United States Direct Loan Funding Information
Welcome to our US Student Loans website. Please take the time to read the information as it provides step by step procedures, deadlines, and other important details that will make the US loan application process easier for you.
The University of Victoria is recognized for funding through the US Government and participates in the Title IV program known as the William D. Ford Direct Loan Program. Our US Federal Title IV Code is G08370 (also known as our OPE ID)
Who can apply?
US citizens or permanent residents of the US attending the University of Victoria and enrolled full time in a degree program may apply for the following loans through the William D. Ford Federal Direct Loan Program:
- Direct Stafford Loans (Subsidized/Unsubsidized)
- Direct PLUS Loans for Parents (Dependent Undergraduate students)
- Direct PLUS Loans for Graduate and Professional Students (Graduate & Professional students)
Important Note: US Grant funding is not available to students attending UVic or other foreign schools.
Who can NOT apply?
- Students registered in certificate, diploma or Continuing Studies programs
- Students registered in Distance Studies courses
How do I apply?
These steps must be completed each academic year:
- COMPLETE the Free Application for Federal Student Aid (FAFSA) at: www.fafsa.ed.gov
- COMPLETE Entrance Counselling at: http://studentloans.gov
- SIGN the Master Promissory Note (MPN) at: http://studentloans.gov
- COMPLETE PLUS Loan Request Process at: http://studentloans.gov
- COMPLETE & SUBMIT the UVIC Loan Request Form. Copies will be available, late in May, from our office by contacting finaid@uvic.ca
- SUGGESTED DEADLINE TO COMPLETE ALL THE ABOVE STEPS IS AUGUST 1ST FOR WINTER SESSION (SEPTEMBER TO APRIL) AND APRIL 1ST FOR THE SUMMER SESSION (MAY TO AUGUST)
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.
How do I receive my US Direct Stafford or PLUS Loan funding?
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.
How much can I borrow each year?
Undergraduate Maximum Annual Limits
(Subsidized and Unsubsidized Direct Stafford Loans)
|
DIRECT STAFFORD LOAN MAXIMUM
|
| DEPENDENT UNDERGRADUATE |
SUBSIDIZED |
TOTAL ( Subsidized & Unsubsidized) |
| 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 |
$9500 |
Second Year |
$4500 |
$10,500 |
Third Year and Beyond |
$5500 |
$12,500 |
Graduate Maximum Annual Limits
(Subsidized and Unsubsidized Direct Stafford Loans)
Direct Stafford Loan Maximums |
| Graduate & Professional Years |
Subsidized |
Total (Subsidized & Unsubsidized) |
| All Years |
$8500 |
$20,500 |
What happens if I withdraw or reduce my course load?
If you withdraw or reduce your course load you must notify Student Awards and Financial Aid. Please refer to the University of Victoria Return to Title IV Funds Policy for further details regarding your repayment obligations.
Satisfactory Academic Progress
All students are expected to achieve satisfactory academic progress as determined by the University to maintain eligibility for their loans. Failure to do so may result in suspension of financial aid.
Select the highlighted text to learn more about Satisfactory Academic Progress for GRADUATE Students
Select the highlighted text to learn more about Satisfactory Academic Progress for UNDERGRADUATE Students
Exit Counselling
The US Department of Education requires all students to participate in Exit Counselling shortly before they graduate, withdraw or cease to be enrolled at least half time. This can be completed at http://studentloans.gov and once you have completed the counseling please provide proof to Student Awards and Financial Aid.
How do I notify my previous lender(s) that I've returned to school so I don't have to make payments?
You need to complete a request for In-School Loan Deferment:
- Contact your lender or visit their website to get an In-School Deferment Request Form
- Each lender provides their own contact information so please bring both pages of this form to Student Awards and Financial Aid
- Student Awards and Financial Aid will complete the form and then give it back to you, and you must then return it to your lender
How do I qualify for In-School Deferment?
If you are registered in at least a half-time course load then you are eligible for In-School Deferment for your current study period.
Tips and help for managing your finances available here
Mailing Address and Inquiries
Student Awards & Financial Aid
University of Victoria
2nd Floor, University Centre
PO Box 3025, STN CSC
Victoria, B.C. V8W 3P2
Canada
Phone: (250) 721-8423
Fax: (250) 721-8757
E-mail: finaid@uvic.ca
Website: www.uvic.ca/safa
HOURS OF OPERATION
Monday thru Friday
8:30am to 4:00pm
Courier/In Person Address
Students Awards and Financial Aid
University of Victoria
2nd Floor, University Centre Rm A202
3800 Finnerty (Ring Road)
Victoria BC V8W 3P2
Canada
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