US alternative (non-government) loans
Students in need of additional funding may consider alternative (non-government) loans. Please note the following information:
- All US students can apply, including those not registered in a degree program
- Students studying less than half-time are eligible to apply for a loan from GEMS or SallieMae
- Students may borrow up to the cost of attendance minus any financial aid received
- A co-signer may be required
- Alternative loan interest rates, fees and repayment options differ from US government loans
- McGill will certify other alternative loans provided the organization will lend to a student attending an institution outside the US
Applying for a US alternative loan
Students should apply online via the loan provider's website (see list below). The lender will contact our office for cost and registration information.
- Global Education Management Services (GEMS)
- Sallie Mae Student Loans
- Discover Student Loans
- NJClass Loan (for New Jersey residents)
Receiving your US alternative loan
All students receive their alternative loan funds by cheque in two equal disbursements (usually in September and January for Fall and Winter terms). An e-mail notification is sent out by McGill's Student Accounts Office when the cheque arrives. The student must go to Service Point to endorse the cheque which is subsequently deposited into the student’s fee account.