Private student loans are credit-based loans that can be taken instead of, or in addition to, federal student loans up to the amount of your Cost of Attendance (COA).
Private student loans are not part of the federal student loan program and, therefore, are not covered by the Federal Student Aid regulations. Understanding and considering these loans' terms and conditions is essential. If there is an option, you should borrow through the federal student loan program, which includes numerous benefits: fixed interest rates and income-driven repayment plans, which are generally more affordable.
The total of all loans taken, including private and federal student loans, scholarships, grants and any other aid, cannot exceed your COA.
When to consider a private student loan
A private loan may be an option for you if you are unable to access federal student loans for any of the following reasons.
- Your course is not eligible for federal student loans - check UAL ineligible courses.
- You are an independent undergraduate student not eligible for a parent or graduate PLUS loan but requires additional loan funds.
- You have reached the aggregate loan limit for the Direct subsidised and unsubsidised loans.
Learn more about federal versus private student loans.
How to apply for a private student loan
Each lender may have specific requirements, but in general, students must complete the following steps:
- Email UAL Student Funding Service at uscanadaloans@arts.ac.uk to request your COA.
- Submit your loan application form via your preferred lender’s website and complete Private Education Loan Applicant Self-Certification.
- Notify Student Funding Service at uscanadaloans@arts.ac.uk and provide your lender's details.
- Student Funding Services will confirm the loans for students who have accepted their offer on the eligible course.
Proof of funding letter
UAL cannot issue proof of funding letter confirming your private student loans. You must request it by contacting your lender directly.
Once your loan has been approved, we will email you to confirm the amount and the payment date.
How to receive your private student loan payment
Each lender may have a specific process they want the school to follow. We will email you the payment schedule once your private student loan has been approved.
You are advised to have sufficient funds to cover your expenses for the first few weeks of the course.
UAL works with Convera (formerly Western Union Business Solutions), which provides secure online payments to students and parents.
Your loan will be received in USD and converted to GBP using the exchange rate available on the conversion day. The exchange rates fluctuate daily and are outside the University’s control.
We recommend that you open a UK bank account whenever possible, as this will allow you to receive secure same-day payments. Here, you can find more information on opening a UK bank account.
If you have made any tuition fee payments but have sufficient loan funds to cover your tuition fees, you can apply for a refund using your UAL Portal.
If your loans do not cover your tuition fees in full, you are liable to cover any shortfalls in line with the Student Fees Policy.
Contact us
Student Funding Service