US Citizens- Loan Opportunities, Veteran Affairs Benefits, In School Deferment & Tax Information
Alternative Loans/Private Loans
Students may look into alternative or private loans as a choice for funding opportunities. Information is available from your lender of choice. The University of Toronto is set up for processing with Sallie Mae .
Loan amount requested in US dollars must be less than the Cost of Attendance (Tuition + Living Expenses). University of Toronto arranges equal disbursements at the beginning of each semester after classes have begun.
Loan funds in cheque form are processed and applied to the total tuition amount owing first in the student account on ACORN. Any refunds generated after that processing occurs is then handled by the Student Accounts Office.
Process: Step 1/ Students must apply directly to the lender of choice to obtain approval.
Step 2/ Once approval is obtained, students must request to have the University of Toronto certify the loan.
Deadline for certification request to be received at Enrolment Services: 4 weeks prior to their first start date of classes for the semester.
Complete the form here: Request for Alternative/Private Loan School Certification
Payment method: Payments can be issued in a single or multiple disbursement(s). Loan funds are paid to a student’s outstanding tuition and residence fees on ACORN.
William D. Ford Federal Direct Loan Program
Students may look into the federal program offered by the U.S. Department of Education.
Student Eligibility: Citizens of the United States may apply for financial assistance from the USA Federal Direct Loan Program if they are accepted by the University of Toronto.
Eligible Programs: Programs providing degree studies at the University of Toronto are eligible for the Direct Loan program.
The U.S. Department of Education does not provide funding to students enrolled in:
-All certificate, diploma, non-degree programs.
-Study Abroad programs.
- Any programs with mandatory or optional courses & opportunities in co-op work terms, internships, practicums or Professional Experience Year Programs.
Students pursuing the following programs are not eligible for US Direct Loans:
-Faculty of Information- Archives & Records Management
-Faculty of Information- Critical Information Policy Studies
-Faculty of Information- Culture and Technology
-Faculty of Information- Information Systems and Design
-Faculty of Information- Library and Information Science.
-Faculty of Information- Knowledge Management & Information Management
-Faculty of Information- Master of Museum Studies
-Faculty of Information- User Experience Design- UXD (formerly KMD)
-Factor-Inwentash Faculty of Social Work: Master of Social Work Program with Advanced Standing
-Faculty of Medicine, Doctor of Medicine
-Faculty of Nursing, Bachelor of Nursing
-Munk School of Global Affairs: Master of Global Affairs
-OISEUT: Additional Qualification Courses as they do not lead towards a degree
-Rotman School of Management: Master of Business Administration, Full Time
-Rotman School of Management:Master of Mathematical Finance
-Rotman School of Management: Executive Programs.
-Rotman School of Management Master of Financial Risk Management
-Rotman School of Management: Graduate Diploma in Professional Accounting
-School of Continuing Studies and programs of instruction offered by telecommunications as a method of delivery.
-School of the Environment- Environmental Studies Collaborative Program
-School of the Environment- Environment & Health Collaborative Program
-Toronto School of Theology
Ineligible Certificate Programs:
-Certificate in Environmental Management
-Certificate in Renewable Energy
-Certificate in GIS for Environmental Management
-Certificate in Environmental Health
Additional ineligible programs:
-International Dentist Advanced Placement Program for Foreign-Trained Dentists (IDAPP)
-International Pharmacy Graduate Program (Canadian Pharmacy Skills) for individuals with foreign pharmacy degrees.
-Internationally Trained Lawyers Program (ITLP)
-National Committee on Accreditation at the Faculty
Research in the United States by doctorate students is at the discretion of Enrolment Services in accordance with U.S. regulations.
Students in ineligible programs should consider Alternative or Private loans (see below).
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.
Lender Information: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.
Cost of Attendance (COA) 2016-2017 This includes tuition, incidental fees, books, supplies, transportation, miscellaneous, room and board, disability expenses and loan fees.
COA Averages Undergraduate Studies- Full Time Course Load with International Fees:
Faculty of Arts and Science, Bachelor’s Degree- September to April $70,500 CAD
Faculty of Applied Science and Engineering, Bachelor’s Degree- September to April $75,600 CAD
COA Averages Graduate Studies- Full Time Course Load with International Fees:
School of Graduate Studies, Master’s Degree- September to April $58,800 CAD
School of Graduate Studies, PhD Degree- September to August $61,200 CAD
Tuition Fee Schedule, Student Accounts http://www.fees.utoronto.ca
Living Expenses http://www.housing.utoronto.ca/
Step One: Free Application for Federal Student Aid (FASFA)
Complete the Free Application for Federal Student Aid (FAFSA) online: https://fafsa.ed.gov/
- The school code for the University of Toronto is: G06688.
Step Two: Complete the following Direct Loan online applications: www.studentloans.gov
a) Entrance Counseling: All first time students applying for Direct Loans at the University of Toronto who have not previously completed the US Direct Loan complete Entrance Counselling for U of T must complete this one time only step for their application.
-If entrance counseling completed from a previous year’s U of T application, proceed to step b).
Category 1: All returning students applying for Direct Loans, students must:
- Complete the Direct Loan Master Promissory Note online.
Category 2: All Graduate Students and parent borrowers applying for a Direct PLUS loan, you must complete the following steps:
i/Complete the Direct PLUS online loan application using your United States address as the ‘Permanent Address’ on the application.
Credit Check: This Direct PLUS application includes a credit check on your credit history. Only applications with approved credit checks may continue to be considered for US Direct Loans.
All borrowers who’s credit check is declined in applying for your Direct PLUS loan application, complete Direct PLUS Counseling online.
Note: Responsibility of Direct PLUS borrowers- you must ensure that your credit check is valid during the academic year to be eligible for disbursement of eligible funds. Credit Checks are valid for only 180 days. Expired credit check delay any eligible disbursements in the future and you are responsible to monitor your credit check validity date for your application.
ii/Complete the Direct PLUS Loan Master Promissory Note online.
Step Three: Complete Paper Applications
a)Complete the Program/Personal Information Form.
b)Complete the ‘Request for Loan Amount’ to apply for a Direct Loan.
- If you are a dependent undergraduate student and your parent is a borrower and you are applying for a Direct PLUS loan, complete the ‘Request from Parent for PLUS Loan Amount’ form.
- If you are an independent graduate student and you are applying for a Direct PLUS Loan, complete the ‘Request for Graduate/Professional Loan Amount’ form. Note, you must have borrowed the maximum yearly limit first from the Direct Loan.
2016-2017 Application Forms:
To ensure funds are available for a Fall funding request all completed steps and the completed application package must be received at Enrolment Services by June 1, 2016.
Step Four: Submit additional documentation.
-Submit copies of your Offer of Admission from the University of Toronto.
-Graduate online admissions application print out- (Graduate students applying for a Direct Loan for the first time at U of T) E.G. “Graduate Applicant Summary” available through your online SGS portal. Graduate students from any other U of T division with online admissions applications must submit a print out of their submitted online application as additional documentation.
-Submit copies of high school transcripts and/or post-secondary transcript as proof of the basis of admission
-Submit documentation on any U of T scholarships and awards to be received during the academic year loan funding is requested.
-Graduate Students approved for an extension of time for studies beyond the number of years set by their Division- submit documentation of the approved extension of time from their graduate unit.
Step Five: Package submission.
- Mail application package with all documents to Enrolment Services, University of Toronto, 172 St. George Street, Toronto, Ontario, M5R 0A3.
- Or the student only may submit the application package with all documents to email@example.com. Federal Regulations stipulate that Personal Identifiable Information (PII) must be safeguarded for security. Any application packages scanned and be encrypted with a password. The password must be sent in a separate e-mail. Applications may not be submitted via e-mail by any other third party.
Important Information & Regulations:
Policies and Regulations- All students interested in the Direct Loan program are required to read these document.
Award Letter For students who have completed a Direct Loans application package and require an award visa letter for study permit purposes may request an award letter. The request with student name and U of T student number can be sent to firstname.lastname@example.org.
Completed assessments letter indicating your loan eligibility will be issued to the student. Information on study permit/student visa is available from the Centre for International Experience .
Students in 8 month Bachelors or Masters programs receive two disbursements; one during Fall and one at the start of Winter session.
Students in 12 month Masters or PhD programs receive three disbursements: one after the start of the fall, one after the start of winter and the final one after the start of the summer semester.
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
Note: It is 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.
2016-2017 Cancellation deadlines of anticipated disbursements:
Graduate 12 month Masters and PhD programs: Summer 2016 disbursement cancellation deadline- Monday April 11, 2016
2016-2017 Cancellation deadlines of award applications & anticipated disbursements:
Undergraduate 8 month Masters programs:
Total Award application & first Fall 2016 disbursement cancellation deadline- Friday August 12, 2016
Winter 2017 disbursement cancellation deadline- Monday December 5, 2016
Graduate 8 month Masters programs:
Total Award application & Fall 2016 disbursement cancellation deadline- Friday August 12, 2016
Winter 2017 disbursement cancellation deadline- Monday December 5, 2016
Graduate 12 month Masters and PhD programs.
Total Award & Fall 2016 disbursement cancellation deadline- Monday August 15, 2016
Winter 2017 disbursement cancellation deadline- Monday December 5, 2016
Summer 2017 disbursement cancellation deadline – Monday April 10, 2017.
Cancellation of Disbursed Funds: Students who wish to cancel the loan after it is disbursed may do so in written request to email@example.com within 14 days of the loan disbursement date.
Payment of US Direct Loan Funds For students eligible to receiving funds, students receive funds to the outstanding tuition fees in their financial account at the University of Toronto.
Service Charges and Exchange Rate Service charges are levied on unpaid Fall student tuition accounts according to the schedule published by the Student Accounts Office. 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.
2015-2016 The final application deadline for Direct Loans is 12 weeks prior to your current study end period.
2016-2017 To ensure a Fall funding request, all application steps and completed application package must be received at Enrolment Services by June 1, 2016.
The final deadline to submit a completed Direct Loans application package with all steps completed for a loan funding request is Monday January 23, 2017.
For students beginning undergraduate programs in Winter 2017 term only- all steps and the completed application package must be received at Enrolment Services by October 3, 2016 to ensure that funds are available for a Winter funding request.
Application Processing Timelines
Applications for 2016-2017: Each year Governing Council approves the tuition for the academic year. The tuition information will be available in Summer 2016 around mid- July for the 2016-2017 academic year. Once that is available, award assessments can begin prioritizing those who submitted completed applications by June 1, 2016. Application processing continues in an on going basis in chronological order to when complete application packages were received. Applications for US direct loans is both an online and paper verification process for each individual file. As such, once the tuition is available it can take approximately 8 weeks to receive an assessment result.
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. Policies document is here: Satisfactory Academic Progress Policies. Students who do not meet these requirements and wish to appeal may do so within 14 business days prior to the end of their academic year.
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.
- Return of Title IV US Direct Loan Funds Due to Withdrawal or Course Load Reduction Policies
Exit Counselling 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.
Consumer Information Consumer Information is a comprehensive list of websites about U.S. financial aid and the University of Toronto. Access this here.
Frequently Asked Questions
FAQs for Graduate Students – coming soon.
Veteran Affairs Post-9/11 GI Bill Benefits
The University of Toronto is an Veteran Affairs approved institution to process program reviews and certify registered U of T students to receive Post-911 GI Bill Benefits.
Students must request certification for each academic year. Students may send their full name and student number with their request to firstname.lastname@example.org
Newly admitted students and returning students who have changed majors or degree studies (e.g. Bachelors to Masters) from their previous certification year- May 30, 2016
Returning students with the same major as the previous certification year- June 30, 2016
Students who have requested to be certified for Veteran Affairs benefits, but then wish to request a cancellation for any reason should go to the Veteran Affairs webpage and go to “Submit a Question”: http://www.benefits.va.gov/gibill/.
In School Deferment
Students who are currently registered Full Time and previously have had loans may request interest free status through their lender for the session that they are maintaining Full Time status.
Students are responsible for all loan conditions and requirements for any previous loans. Students must request interest free status if they are eligible and registered full time; this is not automatic and is the responsibility of the student to follow up with their loan provider to find out the first date of repayment for their loans. The most common process to request interest free status is an In-School Deferment Request form provided by your loan provider.
-Obtain the In- School Deferment form from your loan provider.
-Submit your signed form to Enrolment Services ensure your section is complete.
-Delivery instructions to the loan provider: Indicate the mailing address, fax number or e-mail address that your loan provider will accept so Enrolment Services may assist you.
Processing time: Once Enrolment Services receives your request a response will be given to you in 5 business days and within 8 business days during peak periods of the academic year.
Tax Information for US Students
For the 2015 tax year, there are two tax education credits available to help you offset the costs of higher education by reducing the amount of your income tax. These are the American Opportunity Credit and Lifetime Learning Credit.
The University of Toronto issues the T2202A Tuition and Education amounts certificate in lieu of Form 1098- T. Download your T2202A form via ACORN beginning February 21, 2016.