U.S. Financial Aid
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US students studying at St. Thomas University are eligible to receive loans through the William D. Ford Direct Loan program.
Please note that PELL grants are not available to students studying at foreign schools.
Eligible Direct Loan programs:
- Direct Loan - undergraduate (subsidized/unsubsidized)
- Subsidized Loans - made to eligible undergraduate students who demonstrate financial need; the US Federal Government covers the interest on these loans while you are a full-time student as well as in periods of deferment
- Unsubsidized Loans - made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan, the borrower is responsible for the interest which begins to accrue at the time of disbursement
- Parent PLUS Loan - made available to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid
For complete details about these loans, please click here.
Student Eligibility
To be eligible for US Federal Student Aid applicants must:
- US citizens, U.S. National or permanent residents registered in a full-time federal aid approved degree program
- Must have a valid Social Security Number
- Must not have defaulted on previous US government loans
- Male applicants who are required to register with the Selective Service must do so to be eligible for FSA funds
- For more information on determining your eligibility, please click here.
Loan Amounts and Limits
For all undergraduate students the US Direct Loan Program has annual as well as lifetime loan limits that vary according to a student's:
- Grade level
- Status (dependent or independent)
- Loan type: need-based (subsidized) or non-need based (unsubsidized and PLUS)
- Cost of attendance (student cannot borrow more than this amount)
Annual Loan Limits for:
Dependent Undergraduates (excluding dependent students whose parents can’t get PLUS)
| Year | Subsidized | Total (subsidized & unsubsidized) |
|---|---|---|
| First | $3,500 | $5,500 |
| Second | $4,500 | $6,500 |
| Third + | $5,500 | $7,500 |
Independent Undergraduates & Dependent Students whose parents can’t get PLUS
| Year | Subsidized | Total (subsidized & unsubsidized) |
|---|---|---|
| First | $3,500 | $9,500 |
| Second | $4,500 | $10,500 |
| Third + | $5,500 | $12,500 |
Aggregate Loan Limits for:
Dependent Undergraduates (excluding those whose parents can’t borrow PLUS)
| Subsidized | $23,000 |
| Total (subsidized & unsubsidized) | $31,000 |
Independent Undergrads & Dependent Students whose parents can’t get PLUS
| Subsidized | $23,000 |
| Total (subsidized & unsubsidized) | $57,500 |
How to Apply
Direct Subsidized and Unsubsidized Loans
Complete a Free Application for Student Aid (FAFSA) for the applicable academic year. The federal school code for St. Thomas University is: G06682
Complete the Aid Process
To be completed by June 30 of each academic year.
Late applications are processed on a rolling basis and therefore there is no guarantee that the funds will be disbursed by St. Thomas University’s fee payment deadlines.
1. Complete the Annual Student Loan Acknowledgment for Federal Student Loans
To be completed each year you accept a new federal student loan. It is important to understand your loans and how they affect your financial future.
2. Complete the Master Promissory Note (MPN)
The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).
3. Complete Your Student Loan Entrance Counseling Requirement (mandatory for first time borrowers only)
Entrance counseling ensures you understand the terms and conditions of your loan and your rights and responsibilities. Entrance Counselling is different form the Annual Student Loan Acknowledgement.
Parent PLUS Loans
- If you don’t already have one, create a FSA User ID and log into your FSA account
- Complete the Direct PLUS Loan Request
- Complete the PLUS Loan Master Promissory Note
- Complete PLUS Loan Counselling
US Direct subsidized, unsubsidized and PLUS loans cannot be originated after the students study period end date.
Disbursement Schedule
Loans will be disbursed in two equal payments:
50% in September
50% in January
Students will be notified by email of the pending disbursement. Loans will not be disbursed until the university receives confirmation from the student that they still intend to borrow all or a portion of the indicated loan disbursement.
Receiving your Loans
Once disbursed, loans can take up to 5 business days before being applied to student accounts. Students will be notified by email of the amount in Canadian dollars that has been applied to their student account. Those with a credit balance after payment of tuition and fees can request a refund cheque through Financial Services.
Deferring your Existing US Federal Loans
St. Thomas University’s International Student Coordinator reports student enrolment via the National Student Loans Database (NSLDS) Enrolment Reporting System. Loan repayment for students enrolled in full-time studies previous and current loans will be deferred. Students can verify the status of their US Federal Loan(s) at NSLDS.
Exit Counselling
Exit Counselling provides students with information about repayment plans. It is mandatory for all graduating students with subsidized and unsubsidized loans. Online Exit Counselling must be completed during the final semester of studies and prior to graduation. An acknowledgement will be sent to the university upon completion. If you withdraw from the university, you are obligated to fulfill this requirement. To complete Exit Counselling, please click here.
Managing Repayment of your Loans
To learn more about managing student loan repayments please visit studentaid.gov for: financial and loan counseling resources; repayment guides and estimator tools; and informative videos prepared by Federal Student Aid.
GI Bill Credits
Funding from the Post 9/11 U.S. GI Bill is able to go toward most Canadian university studies. St. Thomas fully accepts GI credits toward tuition. Once your acceptance to St. Thomas University has been confirmed, contact the Financial Services Office to arrange for credits to be applied to your account at St. Thomas.
Non-Government Loans
Students requiring additional funding may want to consider alternative, non-government loans. Please note that all US students can apply, including those not registered in a degree program. It is always a good idea to shop around to find the best interest rates, fees and loan repayment options as these do differ from US Federal Student Aid. Students can borrow up to the cost of attendance less any financial aid already received. Some lenders may require the student to have a cosigner. St. Thomas University will certify loans for lending institutions, provided they are willing to lend to a student studying outside of the US.
Potential Lenders
Global Education Management Services (GEMS)
Receiving your US Non-Government Loans
All students receive their non-government loan funds by cheque in two equal disbursements (usually in September and January). Once loans have been certified by St. Thomas University a cheque will be sent to the school in both the borrower and schools names. Students will be notified by email to come into the Student Financial Services office to endorse the cheque. St. Thomas University will apply the full amount of the loan to the students account. All tuition and fees owed will be recovered by the institution. Any credit on the students account will be given to the student unless otherwise indicated in writing by the student.
St. Thomas University US Financial Aid Policies
Satisfactory Academic Progress Policy
Return of Title IV Policy
Default Management Plan
Consumer Information
Federal Financial Support - COVID-19