Sallie Mae Private Loans

Overview

Sallie Mae private loans are a useful option for undergraduate and graduate students who are not eligible for Direct Loans, or for students who wish to apply for funding after a session is over. Funding is determined by your Cost of Attendance.

Sallie Mae private loans can have higher interest rates than the rates for Direct Loans (Subsidized, Unsubsidized or PLUS). 

If you're eligible for Direct Loans, it may be in your best interest to explore that option first.

Eligibility requirements

To be eligible for a Sallie Mae private loan you must be all of the following:

  • A US citizen or eligible non-citizen
  • Registered in an eligible bachelor’s, master’s, or PhD program
  • Registered in at least one course for each term funded by your loan

If you're a graduate student, registration in a thesis is sufficient. 

Additional considerations

Sallie Mae funding is an option for students in programs that are not eligible for Direct Loans, including:

  • Nursing and medical programs
  • Co-op terms with a placement in the US
  • Studying abroad at non-title IV schools
  • Distance courses

If you are in a program that is not eligible for Direct Loans, please email usloans.inquiry@ubc.ca.

If you're an independent undergraduate student or a dependent student whose parents did not apply or qualify for a Parent PLUS loan, Sallie Mae private loans can supplement your Cost of Attendance. 

If you register in less than 6 credits for each term funded by your loan, you may not be eligible for living costs.

Submit an application

After you apply

  • Make sure your email address is correct on the Student Service Centre (SSC) as UBC communicates primarily through email.

  • Sallie Mae will automatically notify UBC that your application has been submitted.

  • UBC will then complete a Cost of Attendance based on the specific costs of your program of study and costs of an acceptable standard of living. UBC will email you when your loan is approved.

  • To cancel your loan application, you can contact Sallie Mae directly during the Right of Cancellation period, which is 9 business days from the date of certification.

  • Once UBC receives your funding from Sallie Mae, it will be applied to your UBC tuition account.

  • If you have a Canadian bank account, it is recommended you set up direct deposit. Direct deposit allows the Direct Loan amount that exceeds your fees to be deposited directly into your bank account.

Additional resources

If you have questions

If you're an undergraduate student, please contact your Enrolment Services Advisor directly. To find your advisor’s contact information, log into your Student Service Centre (SSC) and select “UBC Contacts” under Personal Info.

Graduate, postgraduate, and all other students can contact an Enrolment Services Advisor by calling 604 822 9836 or submitting a question through the online form.