Students may wish to consider borrowing a US private student loan for a variety of reasons. In most cases it will be because they are ineligible for US Federal Aid, wish to study a program that is ineligible for Federal Aid, or they require additional funds to supplement their Federal Aid. Generally all JCU programs that are ineligible for US Federal Aid will be eligible for a private student loan, provided students meet the lender assessment criteria.
To better understand the difference between US Federal Student Aid and a private student loan, comparison information is published by the US Department of Education at studentaid.gov
There is currently only one private student loan lender available for students enrolled at foreign schools, known as Sallie Mae. For more information, please refer directly to their website, Sallie Mae.
Students need to apply to study at JCU and receive a Letter of Offer for their chosen program. Students also need to formally accept the Letter of Offer by completing and returning the relevant paperwork and documentation, as well as make an Advance Payment upfront. You cannot use the loan to cover the advance payment however you can apply to reduce the amount required upfront. This payment will be reduced depending on the amount of loan funds you are pre-approved for, but will not be less than AU$1000 plus OSHC & SSAF.
Once students have formally accepted a JCU offer to study, paid the deposit, and met any conditions of their offer, JCU will certify the loan. The loan will be released directly to JCU around the beginning of each of the main study periods. If you have borrowed additional funds to cover your living expenses, JCU will arrange payment to you once the tuition fees are paid in full.
Prospective borrowers may qualify for loans under the US Federal Student Aid program. The terms and conditions of Federal Student Aid may be more favourable than the provisions of the private student loans.