US Private Loans

Sallie Mae and Earnest Loans are the only lenders which we currently administer private loans to, for US students studying outside the US.

When you complete your loan application with either Sallie Mae or Earnest Loans, our team will be notified. We will then calculate your cost of attendance and email you with instructions on how to complete your application with us. 

As federal loans generally have more favourable terms and conditions than private loans, please ensure you check interest rates, compare terms and conditions and thoroughly investigated the possibility of taking out federal loan(s) before applying for a private loan.

Cost of attendance calculation

When calculating your cost of attendance, the following items will be taken into account (amounts stated below are for the 2026-2027 academic year):

  • University Composition Fee (tuition fee) - dependent on the course you are undertaking
  • Maintenance (living expenses) - dependent on the course you are undertaking
  • Miscellaneous personal expenses - £4,810
  • Books, course materials, supplies and equipment - £1,700
  • Transportation - £3,300
  • Visa and IHS - dependent on the course you are undertaking
  • Other aid being received such as grants/scholarships and other loans need to be subtracted from the above accumulated total
  • A set exchange rate will be used for all students applying for US Loans for the year to determine the US$ value of the cost of attendance

Sallie Mae Loans

You can apply directly at Sallie Mae Student Loans.

If you are an MBA student, Sallie Mae has an MBA Student Loan with additional benefits and you can apply via the following link - Sallie Mae - MBA students

Parents of Undergraduate and Postgraduate studies have an option to take out a Sallie Mae Parent Loan to assist in paying for their child's tuition and costs of study and they can apply via the following link - Sallie Mae® Parent Loan

You can also apply for a private loan with Sallie Mae via GEMS (Global Education Management Services) at Sallie Mae via GEMS - an organisation dedicated to handling Sallie Mae loans for students at foreign schools. 

Sallie Mae is an organisation experienced in lending to and dealing with US students studying outside the US.

Credit reports and risk scores obtained during the application process on all applicants and co-signers will be valid for 365 days. Students and families will be able to apply with Sallie Mae up to 300 days prior to the loan period start date. Please note that our offices will start processing these applications in May for the academic period starting in September/October.

If a private loan is required, please apply on the main University of Cambridge’s school code (G04030) if applying for an MBA, EMBA, MSt or MAC (Master of Accounting); otherwise, please apply for one on your College’s school code. The codes can be found on the Application procedure page. The maximum that can be borrowed on a private loan is the yearly cost of attendance (plus any of the extras mentioned on the 'Cost of Attendance' page of the US loans website) less any financial aid (loans, awards, bursaries, scholarships etc.).

Once your private loan has been certified, Sallie Mae should send you a letter of confirmation, which if required for 'visa' purposes will be sufficient proof that you have a private loan.

Exchange of loan funds from US$ to GBP£

Convera UK Financial Limited determines the exchange rate on the day they receive US$ loan funds drawn down from Sallie Mae. We’re only advised of the rate being used by Convera when we receive the e-mailed notification on the day they post US$ loan funds to the University or College’s £’s sterling bank account. Convera UK Financial Limited doesn’t charge any additional commission or a transaction fee for processing funds received by them from Sallie Mae.

Earnest Loans

You can apply for a loan through Earnest via the following link: Earnest Loan applications

You can also apply for a private loan with Earnest via GEMS (Global Education Management Services) at Earnest Loans via GEMS - an organisation dedicated to handling Earnest loans for students at foreign schools. 

Below are some features that Earnest Loans have:

  • very competitive rates
  • 9-month grace period after graduation
  • easy-to-use mobile application
  • 4 repayment options while attending school
  • no fees

Funds being released from Earnest are currently sent to our offices via EFT payment via Convera UK Financial Limited. The funds are then sent to your College to be used towards fees/accommodation/charges. Any remaining funds will be paid to your personal bank account.

Exchange of loan funds from US$ to GBP£

Convera UK Financial Limited determines the exchange rate on the day they receive US$ loan funds drawn down from Earnest Loans. We’re only advised of the rate being used by Convera when we receive the e-mailed notification on the day they post US$ loan funds to the University or College’s £’s sterling bank account. Convera UK Financial Limited doesn’t charge any additional commission or a transaction fee for processing funds received by them from Earnest Loans.

Juno

Juno is an organisation that negotiates and advocates for lower interest rates with lenders on behalf of students. Juno membership is free and bears no commitment. More information can be found on their webpage at Join Juno - Cambridge.

Please note that Juno is not a lender, they negotiate with lenders for lower interest rates.