US Loans FAQ

How much US Loan funding am I eligible for?

You are eligible to borrow up to the amount of your cost of attendance minus other resources you may be receiving including scholarships. The cost of attendance for international students at UBC typically ranges from $20,000 - $40,000 and is a number set by the government to include your tuition and fees as well as living expenses. The maximum funding also depends on your degree type and year. UBC can not certify you for funding that exceeds either your particular cost of attendance OR the loan maximums set by the US Government.

Do 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 to August.This means that if you receive the maximum amount of Stafford loan funding in your September - April installment and then decide to take summer courses, you will not be able to receive any additional Stafford loan funding for the summer.

What type of funding can I apply for?

You can apply for Direct Loans, which include Stafford, Grad PLUS and Parent PLUS funding. For Stafford funding,undergraduate students may receive some subsidized funding, while graduate students are only eligible for unsubsidized.

If you aren't eligible for Direct Loans, you can also apply for private loans through Sallie Mae and explore other funding options.

Can I get Pell Grants or Perkings Loans?

Unfortunately, no. US students attending foreign institutions are not eligible to receive these types of Federal aid per US Department of Education regulations.

When should I apply for my Direct Loan?

Apply for your loan at least a month before the start of the term to make sure your funding arrives by the first week of classes. Make sure to follow the step-by-step instructions on our website - if your application is incomplete it will delay your loan funding. If you apply for your loans by July 31st, we defer your tuition fees for one month to allow you to use your savings for living costs and wait for your loan to pay tuition.

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

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

When will I receive my Sallie Mae Smart Option funds?

UBC does not release loan funding until the start of term. If you apply anytime before the end of July for the next winter session you should receive your cheque in the first week of September.  If you apply closer to the start of term, you will usually get your Sallie Mae Smart Option cheque about 4 weeks after you apply.  These cheques are in US dollars, which means that it may take an additional 30 days for your Canadian bank to release the funds to you.

Can I receive my loan funding before school starts?

Loan funding is not released until school starts in September. You are expected to have some savings to cover housing deposits and other initial costs. If you apply for your loans by July 31st, we defer your tuition fees for one month to allow you to use your savings for living costs and wait for your loan to pay tuition.

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

If you take a Distance Education and/or an Online Course as a part of a credential, you will be ineligible for US Direct Loan funding for the duration of your program. Most co-op programs are eligible for direct loan funding, but you will be ineligible if you go on co-op in the United States. In this case, you may apply for a US private loan such as Sallie Mae Smart Option.

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

US students are only eligible to receive US Loans through UBC while attending a Title IV eligible school not located within the US.

What is subsidized funding?

Subsidized funding refers to Stafford loans that the interest is paid by the U.S. Department of Education while you’re in school at least half-time, for the first six months after you leave school (referred to as a grace period), and/or during a period of deferment (a postponement of loan payments).

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

In order for a course to count towards your loan eligibility program requirements, they must be for credit. If you decide to audit a course, please remember that you will still need to meet the requirements through additional for credit courses.

Does a three week course in the summer count towards my program registration requirement?

Summer session program registration requirements are different than Winter session requirements. In order to be loan eligible, you must have continuous registration across the entire summer session (May – August). You can either register in enough credits that run across the entirety of both terms (May – August) or register in courses that individually run for the full six weeks in either Term 1 and 2 but together they span all 12 weeks of the summer session.

For example, Course A runs May – mid June in Term 1 and Course B runs July – mid August in Term 2. Together these courses meet the summer session program registration requirement.

If you have questions whether or not your classes will meet the loan eligibility requirements for the summer session, please contact an Enrolment Services Professional (ESP). ESPs are available to help all UBC students.

Can I cancel my Direct Loan?

If the loan has not yet disbursed you may reduce or cancel your loan by informing Enrolment US Loans Inquiry usloans.inquiry@ubc.ca. If the loan has disbursed, you should contact Enrolment US Loans Inquiry usloans.inquiry@ubc.ca no later than 30 days from each of the disbursement date(s) provided in this letter. After 30 days, you can contact your lender to make arrangements to return some or part of the loan and reduce your overall loan debt.

Can I receive funding for Jump Start?

Yes.  If you participate in Jumpstart and would like us to include the fee in your US loan assessment please send an email to usloans.inquiry@ubc.ca and include your name and student number with your request.  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 and information you will need available here.

Where do I go to get my Continuation of Interest Free status form filled out?

Your ESP can help you complete your Continuation of Interest Free form. If you don’t have an ESP, you can bring the form in person to Enrolment Services in Brock Hall.

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