Student Awards


Student Awards

site header

U.S. Student Loans

Queen’s University participates in the William D. Ford Federal Direct Loan Program, in which US citizens or eligible US non citizens may apply for Federal loans directly from the US Department of Education. The Federal School Code for Queen's University is G06679.

Queen's students under tree

Types of U.S. Student Loans

Direct Loans

These loans may be either in the form of a subsidized and/or unsubsidized loan:

  • Subsidized loan: A student may be eligible for a subsidized loan based on his/her financial need. No interest is accrued while the student remains in-study in at least half time (the federal government 'subsidizes' the interest during these periods).
  • Unsubsidized loan: These loans are not based on financial need. Interest will be charged from the time the loan is disbursed until it is paid in full. Students can choose to pay the interest while they are in school, or allow interest to accumulate and be added to the principal amount.

Queen's University is considered a foreign school, therefore students will not be considered for any Grants.

Annual Loan and Aggregate Limits (effective for loans disbursed on or after July 1, 2012):

Annual Loan and Aggregate Limits
Student Group

Year of Study

Subsidized/ Unsubsidized Base Amount 

Additional Unsubsidized Loan Amount

Aggregate Loan Limits* 

Dependent Undergraduate Students 1st year 




2nd year 




3rd year and up 




Independent Undergraduate Students 1st year




2nd year




3rd year and up




Graduate and Professional Students All




* Aggregate Loan Limits (undergraduate students): No more than $23,000 of which may be subsidized. Aggregate Loan Limits (graduate and professional students): No more than $65,500 of which may be subsidized.

Direct PLUS Loans for Parents:

Direct PLUS Loans enable parents who are credit worthy to borrow to assist with paying for their child's educational expenses.

The yearly limit on a Direct PLUS Loan is equal to the student's Cost of Attendance (determined by the University) less any other financial aid (including loans) the student will receive.

Direct PLUS loans proceeds must be used for authorized educational costs incurred by the dependent student. The parent agrees to immediately repay any loan proceeds that cannot be attributed to educational costs for attendance on at least a half time1basis at the school that certified the Direct PLUS Loan.

The parent who is applying for the Direct PLUS loan will also need to complete and return a Statement of Educational Purpose and Refund Form (PDF, 65 KB).

Direct Grad PLUS Loans for Graduate Students

Credit worthy graduate or professional students enrolled in at least half time1 in an eligible degree program can borrow up to the total cost of attendance (determined by the University), less any other financial aid (including loans) received.

The yearly limit on a Direct Grad PLUS Loan is equal to the student's Cost of Attendance (determined by the University) less any other financial aid (including loans) the student will receive.

Private Loans

A private loan is another option for US students who may require additional loan funding. We recommend that you apply for Federal US loans before applying for private loans. See comparison of Federal loans versus private loans.

If you choose to apply for a private loan the University is willing to work with whichever lender you choose. Currently the University is only aware of the lenders listed below who will provide private loans up to the Cost of Attendance to students who are studying outside of the US

Global Education Management Services

NJ Class Loan (New Jersey Residents)

Sallie Mae Parent Loan

Sallie Mae Smart Option Loan

Vermont Advantage Loan (Vermont Residents)

1 half time: Undergraduate students registered in 15 credit units over the Fall Winter term or 9 credit units if attending one term only, or Graduate students registered as part-time.