Loan types

Federal Direct Loans

The only program that a foreign school may participate in is the Title IV Direct Loan programme. This means that PELL and TEACH loans cannot be taken if you are studying with the University of Leicester. There are three types of Federal Loans available:

• Direct Subsidised loans
• Direct Unsubsidised loans
• Direct PLUS loans (Graduate and Parent PLUS)

Further information on the different types of Title IV Direct Loans can be found on the StudentAid website. It also has some information on the following:

• Borrowing limits
• Repayment options
• Interest rates

Private loans

All students, applicants and family members considering securing a private educational loan in order to fund studies at the University of Leicester should investigate their eligibility for Federal Student Aid. Please be aware Federal Student Aid funding may offer more favourable terms and conditions compared to those offered by private educational loans and the associated lenders. No advice on loan types to consider will be given by the University, potential students and borrowers should undertake their own independent research to determine which loan type(s) they wish to borrow.

The University of Leicester does not have any current preferred lender arrangements with private lenders. Any such arrangements would be published here.

Please note the University of Leicester advises students that we are only aware of Sallie Mae & Earnest in terms of private lenders that are willing to work with us. This does not mean Sallie Mae or Earnest are a preferred lender, we are willing to work with any private lender students decide to use. 

The University does not solicit, extend or make private educational loans so is not subject to the Federal Reserve’s regulations on private educational lenders.

Any private loan borrowing is still limited based on the Cost of Attendance in the same was as Federal Student Aid. A combination of loans is allowable but the total borrowing cannot exceed the Cost of Attendance.

Pursuant to Section 155 of the Higher Education Act of 1965, amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan.

The University of Leicester is required on request to provide this form or the required information, only for students admitted or enrolled at the University. This will help the applicant make an informed choice.

• Private Education Loan Applicant Self-Certification form (PDF, 187kb). The applicant needs to send this form directly to the lender.

Please email USloans@le.ac.uk if you have any questions.