Financial aid and loans for US overseas students

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.

RMIT will no longer be registered to accept new United States loans from either the William Ford Federal Program or the Veterans’ Affairs Program as of Semester 1, 2020.

Currently enrolled students

For existing US students who remain eligible for benefits under this scheme, please note:

• We will continue to assist students currently studying under the Veterans’ Affairs until you finish your program ends.
• Current eligible students will be able to access benefits from Veterans’ Affairs until graduation or December 2020.
• Current students under the Veterans Affairs Program remain liable for funds where benefits are issued from the Department of Veterans’ Affairs, including any gaps in student fees after Veterans’ benefits have been paid to RMIT.