The school does not maintain a preferred lenders list, but we will work with any private lender that a prospective borrower chooses, whenever possible. Students need to know that most private lenders typically do not offer loans to borrowers who are studying outside the USA.
We strongly advise you to explore U.S. Federal Loans before applying for a private student loan, as the majority of American students qualify for them. Please note that private student loans will count toward your total cost of attendance and are subject to credit checks.
Private student loans are non-federal loans, borrowed from a private lender such as a bank or other corporation. When considering a private student loan please compare the interest rates and terms with the Federal Direct loan to see which is better for you.
Student Loans (Direct Loans, private loans or a combination of both) cannot be certified over the maximum value of your Cost of Attendance.
The University will work with whichever private lender you decide to use, if they are willing and able to work with us.
Eligibility
Eligibility for Private Loans is determined by the Loan Provider. If the loan provider approves the loan for you, Durham University is then asked to certify your loan amount. To do this, Durham University needs to assess your Cost of Attendance; this will be sent once we receive notification of your loan request from the loan provider.
Durham University will not certify loans without this spreadsheet being completed. Private loan providers have different rules on eligibility, and some of the restrictions of Federal Student Federal Aid do not necessarily apply (residency, distance learning etc). Durham University is unable to advise on the Private Loan Providers rules of eligibility, but Durham University does get notified if the loan Provider considers you to be eligible and create a loan for you.
Private Loan providers generally disburse loans through Convera (Formally Western Union) who then pay the university direct. Unless The funds are then paid to the student through their bank account. . Please also be aware that the United States has currency regulations regarding the re-importation of monetary instruments (Private Loan Providers provide information with each disbursement, concerning the latest rules, Durham University cannot give advice on this).
Unless you advise Durham University otherwise, we shall by default, set a single disbursement for each Private loan request, even if the Private Loan Provider system indicates more than one disbursement.
If you are in receipt of both private loans and federal loans you should be aware that your federal loan disbursements may be on different dates to your private loan disbursements.
It is also strongly recommended that you plan on having sufficient funds available for accommodation, books, supplies and any other personal expenses during the first four to six weeks of classes in light of the timeframes outlined above or in the event that there is some delay in your financial aid arriving from the USA.
You may borrow a combination of private and federal loans but the combined total of loans between the two sources cannot exceed the maximum value of Cost of Attendance COA 24/25 (less any scholarship/award income).
Before considering private loans it is important that you fully research government or local authority funding. If this is not an option there are several private loans available to Durham University students.
We have produced a helpful guide which will outline everything you need to know about Private Loans available to students at Durham University.
Disclaimer:
For the avoidance of doubt, Durham University cannot provide any financial advice or make any recommendation in relation to any of these loan providers. Durham University is not a party to any Agreement you may enter into with your chosen loan provider and as such you agree that Durham University will not be held liable for any issues that may arise out of that contractual relationship. We therefore strongly suggest you carefully read any terms and conditions including but not limited to any data protection provisions provided to you by your chosen loan provider before you sign.
However, please note that In order to put into effect any loan you receive from your loan provider, Durham University may have to enter into a data sharing Agreement with your chosen loan provider. This is in order for there to be the relevant exchange of personal data solely regarding the loans being processed and any other relevant information to be processed in accordance with the General Data Protection Regulation and the Data Protection Act 2018.
Please note that if you decide to use any service listed on this webpage your personal details will be held outside of the UK and EEA , in the U.S and may be passed to other third parties companies as required by the provider in order to deliver the service. We strongly suggest you read the lenders privacy policy and their terms and conditions before signing up to ensure that you are content to do so.
For the avoidance of doubt, Durham University accepts no responsibility or liability for any damage caused to you, your property (computer based or otherwise), software or data caused as a result of using this service. However, if at any point after signing up, you find any unwelcome or strange activity occurring in your email account, or notice any suspected unauthorised usage of your data that you have provided to [Name of Service], then please report this immediately to fraud.support@durham.ac.uk
Durham University makes every effort to ensure that the information published on this page is accurate. However, the University cannot guarantee the information may not be altered owing to circumstances beyond the University's reasonable control. Such circumstances include (but are not limited to) change in Government policy, or change of law. Any changes will be incorporated into the University's website as early as possible. Any person wishing to obtain confirmation of any particular item should contact the University via us.loans@durham.ac.uk.
