US private student loans

US private student loans are a useful option for undergraduate and graduate students who meet one of the following: 

  • You’re not eligible for Direct Loans.
  • You need additional funding beyond Direct Loans.
  • You wish to apply for funding after an academic session is over. 

Private loans often have higher interest rates than the rates for Direct Loans (Subsidized, Unsubsidized, or PLUS). If you’re eligible for Direct Loans, you’re encouraged to explore that option first.

If you’re an independent undergraduate student or a dependent student whose parents did not apply or qualify for a Parent PLUS loan, private student loans may be an option to fully fund your Cost of Attendance.

Currently, UBC is aware of 3 US private student loan providers who have funded UBC students in the past three years: 

  • Earnest
  • Sallie Mae
  • MPOWER Financing 

If you have questions about another US private student loan provider who has indicated they are able to fund you at UBC, please contact usloans.inquiry@ubc.ca.

Eligibility requirements

Earnest

To be eligible for an Earnest private student loan, you must meet all of the following requirements:

  • You’re a US citizen or eligible non-citizen.
  • You’re registered in an eligible bachelor’s, master’s, or PhD program.
  • If you’re an undergraduate student, you must be registered in at least 6 credits for each term funded by your loan.
  • If you’re a graduate student, you must be registered for each term.

Sallie Mae

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

  • You’re a US citizen or eligible non-citizen.
  • You’re registered in an eligible program at UBC.
  • You’re 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.
  • If you’re applying for funding for living costs, you must be registered in at least 6 credits for each term funded by your loan.

MPOWER Financing

MPOWER Financing determines the eligibility requirements. UBC will certify assessed tuition and student fee amounts. Eligible students can connect directly with MPOWER for more information.

How to apply

Step 1: Submit an application with the lender

Apply for a US private student loan directly with your chosen lender below:

If you have questions about another private loan provider who has indicated they are able to fund you at UBC, please contact usloans.inquiry@ubc.ca.

Step 2: Submit the UBC US Private Loan Request Form

For Earnest and Sallie Mae private student loans, submit the UBC US Private Loan Request Form to provide UBC with the information required to certify your loan.

MPOWER loans do not require this form, since they set their eligibility requirements and funding amounts. UBC is not involved in the administration or disbursement of student loans through MPOWER Financing. Please apply directly with MPOWER Financing.

Step 3: Check your contact information

Make sure your email address is correct on Workday, since UBC will email you about the status of your application. Learn how to add or change your contact information in Workday.

How your application is processed

  1. The lender will automatically notify UBC that your application has been submitted.
  2. UBC will determine your Cost of Attendance based on the cost of your program and the information provided on your UBC US Private Loan Request Form submission. 
  3. UBC will email you when your loan is approved.

Cancelling your loan application

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

Receiving your loan funding

Once UBC receives your funding from the lender, it will be applied to your UBC tuition account.

If you have a Canadian bank account, you’re recommended to set up direct deposit. Direct deposit allows any remaining loan funding after tuition and student fees are paid to be deposited directly into your bank account.

Additional resources

If you have questions

For help with finances, registration, records, and more, please contact an Enrolment Services Advisor.