Sallie Mae Private Loans

Private loans are US non-federal loans, granted from banks or other private organisations. The only private loan currently available to students studying at a foreign institution is the Sallie Mae Smart Option Loan, which is available to assist both undergraduate and postgraduate students to finance their education.

Before applying for a private Sallie Mae Loan, the University strongly recommends you first consider a Federal Direct Loan, as Federal Loans tend to have lower and fixed interest rates and more favourable terms and conditions as compared to private loans.

The Federal Aid Student website provides a helpful comparison of federal versus private loans.

Eligibility and certification amounts

Sallie Mae determines an applicant’s loan eligibility, not the University. If Sallie Mae approves loan, you can borrow up to the cost of education minus any other financial aid received. Bath Spa University assesses your Cost of Attendance and confirms the loan amounts, so can provide you with these calculations upon request.

Please note that total student loan borrowing amounts (including private loans, direct federal loans or a combination thereof) plus any scholarships or grants you may receive cannot exceed the maximum value of your Cost of Attendance.

The Sallie Mae Student Loan is a credit-based student loan, which means that Sallie Mae will obtain a credit report for the student borrower and the co-signer (if applicable). If the student borrower does not satisfy the credit criteria, they can apply with a creditworthy co-signer. Interest rates are variable and will depend on your credit rating – please contact Sallie Mae for more information.

How to apply

• Apply directly on the Sallie Mae Student Loan website.
• Within the US, you may also apply by phone at 1-800-695-3317.

Please note that private loan applications must not exceed 365 days between application date and disbursement date. 

Receiving funds

Private loans may be disbursed in one disbursement and interest starts accruing from the day the lender releases the disbursement. 

Disbursements are sent to the University and have to be converted from USD to GBP. Any money owed for fees will be deducted and then if there is any remainder it can be refunded to a UK bank account. 

More information

More information on Sallie Mae loans can be found on their website.

• Phone (within US): 1-888-272-5543
• Phone (within UK): 001-888-272-5543