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. Additional funding from other resources (eg. scholarships, loans) you may be receiving will be substracted from the total amount you're able to borrow. 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 can not 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 your funding 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).

If you use the maximum amount in Direct Subsidized and Direct Unsubsidized Loan funding for the Winter Session (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 (May - August period). I

If you do not use the entire annual loan limit during the Winter Session, you will still be eligible for consideration for the rest of the amount for the remaining academic year or 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?

UBC is considered a foreign school and 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 4 weeks before the start of the term to make sure your funding is available by the first week of classes.

Follow the step-by-step instructions to avoid delays to your 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.

Please ensure these details are up-to-date in order to receive your refund in your bank account.This funding will be available a few business days after the disbursement date.

When will I receive my Sallie Mae Private Loans?

UBC releases your loan funding at the start of the term. 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, as it takes 4 weeks to process a Sallie Mae Loan. 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 related to your studies. 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.

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

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

Under normal circumstances, students are not eligible to receive Direct Loans while taking Distance Education (DE) or online courses.

The CARES Act temporarily allows US students to be eligible to receive loan funding during the health crisis for courses such as Distance Education, Online/Web Learning, and Flexible Learning classes. Currently, the Act will only cover courses up to and including Term 1 of the 2020 Winter Session at UBC (Sep – Dec 2020). Depending on guidelines and direction from our provincial and federal health authorities, UBC is waiting to determine whether the CARES Act will extend to include Term 2 of the 2020 Winter Session (Jan – Apr 2021).

During regular sessions that are not covered by the CARES Act, students taking courses that are not eligible for Direct Loan funding will lose funding for the duration of their degree. 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?

This funding is available to undergraduate students registered in at least 6.0 credits per term with financial need

Subsidized funding is when the US Department of Education pays for the interest on your Direct Subsidized Loan:

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

Direct Subsidized Loans are only available to undergraduate students, registered in at least 6.0 credits per term. 

Direct Unsubsidized Loans are available for undergraduate and graduate students registered in at least 6.0 credits per term.

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 through 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 Student Services Centre (SSC). You can use this form or provide it to your accountant for the purposes of filing your taxes in the US. We recommend that you file taxes to Canada while you are studying at UBC.

Find more instructions on how to file your taxes in Canada.

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

If you have an advisor, your advisor can help you complete your In-School Deferment or Continuation of Interest-Free Status form. To find who your advisor is, log into the Student Services Centre (SSC) and select “UBC Contact” under Personal info

If you don’t have an advisor, you can email Enrolment Services at or call 604 822 9836.

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If you have questions

Please contact your Enrolment Services Advisor directly. If you do not have an assigned advisor, they are still available to help.