US private loans - Section contents

Education loans are available to US citizens and eligible non-citizens from non-government US lenders, with approval based on credit history.

Students can use US private education loans to borrow up to the maximum Cost of Attendance.

We strongly recommend that students first apply for Federal Student Aid loans, and then apply for additional funds through a private education loan if required.  Federal loans are often more favourable due to lower interest rates and other associated benefits.

Private education loans are available to those students who may not be eligible for Federal Student Aid loans, such as:

  • Students enrolled in medicine and nursing degree programs
  • Students enrolled in non-degree programs such as Certificate, Graduate and Postgraduate Diploma programs
  • Students who are completing part or their entire course online.

The decision on which private loan provider to use is entirely your choice, so it is important that you research carefully to find the best conditions that suit you. Since the global financial crisis, most lenders will not allow foreign institutions to certify loans, so this is the first question you should ask any potential lender.


How do I apply?


How is my loan calculated?

Your loan eligibility is based on your Cost of Attendance. It is crucial that you contact us should anything change with your enrolment, as this can impact your Cost of Attendance.


How do I get my loan disbursements?

Private loan disbursements are sent to the University by cheque in US dollars. You will be notified by email as soon as your disbursement cheque arrives.


When do I get my disbursements?

Private loan disbursements are released by the lender around the first day of classes, with cheques usually arriving around 10 days after this date. You will be notified via email as soon as your cheque arrives.

You have three options for banking your cheque:

  • Send your cheque back to the US, and have a family member deposit it for you in a US bank account. This option means you will need to wait for the funds to clear before you can make tuition payment.
  • Deposit your cheque in an Australian bank. In most circumstances you will be required to open an Australian bank account. The banking of a US cheque can take up to 6 weeks to clear.
  • Process your cheque with Pulse Credit Union. The University has arranged with Pulse Credit Union to process your check in a faster time than most other Australian banks. This option should take approximately 2-3 days. You will need to contact Pulse directly for information on banking your check with them. If you choose this option, you will need to provide Pulse with the signed cover letter enclosed with your check.

When choosing a banking option, it is your responsibility to investigate exchange rate policies and choose the bank and account that is most appropriate for you. The University is not able to provide advice on this.


My disbursement date is later than my fee due date. What do I do?

Notification of your disbursement dates will be sent to our Fees team. Due to system limitations, your fee due date cannot be changed on your statement of liability. However, the Fees team will exempt you from any debt sanctions or late payment penalty until after your expected disbursement date.


What if my disbursements don’t cover my tuition fees?

If you owe more for tuition fees than the amount of your disbursement, you will need to pay the difference by the study period due date, or if the due date has passed, within seven days of your disbursement date.

If you have any questions regarding private loan processes at the University of Melbourne please contact us.

Need help?

For information on how US private loans work at the University of Melbourne, contact our International Financial Aid team.