Sallie Mae Private Loans

About Sallie Mae Private Loans

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 provided up to your Cost of Attendance.

Please be aware that 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

To be eligible for a Sallie Mae private loan you must be:

  • A US citizen or eligible non-citizen
  • Registered in an eligible bachelor’s, master’s, or PhD program. 
  • Registered in at least one course per funded term.
  • 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:

  • 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 eligibile for Direct Leans, please email our office at usloans.inquiry@ubc.ca

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

If you register in less than 6 credits per funded term, you may not be eligible for living costs.

How To Apply for Sallie Mae loans

  1. Submit an application at Sallie Mae Student Loans
  2. Make sure your email address is correct on the Student Service Centre (SSC)  as UBC communicates primarily through email
  3. 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

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 a moderate standard of living. UBC will email you when your loan is approved. 

Next steps

  • Sallie Mae will send a cheque to UBC after your Right of Cancellation period is over.
  • Your cheque will be payable to both you and UBC. UBC will endorse the cheque to you so that a bank will accept it.
  • UBC will contact you within 2 weeks of receiving your cheque to let you know your cheque is available for pick up.
  • If you're on financial hold, UBC will require you to endorse your chewuw to UBC.
  • You can deposit your cheque into your US or Canadian* bank account or to your UBC tuition account. 

*Please note: Sallie Mae loan cheques are issued in US dollars and may be held by the bank for 30 days while the funds clear.

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