Purpose of student loans
Sallie Mae approved loans for tuition fees and material fees associated with your program.
Sallie Mae at RMIT
Please ensure you are aware of the following process involved in relation to private financial loans.
Apply to RMIT (commencing students only)
Before applying for the Sallie Mae Private Loan, you must first apply for a Program at RMIT. When submitting your application, please advise that you intend to receive a loan via Sallie Mae.
As an intending borrower through Sallie Mae, RMIT can authorise a substantially reduced deposit payment when you accept an offer letter. The deposit amount is comprised of $500 tuition plus the required Overseas Student Health Cover as listed in your offer letter.
RMIT certifies your loan
Sallie Mae will contact RMIT to certify your loan amount.
RMIT must have your Social Security Number to certify the loan.
How much RMIT can certify for on your behalf
The loan amount you can apply for is capped by the ‘cost of attendance’, which is calculated by RMIT. The cost of attendance includes tuition fees and living expenses for an academic year. The loan amount is distributed in two equal payments, paid out per semester.
RMIT will not certify a loan amount that exceeds the cost of attendance.
Please borrow enough for all your needs
It is important to budget for the entire academic year. Before you apply for a loan, calculate how much you will need to cover your tuition, other study costs and living expenses.
The loan amount is distributed per semester, and you will not have access to the funds before the scheduled release of funds to your account. You will see any released funds in your student account on Enrolment Online.
Further financial advice and support.
Release of funds to RMIT
Sallie Mae will make payment of your loan to RMIT 7 days prior to Program commencement.
You must be enrolled in 48 credit points (or equivalent) by this time.
Release of funds to your personal bank account
When you enrol in your Program an invoice is generated. The payment of the Sallie Mae loan will be applied to any outstanding invoice. Any leftover amount from the loan is considered ‘excess’ and can be released to your bank account to cover living expenses.
If you do not apply for the excess payments to be ‘refunded’ to you, they will automatically carry over as credit for your next period of study.
Applying for excess funds for living expenses
Submit a refund form and select ‘US Financial Aid recipient’.
Your refund request will be managed by RMIT Connect.
Have a question about Sallie Mae student loans?
Submit an enquiry to Student Connect.
