Applying For and Processing U.S. Student Loans
Do You Need Money for College? The Guide to Federal Student Aid is a comprehensive resource from the Office of Federal Student Aid. Applying for federal direct loan program funds to attend a school outside of the U.S., review the International page on studentaid.gov. Students (and parents) are encouraged to visit these links. Students who are U.S. citizens, eligible non-citizens and who are enrolled in at least half time1 in an eligible degree program are eligible to apply. For eligibility requirements please refer to the Guide to Federal Student Aid.
STEP 1 - HOW TO APPLY FOR DIRECT STUDENT/PLUS LOANS
Complete the Free Application for Federal Student Aid (FAFSA) (the Federal School code for Queen's University is G06679). Traditionally the new FASFA application has been available on 1 January each year. Beginning 2017-2018 year the new FASFA application will be available three months earlier on October 1st This will enable students to apply earlier with the goal of expanding college opportunities by ensuring that students and families have more time to consider their options with an understanding of the financial aid available to them. We recommend that you submit your FASFA prior to 1 July to ensure that the first installment of your funds will be available for September.
We will begin processing loan applications in early July. You will receive an email from the Student Awards Office confirming the eligible loan amounts for the current year.
Students who are enrolled in the Medicine or Nursing programs at Queen's University are not eligible for loans. Students who are enrolled in any on line distance learning courses, are not eligible to receive federal US Direct loan program funding as per regulation #34 CFR600.51 (d).
Reminder: Utilize the IRS Data Retrieval Tool when completing the FAFSA on the Web. FAFSA completion is easier and more accurate when the IRS Tool is used (to access the IRS Tool, you will require your FAFSA PIN). IRS Data Retrieval also simplifies the verification process since it can be used to update income information.
For further instructions you may visit the FAFSA Tutorial - 7 Easy Steps to completing FAFSA.
STEP 2 - APPLY FOR DIRECT STUDENT/PLUS LOANS
To apply for Direct Student/Plus Loans go to StudentLoans.gov. Students must electronically complete Loan Agreement for a Subsidized/Unsubsidized Loan (MPN). 1st year and 1st time borrowers must also complete Entrance Counselling and Financial Awareness Counselling. Parents or Graduate Students must electronically apply for a PLUS loan and complete Loan Agreement for a PLUS loan (MPN).
To access this site you will require the PIN that you used when you completed your FASFA.
STEP 3 - ISSUING OF FUNDS
Once your Direct loan is approved the funding will be disbursed in two equal installments (three equal installments for Graduate students) early fall and early winter. The disbursement will be sent by the US Department of Education to Queen’s University using Electronic funds transfer (EFT).
The disbursement will be applied directly to the student fee account. The student will receive an email confirming receipt of the disbursement and the Canadian equivalent.
Once the student account has been paid in full any excess funds will be sent using EFT to the student’s Canadian bank account within 10 days.
The student must provide their Canadian banking information on SOLUS before the excess will be refunded.
If you are receiving a Parent Direct Plus loan this amount will be applied to the student fee account. Once the student account has been paid in full, we will refund any excess to the student’s Canadian bank account.
STEP 4 - EXIT COUNSELING
The U.S. Department of Education requires all U.S. citizens receiving Direct Loans to participate in Exit Counseling shortly before they graduate, withdraw, or cease to be enrolled in at least half time1.
Go to studentloans.gov to complete Exit counseling. The link can be found under "Complete Counseling" once you sign in. Information on repayment of your student loans is available on the Repayment Information section of the Federal Student Aid website.