US private loans

Students can use US private education loans to assist with education and living costs. Students apply directly to a private lender and the University certifies approved loans and manages loan disbursements.

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.

Application

Applying for a private loan is a two step process. Both steps must be completed before we can progress your loan application.

1. Apply directly through your chosen lender*. They will notify the University that your loan is pending certification.
2. Complete the University of Melbourne Private Loan Application Supplementary Information form.

After you have submitted the University of Melbourne Private Loan Application Supplementary Information form, you can accept your course offer with a reduced tuition deposit of $1,500 plus the cost of Overseas Student Health Cover (OSHC) as stated in your course offer.

*If applying for a loan via Sallie Mae, graduate-level students (including medical, veterinary and law) should apply for the Graduate School Loan if no other discipline-specific product is profiled.

Cost of Attendance

Once we have verified your enrolment and loan eligibility, we will calculate your Cost of Attendance and send a loan estimate via email approximately one month before your classes start.  We cannot send it earlier due to exchange rate variances.  It is crucial that you contact us should anything change with your enrolment, as this can impact your Cost of Attendance.

You are required to let us know the amount you wish to borrow by replying to the loan estimate email.

We will then certify your loan with your chosen lender, and you will receive a loan confirmation email.

* Cost of attendance  is reviewed annually.

2026 Included costs for one year	2026 AUD$ amount
Living  allowance	$40,000
Transportation	$4,000
Overseas Student Health Cover (visa-length)	See  your offer letter
Tuition fees	See your offer letter or fee account statement

Disbursement

Private loans will be disbursed around fourteen days after the certification date.  We will notify you via your student email address when the funds have arrived.

Students with Private Loans will have their fee due dates extended to align with their loan disbursement dates, and can disregard the due dates on their Statement of Liability (where the dates are not updated due to system limitations). You will be exempt from any debt sanctions or late payment fees until seven days after the loan disbursement date.

Any tuition fees owing are automatically deducted from your disbursement.  If the loan disbursement amount is more than the tuition fees, the remaining funds will be deposited into your nominated bank account via Electronic Funds Transfer (EFT). If your details are correct, the process should take ten days from the date of disbursement.

If the loan disbursement does not cover the tuition fees that are due, you will need to pay the difference by the fees due date or, if the loan disbursement was received after the fee due date, within seven days of the loan disbursement date.

If your tuition fees are higher for one semester, you can contact our Fees team to ask for a payment plan to deduct the fees in equal instalments in line with your loan disbursements. While you are on a payment plan, your Statement of Liability will show outstanding fee amounts.

If you are enrolled in a year-long subject, the tuition fees for that subject will be split so you will have two equal instalments over the year.

Changes to your loan

If you wish to increase your loan amount or make any other changes to your loan, please contact us prior to seeking preapproval from your lender.  You can borrow up to your total unmet need for the loan period, which is the maximum cost of attendance minus any other loans or scholarships.