Even though you're attending a Canadian institution, you may still be eligible for U.S.-based financial assistance. Direct Loans, Plus Loans, and Veterans Administration Grants are all available for study in Canada. Unfortunately, Pell Grants are not available.
If you will be using student loans to pay for your education, the Student Loan payment plan is for you. To use this plan, you should complete the loan process by August 15 for the first semester and December 15 for the second semester. If your student loan is not confirmed by these dates, you'll enter one of the other payment plans available. If your student loan is not enough to cover all of your costs for each semester, you'll make payment arrangements for the difference with post-dated cheques, by credit card, or by pre-authorized debit.
Types of loans
Direct Subsidized Loan - The government pays the interest on the loan while you are studying full-time.
Direct Unsubsidized Loan - Interest accrues (or accumulates) on the loan. You may pay the interest monthly or have it deferred (delayed) until you begin paying back your loan.
Direct Plus Loan/Direct Parent Plus Loan - Loan money available to cover costs that Subsidized and Unsubsidized Loans do not cover. Parents may take out loans for their undergraduate students in this program.
Private loans - Loans offered through financial institutions. Contact Student Finance Office, email@example.com, for more information.
Undergraduate level (college) - Twelve credit hours per semester. Enrolled in an AA or BA degree. Certificate programs do not qualify.
Graduate level (seminary) - Nine credit hours per semester. Must be a campus resident. Enrolled in a MA or MDiv degree. Certificate programs do not qualify.
Important Note: Distance Education courses do not qualify. Students who are or will require Direct Loans may not take out Distance Education courses as they are no longer eligible for Direct Loan funding for the remainder of their program.
How to receive U.S. Student Loans
Complete FAFSA (Free Application for Student Assistance) by visiting their website http://www.fafsa.ed.gov/. You must complete this step every year to continue receiving funding.
Briercrest College and Seminary's school code is G11722.
First-time users will need to apply for a PIN number online. Your PIN serves as your electronic signature and provides access to your personal records, so make sure to keep your record in a safe place for future use.
Contact the Student Finance Office, firstname.lastname@example.org, to let them know that you need U.S. student loans.
You will receive an award letter from the Student Finance office with the exact amount of money for which you are eligible.
If you are a first-time borrower, complete entrance counselling online. Entrance counselling outlines the process of student loans and your responsibilities as a borrower.
Complete the Master Promissory Note online. In this step, you are agreeing to the terms and conditions of the loan (this means you must pay it back). You must complete this step annually to continue receiving student loans.
How the funds are received and disbursed
Loans are distributed twice a year-typically by the end of September and end of January. Funds come directly to the school. We will place them directly in your tuition account.
Satisfactory Academic Progress
To maintain Direct Loan eligibility, a student must adhere to both qualitative (grades) and quantitative (pace) aspects of their academic program. At the evaluation point of their program, the school will review if students are progressing at the expected pace while maintaining the minimum GPA to earn their degree/diploma. Grade Point Average (GPA) and a pace of completion are affected by incomplete and failed courses, withdrawals and repetitions and by transfer credits from other schools.
To maintain eligibility a student must:
- Successfully complete at least 67% of all attempted courses per academic semester (pace).
- Must maintain a 2.0 GPA. undergraduate, 2.5 GPA graduate
- Must complete their degree within 150% of the published program length.
If the student has not met all of the above criteria, he/she will be notified. For the next academic session, the student will enter a paid/funded warning period. At the end of the warning period (which will not be more than one semester), if the student fails SAP again, they will lose eligibility for Title IV funds. However, at this point the student may appeal.
If a student who has never been on US Direct Loans applies and has not met Satisfactory Academic Progress (SAP) in the previous year, the student is notified, via email, once the US Direct Loan application is submitted.
Maximum Time Frame Eligibility:
- Associate of Arts – maximum 3 years
- Bachelor of Arts – maximum 6 years
- Master of Arts – 42-60 credit hours maximum 4.5 years; 63 + credit hours (300+ non-credit internship) maximum 6 years (300+ non-credit internship)
- Master of Divinity – maximum 6 years
See the full policy for more details.