US Private Loans

Private education loans are available from private non-government lenders and approval is based on credit history. Students can use private education loans to borrow up to the maximum Cost of Attendance. We strongly recommend that students first apply for Federal Student Aid loans and then apply for additional funds through a private education loan if required.  Federal loans have previously been more favourable due to lower interest rates and other associated benefits. You are required to complete the Cost of Attendance Worksheet prior to your private loan being certified.

Private education loans are available to those students enrolled in medicine and nursing degree programs and all non-degree programs such as Certificate, Graduate and Postgraduate Diploma programs, and to students who are completing part or their entire course online.

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; this is the first question you should ask any potential lender.

How do I apply?

How is my loan calculated?

Your loan eligibility is based on your Cost of Attendance. It is crucial that you contact us should anything change with your enrolment, as this can impact your Cost of Attendance.

How do I get my loan disbursements?

Private loan disbursements are sent to the University by cheque in US dollars. You will be notified by email as soon as your disbursement cheque arrives.

When do I get my disbursements?

Disbursement dates for private loans are set for the first day of classes. Cheques usually arrive around 10 days after this date. You will be notified via email as soon as your cheque arrives.

You have three options for banking your cheque:

  • Send your cheque back to the US and have a family member bank these for you in a US bank account.  This option means you will need to wait for the funds to clear before you can make tuition payment.
  • Bank your cheque in an Australian bank.  In most circumstances you will be required to open a bank account with the bank you choose.  The banking of a US cheque can take up to 6 weeks to clear.
  • The University of Melbourne has arranged with Pulse Credit Union (located at Level 6, 766 Elizabeth Street (just past Grattan Street towards the city) to process your check in a faster time than most other Australian banks. This option should take approximately 2-3 days.  You will need to contact the Pulse directly for information on banking your check with them. More information on the Credit Union can be found at: Please note that should you choose this option, you will need to provide the Credit Union with the signed cover letter which will be enclosed with your check.

When deciding upon the above options or when choosing to bank with an Australian bank it is your responsibility to investigate exchange rate policies and choose the bank and account that is most appropriate for you.  Unfortunately, we are not able to provide financial advice in this respect.


My disbursement date is later than the date my fees are due, what do I do?

Notification of your disbursement dates will be sent to Student Fees. Due to system limitations, your fee due date cannot be changed on your statement of liability; however, Student Fees will exempt you from any debt sanctions or late payment penalty until after your expected disbursement date.

What if my disbursements don’t cover my tuition fees?

If you owe more for tuition fees than the amount of your disbursement, you will need to pay the difference by the study period due date or, if the due date has passed, within 7 days of your disbursement date.