Private loans

The University advises you to thoroughly investigate the possibility of taking out Direct Loans before applying for a private loan. Please ensure you compare interest rates and understand the terms and conditions.

Private Loans are particularly useful for students who do not qualify for PLUS Loans, such as: 

  • Independent undergraduate students
  • Graduate students or Parents with adverse credit history 

Private Loan Self-Certification Form is available online. 

Step One – Submit your loan application to private loan provider

A Private loan is arranged between the student and the private loan provider. Eligibility will be determined by the provider.The maximum that can be borrowed on a private loan is the yearly Cost of Attendance less any estimated financial assistance (loans, awards, scholarship etc.). Private loans do not enable you to borrow more money than federal loans.

Step Two – Certify a private loan

Please contact the Financial Aid Coordinator once you have successfully completed an application for a private loan. The Financial Aid Coordinator will certify your enrolment and Cost of Attendance.Once your private loan is certified, your loan provider will provide you a letter of confirmation which can be used to support your Student Visa application.

Step Three – Disburse a private loan

Your private loan provider disburses your private loan by transferring funds in USD to the University on the provided disbursement date (usually one week before start of the semester).

The University receives its equivalent amount in NZD and it usually takes up to 3 working days to receive payment into the University’s bank account. The University credits the available amount to your tuition and fees account.

Step Four – Request a refund

  • You must sign in to Student Services Online and apply for a refund. 
  • After tuition and fees are paid in full, the excess balance will be refunded to your designated bank account within 14 days of when the funds are received by the University.

Note: The University does not charge a US Financial Aid application fee. A NZ$60.00 refund processing fee is waived for US Financial Aid recipients. An administrative fee of NZ$1,000.00 does not apply when refunding US Financial Aid. It is the student’s responsibility to contact the private loan provider to track the status of a private loan application and disbursement.