US Loans

Unfortunately, the University is not yet eligible to receive Title IV Federal funding from the US government. The University recognises that many US students are keen to access federal funding and we are working with the US Department of Education to progress our application for eligibility. We will share further details when they are available.

The University does not process US Department of Veterans Affairs (VA) funding at this time.

The University is listed as an eligible provider with Sallie Mae, the United States’ largest private loan provider. Most students will use Sallie Mae to access their ‘Smart Option’ Student Loan.

The University will work with alternative providers where we are able, though it is important to check that a lender offers loans to study at foreign schools. Sallie Mae is one of the US lenders willing to lend to students at a foreign school.

Whilst we can assist with questions regarding your eligibility, the decision to award a loan is made by Sallie Mae. As such, students are encouraged to direct questions regarding eligibility to Sallie Mae in the first instance. Good credit history is likely to be necessary and a co-signer may be required.

Both undergraduate and postgraduate (also called graduate) students can apply for Sallie Mae funding.

At Sallie Mae, you can do this by following the “apply” button, where students will be prompted to select “Outside the U.S.” under the “State” field to find ‘Northeastern University London’.

A student must inform the University when they have made an application for funding through Sallie Mae by sending a Private Loan Form to financialstudentaid@nulondon.ac.uk

The amount of private loan you may borrow is determined by the Cost of Attendance (COA) form and the amount you are approved for by Sallie Mae. Your COA refers to the cost of completing your study at Northeastern London for one academic year. This is set by the University and includes tuition fees, an allowance for books and academic supplies, an allowance for accommodation and airfare, and an allowance for general maintenance.

Please note the University will not certify any loan amount above the COA.

Once a student has applied for Sallie Mae funding and returned a Private Loan Form, the Financial Student Aid team will check to ensure the amount you have requested to borrow on the Sallie Mae platform is the same as the amount you have informed us you will be borrowing on the Private Loan Form. This is to ensure we do not approve a loan for you for an incorrect amount.

On the disbursement date, the University receives the funds from Sallie Mae via our banking partner Convera. Convera receives the amount you have requested from Sallie Mae in dollars (USD) and converts this into pounds (GBP) using the exchange rate at the time of the transfer.

The university will deduct any fees owed to us and send you any remaining funds directly to your UK bank account.

We will begin processing loans for the new academic year in May. It is your responsibility to ensure that you have read the University’s Private Loan Guidance document (see below) and returned a Private Loan Form to financialstudentaid@nulondon.ac.uk

To receive the first installment of your loan at the beginning of the academic year (Monday 2nd September), your complete application must be approved by Monday 12th August 2024 in order to be processed in time. If you apply later than this date then your loan will be scheduled on the next available disbursement date.

We are unable to approve a loan application unless you have a confirmed University offer.

Students with further questions can contact the Financial Student Aid team directly at financialstudentaid@nulondon.ac.uk