Private Loans for US Students

A private alternative loan is a non-federal education loan, through a private lender, typically in the student’s name and requiring a cosigner. Approval and interest rates are based on the creditworthiness of the borrower and cosigner. We advise that you investigate US federal loans before applying for a US private student loan, as federal loans are often cheaper and most American students are eligible for them. US private student loans do not enable you to borrow more funds than US federal loans.

The University is willing to work with any lender who offers alternative educational loans to students enrolled at Foreign Institutions. Currently, we are aware of only one such lender, Sallie Mae, but students are advised to explore all options available to them and can opt to use any lender. If you are a current student applying for a loan for the current academic year, please email the AUBG Student Loan Team for a Cost of Attendance (COA) worksheet.

To apply for a private loan, you must be an American student enrolled in a degree-seeking program at American University in Bulgaria. Please note, that private student loans are still limited to your Cost of Attendance similar to Direct Loans. You are allowed to hold both types of loans but the total cannot exceed your Cost of Attendance.