Private Loans

Students studying on degree programmes, PGCEs and other certificate programmes and study abroad programmes should be eligible for a private loan.

Before applying for a private loan, students should always exhaust all of their federal loan eligibility. Parents may also want to consider using federal parent loan funds before co-signing a private loan for a student.

Goldsmiths, University of London encourages students and families using private loans to apply for one full academic year at a time rather than on a per-term basis. This prevents multiple credits hits on borrower credit report and ensures that a student has a way to cover their costs for a full academic year.

We recommend that students apply for a private loan with a co-signer. A co-signer assumes responsibility for a loan should the borrower fail to repay. Having a co-signer on the loan often results in a lower interest rate and reduced fees.

Unless otherwise requested, Private loans will be disbursed as per Federal loans. Paying the loans in disbursments rather than 1 payment at the start of the year will reduce the amount of interest the loans accrue.

Lenders

Below is a list of lenders offering private educational loans that are commonly utilized by Goldsmiths, University of London students. This is not a comprehensive list of all the educational loans available to you. You are not required to select one of these lenders. Inclusion on this list is not an endorsement or recommendation by Goldsmiths, University of London. If a parent or student has worked with a lender not listed below, and has received excellent benefits and quality service, please recommend this lender to us by emailing financialaid (@gold.ac.uk). 



Each lender's loan programs may have different requirements. Be sure to check with your lender regarding the loan programs you qualify for that best suit your needs.

• Global Education Management Services - see Loan application and solicitation disclosures

Some Lenders offer Private loans to residents of specific States:

• New Jersey Higher Education Student Assistance Authority
• Bank of North Dakota
• Vermont Student Assistance Corporation

Check with your specific lender regarding their process for certification and disbursement and whether they offer loans to students studying outside of the US.

Student requirements for private educational loans

Self-Certification Form

Student borrowers are now required to complete a self-certification form (supplied by your lender). To help you complete this our cost of attendance can be found here.

Active Acceptance of Loan

Student borrowers are now required to “actively accept” the terms of their loan approval before their school will be notified that school certification is required. The lender’s terms for how to “accept” the loan terms can be found on the private loan approval disclosure form that they will provide to the borrower.



Right to Cancel

Borrowers and/or cosigners have the right to cancel or rescind a loan offer within 3 business days after receipt of Final Disclosure. During this time, the lender cannot disburse loan funds. This cancellation period cannot be waived in order for funds to disburse more quickly. This may cause a delay in the disbursement of loan funds to your student account. Be sure to apply several weeks before funding is needed.

Anticipated loans on your bill

Keep in mind when calculating how much to borrow that the gross amount of the loan may be reduced by fees charged by the lender. For loan types other than Parent PLUS or Grad PLUS, if your loan is in "anticipated" status (not yet disbursed) on your bill, the amount indicated is the gross amount. Therefore, the amount you owe may actually be higher than what is reflected on your bill.

Advice

The Financial Aid Office suggests that you fully research the loan and lender that best suits your needs. It is a good idea to compare the benefits and costs of several supplemental loans before you apply, as the loan terms can vary. Also remember that it is always in the best interest of students and parents to explore federal student and parent loan options before applying for private loan products.

The following are some questions that you may want to ask your lender or consider when choosing a lender/loan option:

• Do you charge any fees for disbursement, repayment, deferments?
• Are the fees deducted from the loan disbursements or added to the total loan amount?

• Are in school payments required?
• What is the interest rate? 

• Is the interest rate variable or fixed? 

• When is interest capitalized?
• Do you offer flexible repayment options? 

• Can I request a deferment or forbearance after I leave school and enter repayment?
• Do you offer interest rate reductions for auto-debit payments?
• How much experience do your customer service representatives have? 

• Can I talk to a person, not an automated system? How long is the wait time typically?
• Can I email an account representative if needed?
• Is there an online application process and instant approval? 

• Do you have online account access?
• How long have you been lending loans?
• Do you have a history of selling loans?
• What are my options for loan consolidation?

For further information and advice please email financialaid (@gold.ac.uk).