Private loans | University of Oxford
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Private loans

If you are ineligible for US federal loans, you may be able to use a US private student loan to support your studies.

We advise that you investigate US federal loans before applying for a US private student loan, as federal loans are often cheaper and most American students are eligible for them. US private student loans do not enable you to borrow more funds than US federal loans.  You can compare federal and private loans on our Loan types and Loan amounts pages.

A self-certification form for private loans may be of use to students applying for this type of funding. If you require information on how to complete the form, please email the US loans team.

The University will work with whichever lender you choose, however, Sallie Mae is the only US lender we are aware of that is willing to lend to students at a foreign school, therefore the details on this page relate to the Sallie Mae application process.

How to apply

Step 1 – Complete Oxford’s Cost of attendance (COA) worksheet

Download and complete the Private COA worksheet (see Related documents on this page). 

Step 2 – Make your application with Sallie Mae

Make your application with Sallie Mae (or your chosen lender if they are willing to work with a foreign school).

You will need to use the correct school name on your application.  You should use your college name as your school name unless your programme of study is listed below, in which case your should select 'University of Oxford' (Code 008394).  

  • Advanced Diploma in British and European Studies
  • Certificate in Higher Education
  • Diploma in Global Business
  • Diploma in Strategy and Innovation
  • Executive MBA
  • MSc Evidence-Based Health Care
  • MSc Sustainable Urban Development
  • Software Engineering
  • Software and Systems Security
  • MSt International Human Rights Law
  • PG Diploma in Financial Strategy
  • PG Diploma in Organisational Leadership

It is essential that the correct school name is used when making your application, otherwise we will not be able to certify your loan.

You should not apply for a Sallie Mae loan more than 180 days before the disbursement date (i.e. for a loan disbursement in October, do not apply before May), as the loan application will become invalid.

Step 3 - Submit your COA worksheet to Oxford 

Once you have completed steps 1–2, please email the US loans team with your completed COA worksheet (in Excel format only).  We will only be able to start processing your loan once we receive your email and the above steps are complete. 

What next?

We will email you to either confirm that your loan application has been approved, or to clarify any queries with you regarding your application. Once approved, we will send you a loan confirmation email which will confirm your loan amount and disbursement information. 

Receiving your loan

You will receive your loan in one lump sum, on or around the date specified in your loan confirmation email. 

Please be aware that your loan funds are likely to be converted to £GBP on arrival and there will be a cost associated with this. We strongly advise you to open a UK bank account, so that the funds do not have to undergo a second currency conversion back to $USD (which could be expensive for you).

If you wish to cancel your loan application, you will need to advise Oxford's US loans team no later than one week before your disbursement date, otherwise you will be liable for any currency conversion costs associated with returning the funds to your lender.