William D. Ford Federal Direct Loan Program
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 courses or opportunities in co-op work terms, internships, practicums or Professional Experience Year Programs.
Examples of ineligible programs so far are:
-Faculty of Medicine, Doctor of Medicine
-Faculty of Nursing, Bachelor of Nursing
-OISEUT: Additional Qualification Courses as they do not lead towards a degree
-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.
-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) This 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||$57,000 US|
|Applied Science and Engineering—September to April COA||$60,000 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/fees16.htm
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 2015-2016 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.
Forms for download.
- Program/Personal Information
- Request for Loan Amount
- Request from Parent for PLUS Loan Amount
- Request for Graduate/Professional Loan Amount
Step Four: Submit additional documentation.
a) Submit copies of your Offer of Admission from the University of Toronto
b)Submit copies of high school transcripts and/or post-secondary transcript as proof of the basis of admission
Step Five: Package submission.
- Mail your paper applications and the additional documents to Enrolment Services, University of Toronto, 172 St. George Street, Toronto, Ontario, M5R 0A3.
Award Letter A letter indicating your loan eligibility will be sent to the student if the application was submitted by the June 15, 2015 deadline. Information on study permit/student visa is available from the Centre for International Experience .
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.
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.
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.
Service Charges and Exchange Rate Service charges are levied on unpaid Fall student tuition accounts beginning October 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.
Deadline Dates To ensure assessment results and funding will be available after the start of classes, completed applications must be received by:
- –May 31 returning students extended to June 15
- –June 15 new students
- –Final application deadline 12 weeks prior to your current study end period.
Application Processing Time Applications for US direct loans is both an online and paper verification process for each file. As such, 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. 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.
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 You can access links to comprehensive websites about U.S. financial aid and the University of Toronto.
Alternative Loans/Private Loans
Students ineligible for US Direct Loans may look into alternative loans as another choice for funding. Students 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).
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.
Tax Information for US Students
American Opportunity Credit and Lifetime Tax Credit