U.S.A. William D. Ford Federal Direct Loan Program

Who Can Apply?

How Much Can I Borrow?

Funding Education Beyond High School: The Guide to Federal Student Aid

How To Apply

Step One - www.studentloans.gov

--complete your Free Application for Federal Student Aid (FAFSA) . (School Code G06688)
--complete the appropriate Master Promissory Note(s)
--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.)

Step Two

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)

Step Three

Mail the forms listed in Step Two and a copy of your FAFSA Student Aid Report
to Admissions and Awards, University of Toronto, 172 St. George Street, Toronto, Ontario, M5R 0A3

Loan Letter
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 disbursements typically after the start of the fall, winter and summer terms.

Before you can receive your first loan payment in September, 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 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.

Deadline Dates
To ensure funding will be available by 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 Admissions and Awards of any changes, including course load reduction or withdrawal

Satisfactory Academic Progress
In order to receive funding from the Federal Direct Loan program, you must maintain satisfactory academic progress. Satisfactory academic progress is measured at the end of each academic year in accordance with the University's published academic standards required for graduation. Undergraduate program completion may not exceed 150% of the published length of time to complete.

Students who fail to maintain satisfactory academic progress will be advised in writing or by email (we use the address on (ROSI) Repository of Student Information) of their ineligibility for further aid . Students may appeal this restriction.

Appeals will be considered for unusual or extraordinary situations. Examples include:

family difficulties
medical problems
illness
death in a family
interpersonal relationship problems
financial difficulties

Signed appeals must be submitted to Admissions and Awards with supporting documentation and an academic plan of action for academic recovery. An appeal committee will review the situation and the student will receive written notification of their decision. Students who successfully appeal will be placed on Financial Aid Probation and have aid issued for the subsequent payment period. If satisfactory academic progress is not met at the end of the Financial Aid Probation period an academic plan must be approved with your Registrar's co-signature.

Withdrawal/Reduction in Course Load

Your Federal Direct Loan is awarded on the basis that you will attend school for the entire period for which the load was calculated.

If you withdraw from the University of Toronto or reduce your course load to less than half-time you must:

Notify your Lender and Admissions and Awards
have your loan award immediately recalculated to determine your "earned" entitlement. "Unearned" funds must be returned to the U.S. Department of Education under the Higher Education Reconciliation Act of 2005 (HERA). For more information refer to www.studentloans.gov

The amount of assistance earned is calculated on a pro-rated basis. For example, if a student attends 40% of the payment period, 40% of the assistance is considered earned. Once a student completes more than 60% of the payment period, all assistance is earned. For specific refund calculations contact Admissions and Awards, 172 St. George Street, Toronto, Ontario M5R 0A3, or email e.lennox@utoronto.ca.

Exit Counselling
When you leave your studies (graduation, withdrawal or course load reduction to less than half-time) you must complete the Exit Counselling interview and begin repayment of your student loans.

Alternative Loans/Private Loans
These loans provide supplemental funding over and above the Federal Direct Loans. Information is available from Sallie Mae or the lender of your choice. After your private loan has been approved by your lender, you must request the University of Toronto to certify your loan. Complete the Request for Alternative/Private Loan School Certification.

Information on "American Opportunity Credit & Lifetime Learning Tax Credit"

Contact: If you have any questions, please contact: e.lennox@utoronto.ca

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