US Alternative (Private, Non Government) Loans

Students in need of additional funding may consider alternative (private, non government) loans. Please keep in mind that:

• All US students can apply, including those not registered in a degree program
• Students studying less than half-time are eligible to apply for the SallieMae loan
• Students may borrow up to the cost of attendance minus any financial aid received
• Alternative loan interest rates, fees and repayment options differ from US government loans
• A co-signer may be required
• McGill will certify other alternative loans provided the organization will lend to a student attending an institution outside the US

Here are links to alternative loan providers for US students attending McGill:

How do I Apply for US Alternative Loans?

Apply on-line and the lender will contact our office for cost and registration information.

How do I Receive My US Alternative Loans?

All students receive their alternative loan funds by cheque in two equal amounts (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 then go to Service Point to endorse the cheque which is subsequently processed and deposited into the students Minerva fee account.