US student loans
The University of Victoria participates in the William D. Ford Federal Direct Loan Program, in which US citizens or eligible US non-citizens may apply for Federal loans directly from the US Department of Education. The Federal School code for the University of Victoria is G08370. American students may apply for Stafford Loans; parents of dependent undergrad students may apply for Parent PLUS Loans. In addition to the Stafford Loans, graduate students may apply for Grad PLUS Loans.
Students attending a school outside of the US are not eligible for any grants offered through the Direct Loan program.
The process is different for institutions outside the US. When you complete your FAFSA online, the Department of Education will indicate that they'll notify your university of your application. As a foreign school, UVic does not receive these notifications.
This means that you must complete all of the steps below before your loan application can be processed. UVIC will not be aware of your FAFSA application until we receive your completed US Loan Request Form.
Dual Citizens
If you are a Canadian undergraduate or graduate student (including permanent residents and protected persons) you can apply for loans through your home province or territory.
If you are a dual citizen of Canada and the United States, you may be able to apply for loans through both the US and Canadian governments (except Ontario). If you're receiving an Ontario student loan and/or grant you will be ineligible to receive US Direct Loan funding.
Applying for Private US Loan Funding Only
If you are applying for Private Loans only (SallieMae Smart Option or any other US private lender), you will not need to complete the following section however you will need to complete and submit to our office a US Loan Request Form.
Who can apply
- Direct Stafford Loans (Subsidized/Unsubsidized)
- Direct PLUS Loans for Parents (Dependent Undergraduate students)
- Direct PLUS Loans for Graduate Students
Important Note: US Grant funding is not available to students attending UVic or other foreign schools.
You may not apply if you are registered in:
- a certificate program
- a diploma program
- a Continuing Studies program
- Distance Studies courses or programs (courses delivered via telecommunication, online or correspondence course)
- a Nursing program
- unclassified studies
- PDPP for Education
- Study abroad or exchange at a Title IV ineligible institution
Reminder:
Students who wish to receive funding through the US Direct Loan Program (Title IV) while attending a foreign school (either on campus or as part of an official exchange) may not be registered in an ineligible course or program. An ineligible course or program is defined as:
- A program offered by a foreign institution may not include any use of a telecommunications course (distance education), correspondence course, or direct assessment except that distance education technologies may be used to supplement and support instruction in a classroom located in the foreign country where the students and instructor are physically present.
- A foreign institution may not permit students to enroll in any course offered by the foreign institution that takes place in the United States, including research, work, internship, externship or special studies.
- An eligible foreign institution may not enter into an arrangement under which a Title IV ineligible entity provides any portion of the eligible institution’s programs. The University of Victoria is a public institution and does not have any agreements with other institutions to provide partial instruction. The University of Victoria has only one location and does not operate any satellite campuses.
How to apply and process to receive funding
The following steps must be complete each academic year. Deadline to complete the steps is August 1 for Winter session (September to April) and April 1 for Summer session (May to August).
- Complete Free Application for Federal Student Aid (FAFSA)
- Complete Entrance Counselling
- Sign Master Promissory Note (MPN)
- Complete PLUS Loan Request Process
- Once you are fully registered for the period for which you are applying, complete the US Loan Request Form and submit it to our office (Student Awards & Financial Aid).
Note: Applications received after this date will be processed on a on-going basis, therefore there is no guarantee that the funds will arrive by the student tuition fee payment deadlines.
Once we have originated your Direct Loan funding with the US Department of Education, the funds will be released in two disbursements to the University of Victoria, converted to Canadian currency and direct deposited to your student tuition fees account.
Reminder: It is the student’s responsibility to ensure that their registration and program or courses meet the eligibility criteria for US Direct Loan (Title IV) funding. UVic Student Awards and Financial Aid does verify registration at time of application, before funds are disbursed and after funding is disbursed. However, students should contact Student Award and Financial Aid immediately if they have changed their registration or are considering changing their registration.
Cost of attendance
The cost to attend UVic depends on how many classes you take, if you drive a car or take the bus, if you share accommodation or rent your own place.
Consider your particular circumstances together with these cost estimates.
Types of US student loans and borrowing limits
Undergraduate annual limits
Subsidized and unsubsidized
| Dependent undergraduate | Subsidized | Total (Sub + Unsub) |
Direct Stafford loan maximum |
||
| First year | $3500 | $5500 |
| Second year | $4500 | $6500 |
| Third year and beyond | $5500 | $7500 |
Independent undergraduates and dependent students whose parents cannot borrow a Direct PLUS loan |
||
| First year | $3500 | $9,500 |
| Second year | $4500 | $10,500 |
| Third year and beyond | $5500 | $12,500 |
Graduate annual limits
Unsubsidized (As of July 1, 2012 subsidized loans are no longer available for graduate/professional students.)
| Graduate and professional years | Total (unsubsidized) |
Direct Stafford loan maximums |
|
| All years | $20,500 |
Graduate PLUS and Parent PLUS Loans - the maximum amount you are able to borrow will be based on the amount requested, the student's cost of attendance (as determined by the University of Victoria) and the amount of subsidized/unsubsidized loans the student is able to receive.
Deadlines
The recommended date for completion of FASFA and Master Promissory Note:
- August 1 for Winter session
- April 1 for Summer session
This is to allow sufficient time for the 1st installment of loan funding to be available in September. We will continue to process loan applications after these dates however we cannot guarantee loan funds will be available by tuition fee deadlines.
Final deadline - All federal aid must be processed and credited to a student's account before the last day of the semester, therefore all information should be submitted no later than 30 days before the last day of classes in order to insure sufficient time for processing student loan applications.
Regulations for US student loan recipients
Students are strongly advised to familiarize themselves with the following US government and alternative loan regulations information and essential policy relevant to their circumstances.
- Maintaining your eligibility - course load and Satisfactory Academic Progress Policy (SAP)
- Return to Title IV Policy
- USDL Consumer Information
- Withdrawal from studies
- Refunds
- Entrance counselling
- Exit counselling
- Default Management Plan
- Study Abroad
Study Abroad and Exchange
Study Abroad and Exchange
Students participating in a Study Abroad Program are NOT eligible to receive subsidized/unsubsidized/PLUS or alternative loans through the University of Victoria. You will be paying your tuition fees to the other school (abroad). You must therefore make arrangements with that school (not UVic) for financial aid. Please note: the University of Victoria does NOT participate in consortium agreements.
Exchange students
US students studying on an official UVic exchange (UVic Global Engagement) are considered to be UVic students for subsidized/unsubsidized/PLUS and alternative loans. This means that:
- you pay tuition and fees to UVic
- you apply for US loans following UVic procedures
IMPORTANT! US Department of Education regulations stipulate that you can receive US Direct Loans while on exchange only if:
- you attend a school that participates in the US Direct Loan Program (Title IV), and
- the school attended is located outside of the US
If you intend to go on an official UVic exchange, and wish to receive funding through the US Direct Loan Program (Title IV), you must provide proof to Student Awards and Financial Aid that you will be attending a Title IV eligible school (see above). Please check the Federal School Code Search to make sure the partner university is also eligible to assess students for Title IV funds.
- Select ‘Foreign Country’ in the drop-down menu. If the partner is eligible, then UVic can assess you for Direct Loans.
- If the partner university is not eligible, you will not be eligible to receive Direct Loans for the period of your exchange, you may not be eligible for any future US loan funding, and you may be required to pay back any previous funding you have received.
No funding will be disbursed unless this information is provided to Student Awards and Financial Aid.
Reminder:
Students who wish to receive funding through the US Direct Loan Program (Title IV) while attending a foreign school (either on campus or as part of an official exchange) may not be registered in an ineligible course or program. An ineligible course or program is defined as:
- A program offered by a foreign institution may not include any use of a telecommunications course (distance education), correspondence course, or direct assessment except that distance education technologies may be used to supplement and support instruction in a classroom located in the foreign country where the students and instructor are physically present.
- A foreign institution may not permit students to enroll in any course offered by the foreign institution that takes place in the United States, including research, work, internship, externship or special studies.
- An eligible foreign institution may not enter into an arrangement under which a Title IV ineligible entity provides any portion of the eligible institution’s programs. The University of Victoria is a public institution and does not have any agreements with other institutions to provide partial instruction. The University of Victoria has only one location and does not operate any satellite campuses.
In-school deferments
Other funding
- GET
- Section 529 Savings Plans
U.S. students who have access to Section 529 Savings Plans may be eligible to utilize these resources while studying at the University of Victoria. To maximize U.S. Federal Tax benefits associated with Section 529 Savings Plans, students will need to ensure that their savings plan's administrator is informed of the U.S. Department of Education Federal School Code for the University of Victoria, which is G08370.