you have completed the steps above then you must notify the University of your intentions. You must provide us with the following documents, by email to usloans@liverpool.ac.uk with the subject line marked US Loan for Award Year YYYY-YY (Surname, Forename): For example US Loan for Award Year 2024-25 (Smith, John)

  • Signed Award Notification Letter
  • A copy of your private loan Master Promissory Note (MPN).

The University will then verify the information you have provided.

If any information is incomplete or incorrect then this will almost certainly delay the origination of your loans. The University will not certify loans for individuals who have not made their intentions known to us.

Can I borrow a federal loan as well as a private loan?

You may borrow a combination of private and federal loans provided that this combination does not exceed your total cost of attendance.

Please see our web page on direct loans for further information.

 

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