Sallie Mae Student Loans can be used for tuition fees and material fees associated with your course.
Sallie Mae Student Loans can be used for tuition fees and material fees associated with your course.
RMIT is recognised to receive Sallie Mae Student Loans.
Other loans are not recognised at RMIT including requests for in-school deferment for existing private loans or new loans.
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.
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.
The availability of the Sallie Mae loan is dependant on the course, campus and study load you select.
Choose the RMIT course you would like to study. Loan availability will depend on the campus and course you select.
Submit your application to RMIT. When submitting your application, please advise that you intend to receive a loan via Sallie Mae.
Sallie Mae will contact RMIT to certify your loan amount. RMIT must have your Social Security Number to certify the loan.
Once Sallie Mae notifies RMIT of your loan application, we 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.
Submit a refund form and select ‘US Financial Aid recipient’.
Your refund request will be managed by RMIT Connect.
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.
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.
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