US Loans FAQ

How much US Direct Loan funding am I eligible for?

You are eligible to borrow up to your full cost of attendance minus other resources (i.e, scholarships, loans) you may be receiving. The cost of attendance, including living costs typically ranges from $20,000 - $40,000 for international students at UBC. Your maximum funding also depends on your degree and year level. UBC cannot certify you for funding that exceeds either your cost of attendance OR the loan maximums set by the US Department of Education.

To see how funding your is calculated, visit the US Direct Loan funding amounts page.

Use the UBC cost calculator to plan your first-year costs.

Do Direct Loan maximums apply to each term or each year?

The loan maximums set by the US Department of Education apply to the academic year (September - August of the following year). Therefore, if you received the maximum amount in Direct Subsidized and Direct Unsubsidized Loan funding for the September - April period and then decide to take summer courses, you are not eligible for any further Direct Subsidized and Direct Unsubsidized loan funding for the summer session.

What type of funding can I apply for?

You can apply for Direct Loans, which may include Direct Subsidized and Direct Unsubsidized, Grad PLUS and Parent PLUS funding, depending on your personal eligibility. Undergraduate students may be eligible for Direct Subsidized funding, while graduate students are only eligible for Direct Unsubsidized funding.

If you are not eligible for Direct Loans, you have the option of applying for private loans through Sallie Mae.

Can I get Pell Grants or Perkins Loans?

US students attending foreign institutions are not eligible to receive these types of Federal aid.

When should I apply for my Direct Loan?

We recommend you apply for your Direct Loan at least a month before the start of the term to make sure your funding is available by the first week of classes. Make sure to follow the step-by-step instructions to avoid delays to you application. 

When will I receive my Direct Loan (Subsidized, Unsubsidized or Parent/Grad PLUS) funds?

Your Direct Loan will pay towards your tuition and student fees on the disbursement date listed on your assessment letter from UBC. If there is any money leftover from your loan after your fees are paid, you can receive this money through direct deposit or a cheque. This funding will be available a few business days after the disbursement date.

When will I receive my Sallie Mae Private Loans?

UBC does not release loan funding until the start of term. It takes 4 weeks to process a Sallie Mae Loan. Therefore, we recommend you apply at least 4 weeks before the start of term to ensure you receive your funding for the start of the session. It may take up to an additional 30 days for your Canadian bank to release the funds to you as these are US dollar cheques.

Can I receive my loan funding before school starts?

If you have been approved for a Direct Loan, the earliest your loan funding will be available is the first week of September. You are expected to have some savings to cover housing deposits and other initial costs. If you apply for your Direct Loans by July 31st, we will defer your tuition by one month to give you extra time to organize your finances.

Can I receive loan funding for Distance Education or Co-op?

If you take a Distance Education, an online course, or complete a co-op placement in the US as a part of your credentials, you will be ineligible for US Direct Loan funding for the duration of your program. In this case, you may want to consider private loans like Sallie Mae.

Am I eligible for a US Loan while I'm on exchange?

Check the US Federal School Code Search (under Foreign Country) to confirm that your exchange university is also eligible to provide Title IV funds. If your exchange university is Title IV and not located in the US, UBC can assess you for Direct Loans while you’re on exchange.

What is subsidized funding?

Subsidized funding is when the U.S. Department of Education pays for the interest on your Direct Subsidized Loan. This can cover your interst a) while you are in school at least part-time, b) for the first six months after you leave school (referred to as a grace period), and/or c) during a period of deferment (a postponement of loan payments).

Can I use audited courses/courses not for credit towards my registration requirement?

Direct Loans are only available to undergraduate students, registered in at least 6.0 credits per term, or to full-time graduate students. Audited courses do not count towards the 6.0 credits requirement.

Can I cancel my Direct Loan?

You can cancel or reduce your Direct Loan within 30 days from the disbursement date by contacting our office at

After 30 days, you can contact your lender to make arrangements to return all or a portion of your loan.

Can I receive funding for Jump Start?

Yes.  If you are participating in Jumpstart and would like to include the fee in your US loan assessment, please send your request via email (with your name and UBC student number) to We will include the registration fee when we calculate your cost of attendance.

How do I file my taxes in the US while I’m studying in Canada?

As a Canadian institution, UBC does not issue American tax documents (ex: Form 1098-T). However, UBC does issue a form called the T2022A through your SSC. You can use this form or provide it to your accountant for the purposes of filing your taxes in the US.  UBC also recommends that you file taxes to Canada while you are studying at UBC. You can find helpful instructions here.

Where do I go to get my In-School Deferment/Continuation of Interest-Free Status form filled out?

Your Enrolment Services Advisor can help you complete your In-School Deferment/Continuation of Interest-Free Status form. If you don’t have an advisor, you can bring the form to Enrolment Services in Brock Hall.

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