US Student Aid
There are many new changes coming: this page will be updated soon and the current information may not be accurate for 2017-2018.
U.S. Government Loans General Information
All students coming from the US must first apply with the William D. Ford Federal Direct loan Program. That is your first step.
Financial Aid Information for US Undergraduate Students and Parent.
The primary source of aid for citizens and permanent residents of the US is through the William D. Ford Federal Direct Loan Program. Undergraduate students are eligible to apply for subsidized and unsubsidized Direct Loans from the US government and parents may apply for a Parent PLUS Loan. The US government does not allow foreign schools to offer Pell grants to students.
The application process for US Direct Loans is different for students attending a foreign school.
Students must complete the following steps each academic year:
- Student (with parents) complete the FAFSA at www.fafsa.ed.gov
- Student e-signs a Master Promissory Note (MPN) for a US Direct Loan at www.studentloans.gov
- Students who are first time US Direct Loan borrowers complete Entrance Counseling at www.studentloans.gov
Parents complete the following steps each academic year (if applying for PLUS loan):
- Parent applying for PLUS loan complete (with student) the FAFSA at www.fafsa.ed.gov
- Parent applies for PLUS loan (to complete a credit check) at www.studentloans.gov
- Parent e-signs a PLUS loan Master Promissory Note (MPN) at www.studentloans.gov
All of the above steps for Direct Loans and Parent PLUS loans should be completed by July 1. Applications are processed on a rolling basis. Late applications cannot be assured of obtaining loan documentation in time to obtain immigration approval or, that loan funds will be disbursed by the tuition fee payment deadline.
Did you know that June 14 is American Flag Day?
We wish to thank all of our American students for choosing Bishop’s University!
Notification/Disbursement of US Direct Loans
Students are advised of the loan offer(s) by letter (sent via email) listing each loan and the GROSS amount of each loan in US currency. This letter can be used for proof of financial capacity for immigration purposes.
- Students are advised to “accept” or “decline” each loan offer within 3 days of receipt of the letter.
- Students must be registered full time prior to the disbursement date. If not, disbursements will be delayed.
- Loan amounts will be converted into Canadian funds upon disbursement.
- US Direct Loan Funds will be disbursed to the student’s tuition account on myBU:
- Fall: All Students – After the add/drop deadline
- Winter: All Students – After the add/drop deadline
Students whose loans will not be disbursed by the fee payment deadline can apply for a Tuition Payment Deferral : University Promissory note – link to follow shortly.
Students can request a refund using the Student Refund Check Request form for any credit balance on their tuition account.
The University annually provides T2202A (Canadian equivalent to US 1098) for tax purposes. The T2202A will be available to all students in late February of each year on their student portal myBU.
Types of Loans
US Students attending Bishop’s University may apply for the following loans through the William D. Ford Federal Direct Loan Program:
- Direct Loan – undergraduate (subsidized/unsubsidized)
- Direct Loan – graduate
- Grad PLUS loan – graduate
- Parent PLUS loan- dependent undergraduate
IMPORTANT – PELL grants are not available to students attending foreign schools.
- US citizens or permanent residents who are registered full-time in a degree program are eligible to apply.
- Students registered in the one year BEd Education program are not eligible.
- Students in a one year certificate program are not eligible
- Programs not eligible or that have limitations
For all students (undergraduate/graduate) the US Direct Loan Program has annual as well as lifetime loan limits that vary according to a student’s:
- Grade level
- Status (dependent/independent)
- Loan type: need based (subsidized) or non-need based (unsubsidized and PLUS)
- Cost of attendance (student cannot borrow more than this amount)
Below is a list of eligible Stafford loans per academic year (half in the fall and balance in the winter session):
Subsidized Stafford maximums for 2016-2017
Graduate Student $8500
Unsubsidized Stafford Maximum 2016-2017
All categories $2000
Any funding above these limits will need a Parent Plus loan application.
Once you have decided that you are coming to Bishop’s University, please contact firstname.lastname@example.org to start your file. In order for us to complete a loan request we will have a few questions to go over with you.
All students must complete a Master promissory Note (MPN) on the Federal Student Aid website.
If you are a parent requesting a Parent Plus loan you must complete the MPN on the Federal Student Aid website.
Students must be registered full-time (12-15 credits per semester) to maintain loan eligibility. A student may drop to a minimum half-time status (7.5 credits) and still maintain eligibility, however for immigration purposes, international students are expected to maintain full-time status.
Regulations for US Aid recipients
This section provides important US government regulations and University Policies:
Bishop’s University – Student Accounts / Financial Aid
Location: McGreer Bldg – 2nd floor
Tel: 819-822-9600, ext. 2655