US Student Loans
Government Loans for US Students
Students who are citizens or permanent residents of the US may apply for Stafford and PLUS loans through the William D. Ford Federal Direct Loan Program (Direct Loans - DL). This program includes Stafford and PLUS (parent and Graduate) loans only. Students attending foreign schools are not eligible for grants from the US government. Students must be registered in a degree program. Students in online or correspondence programs are not eligible.
How Much Can I Borrow?
Stafford loans are need-based (subsidized) and non-need based (unsubsidized) and are subject to annual limits. The maximum amount you can borrow each year depends on your grade level and on whether you are a dependent student or an independent student. The loan calculation includes information from your FAFSA, information about other financial aid you are receiving and the cost of attendance (tuition and living expenses), which is set by the school. The loan calculation determines whether the base amount of the loan is subsidized or unsubsidized. The remainder of the Stafford loan is always unsubsidized. If a parent is denied a PLUS loan, an additional unsubsidized amount may be borrowed.
Click here for a list of annual loan limits.
How Do I Apply for a Stafford Loan?
1. Complete a FAFSAfor the 2010-2011 academic year. MSVU’s federal code is G08363.
2. E-sign a Master Promissory Note(MPN).
3. E-mail msvu.cato advise us if you want the full eligible amount of Stafford loans or just the subsidized amount and of any financial aid/scholarships you are receiving. All funds and requests should be given in US dollars.
4. Students who are first time borrowers of Stafford loans must complete Entrance Counselling.
How Will I Get the Loan Funds?
Funds will be disbursed electronically to your student account at MSVU. The first disbursement will be in early September (except for programs which begin in August) provided Entrance Counselling has been completed by mid-August. The second disbursement of funds for all students will be made the first week of January. For Graduate Students, the third disbursements will be in early May. Once your tuition and fees are paid, any remaining funds are to be used for your book and living expenses.
How Do I Apply For a PLUS Loan?
Parents and Graduate/Professional (Law, Medicine, Dentistry, BEDS) program students who wish to borrow funds through the Parent/Graduate PLUS program must complete 3 steps (4 steps for first time borrowers of the PLUS):
1. Complete aFAFSAfor the 2010-2011 academic year. MSVU’s federal code is G08363.
2. E-sign a Master Promissory Note(MPN).
3. E-mailmsvu.ca to advise us how much Parent/Graduate PLUS loan you wish to borrow and of any financial aid/scholarships you are receiving. All funds and requests should be given in US dollars.
4. Students who are first time borrowers of Parent/Graduate PLUS loans must completeEntrance Counselling.
How Are PLUS Loans Disbursed?
Funds from Parent/Graduate Plus loans will be disbursed electronically in two disbursements to your MSVU student account. The first disbursement will be in early September (contingent on the Entrance Counselling being complete for Graduate Plus Loans), the second in early January. Three Disbursements of Graduate PLUS loans for programs that the academic year covers three terms will be required. The third disbursement will be in early May.
Deadline to Apply
All parts of the application process (FAFSA, completion of the MPN(s), and the email to be sent to us) should be completed by July 15, 2010 to ensure timely processing. Please note that MSVU will continue to process Direct Loans up to one month prior to the end of the student's academic year.
Other US Loan Funding
MELA
Policies to be Aware of:
Refund Policy
Satisfactory Academic Progress Requirements