Private loans
The application process
Do I need a private loan?
All students may apply for a private loan (subject to credit history), however, LJMU would encourage any student who is eligible for a federal loan to use this type of aid in the first instance. The Federal Student Aid website offers a comparison of federal and private loans so you can decide what suits you best.
If you are a new graduate student, there is no longer any Grad PLUS available and you will need to consider a private loan for funding. If you are a parent considering a private loan as an alternative to a Parent PLUS Loan you can view a detailed comparison.
Please note:
distance learners (who spend the majority of their degree off-campus) are exempt from obtaining a federal loan and are encouraged to consider a private loan as an alternative.
What are the steps to apply for a private loan?
Before applying for a private loan, we recommend you take part in an entrance counselling course to ensure you fully understand the principles of borrowing and repayment. You can complete the entrance counselling course online via the Student Loans website.
You may want to consider taking out any Federal Direct Subsidized/Unsubsidized Stafford Loans you are entitled to before taking out a private loan.
Complete the following before applying for a private loan:
- Submit a Loan Request Form to LJMU at Student Administration. You will then be contacted by a member of the Registry Services Team who will finalise your cost of attendance (COA) figure
- Using your agreed cost of attendance figure as a guide, apply for your private loan. If you are planning to use a provider other than Sallie Mae or Earnest Loans, please get in touch with Student Administration as soon as possible to ensure we can work with the provider.
- Once you have applied online, send a copy of your electronically signed Promissory Note to Student Administration
What happens after I apply?
LJMU will confirm receipt of your information and will liaise with the Loan Servicer. Once your loan is approved we'll send you an email confirmation and information about loan disbursement.
How will my loan be paid?
Loans are paid via electronic fund transfer through the Convera platform. Once your loan has been originated, we will contact you to advise that Convera will be sending a request for you to log in and update your bank details. You will need to complete this process for us to transfer your funds directly to your bank account.
If your banking details update during your time at Liverpool John Moores University, you should contact Student Administration and let us know so we can send a new link for you to update these on the Convera portal.
Please note:
We advise all students to open a UK bank account as soon as possible so that you can receive your disbursements. As the funds are disbursed in GBP, you may be subject to additional charges or may be impacted by exchange rate fluctuations if the funds are transferred to a non-UK bank account.
Can I claim in-school deferment?
All students who take out a loan to study at Liverpool John Moores University are automatically reported to the National Student Loan Database System (NSLDS) for in-school deferment. For more information visit our webpage on Deferment.
When will I be required to make repayments on my loan?
Once you have graduated, or your status drops below part-time, you will automatically enter repayment with your loan provider.
