U.S.A. William D. Ford Federal Direct Loan Program
The U.S. Department of Education, as part of its usual review of how international schools are administering the US Direct Loan program, is reviewing its funding of degree programs at the Toronto School of Theology. Depending on the outcome of this review, funding may be affected for 2014-15. To aid in your financial planning for 2014-2015 you should consider alternative sources of funding. For example, private loans are available such as the Smart Option Loan through Sallie Mae, from your preferred lender, or if you are a Canadian citizen or permanent resident you may apply through the Canadian government student loan system. It should be noted that neither the University of Toronto nor the Toronto School of Theology endorses any of these alternative sources of funding.
Who Can Apply?
Citizens of the United States studying in degree programs at the University of Toronto can apply for financial assistance from the USA Federal Direct Loan Program. The U.S. Department of Education is your lender; your loan is administered by a federal loan servicer who acts on behalf of the U.S. Department of Education.
The U.S. Department of Education does not provide funding to students enrolled in Doctor of Medicine, Bachelor of Nursing, certificate, diploma, non-degree, Exchange programs, Study Abroad programs, co-op work terms, internships, practicums, School of Continuing Studies and programs of instruction offered by telecommunications as a method of delivery. Research in the United States by doctorate students is at the discretion of Enrolment Services in accordance with U.S. regulations.
How Much Can I Borrow?
The University of Toronto is eligible for subsidized, unsubsidized, PLUS Direct Loans, Higher Education Act, Title IV. Yearly loan amounts are listed in the U.S Department of Education resource publication, Funding Education Beyond High School: The Guide to Federal Student Aid . As a foreign school the University of Toronto is not eligible to participate in Pell grants, Perkins or Health Professions loans.
Cost of Attendance (COA)
Includes tuition, incidental fees, books, supplies, transportation, miscellaneous, room and board, disability expenses and loan fees.
|Undergraduate Studies–full time course load, international fees|
|Arts and Science– September to April COA||$52,000 US|
|Applied Science and Engineering—September to April COA||$55,000 US|
|Graduate Studies—full time course load, international fees|
|Master—September to April COA||$51,000 US|
|Ph.D.—September to August COA||$50,000 US|
Tuition Fee Schedule http://www.provost.utoronto.ca/link/students/fees15.htm
Living Expenses http://www.housing.utoronto.ca/
How To Apply–four easy steps
- –complete your Free Application for Federal Student Aid (FAFSA) .
- School Code G06688
- Your FAFSA application will be reviewed only after you complete Steps Two, Three and Four
Step Two go to: www.studentloans.gov
- –complete the appropriate Master Promissory Note(s)
- –request credit check required for PLUS
- –complete Entrance Counselling (applies to all first time students applying for Direct Loans who have not previously completed the US Direct Loan Entrance Counselling while at the University of Toronto.)
- Print and complete–
- Program/Personal Information
- Statement of Educational Purpose/Certification Statement on Refunds and Defaults
- Request for Loan Amount
- Request from Parent for PLUS Loan Amount (if your parent is applying for a PLUS loan and you are a dependent, undergraduate)
- Request for Graduate/Professional Loan Amount (you must have borrowed the maximum yearly limit first from the Direct Loan)
- Mail or email the forms listed in Step Three to Enrolment Services, University of Toronto, 172 St. George Street, Toronto, Ontario, M5R 0A3
A letter indicating your loan eligibility will be mailed to your U.S.A. mailing address if your application is processed before the end of August. Information on study permit/student visa is available from the Centre for International Experience .
Payment of Loan Funds
Payment is made by direct deposit to your financial account at the University of Toronto in two or three disbursements after the start of the fall, winter and summer terms.
Before you can receive your first loan payment you must
- –be in good academic standing
- –have paid or deferred your tuition fees and be registered full-time or at least half-time
- –recommended you obtain a Canadian bank account and set up Direct Deposit.
Your outstanding tuition fees will be deducted and any surplus remaining will be refunded to you in Canadian funds by Student Accounts.
Service Charges and Exchange Rate
Service charges are levied on unpaid student accounts beginning November 15. Service charges cannot be waived on the basis of fluctuations in exchange rates, returned, cancelled or dishonoured cheques (checks), or on the basis of loans issued in multiple instalments.
You are responsible to fund any shortfall in exchange rate conversion. The exchange rate is the one used by the University of Toronto on the date of each transaction to or from U.S. currency.
To ensure funding will be available after the start of classes, completed applications must be received by:
- –May 31 returning students
- –June 15 new students
- –Final application deadline 12 weeks prior to your current study end period
Borrower’s Responsibilities and Obligations
- –maintain Satisfactory Academic Progress
- –immediately inform Enrolment Services of any changes, including course load reduction or withdrawal
Satisfactory Academic Progress
You must maintain satisfactory academic progress to be eligible for further loans. Satisfactory academic progress is measured annually at the end of each academic year in accordance with the University’s published academic standards required for graduation and U.S. regulations.
To be eligible for further funding you must fulfill all three SAP Components:
- Grade Point Average (Qualitative)
- Pace (Quantitative)
- Time (Quantitative)
Return of Title IV U.S. Direct Loan Funds Due to Withdrawal or Course Load Reduction
- Your loan is awarded on the basis that you will be a full-time student for the complete academic year.
- You “earn” aid through attendance based on the number of calendar days completed divided by the number of calendar days in your loan period.
- If you complete more than 60% of the loan period, you have “earned” 100% of your loan.
- If you withdraw or reduce your course load to part-time status, responsibility for repaying the “unearned” or overpaid loan to the U.S. Department of Education is shared by you and the University of Toronto.
You must complete the Exit Counselling interview and begin repayment of your student loans when you leave your studies (graduation, withdrawal or course load reduction to less than half-time) .
National Student Loan Data Service
The NSLDS is the central database for U.S. government student aid. This site allows you to download all your loan, grant and aid overpayment history. The University of Toronto reports enrolment status to NSLDS. Private/alternative loans are not included.
Educational In-School Deferment
You may request deferment of repayment of U.S. student loans using the paper based In-School Deferment Request form. Submit your signed form to Enrolment Services for completion.
You can access links to comprehensive websites about U.S. financial aid and the University of Toronto. If you require more information contact email@example.com
Alternative Loans/Private Loans
You must apply directly to the lender of choice to obtain approval. These loans provide an alternative source of funding to the Federal Direct Loans. Information is available from Sallie Mae or a lender of your choice. Complete the Request for Alternative/Private Loan School Certification to have the University of Toronto certify your loan. Payment can be issued in a single or multiple disbursement(s).
American Opportunity Credit & Lifetime Tax Credit
Contact: If you have any questions, please contact: e. firstname.lastname@example.org