The Guide to Federal Student Aid is a comprehesive resource for U.S. Federal Student Aid. Students (and parents) are encouraged to visit this site. Students who are U.S. citizens, eligible non-citizens and who are enrolled in at least half time1 in an eligible degree program can apply. For eligibility requirements please refer to the Guide to Federal Student Aid.
Beginning in 2012-2013 students registered in any Nursing program at Queen's University will not be eligible for the Direct Loan program.
The Budget Control Act of 2011 was signed into law on August 2, 2011. This Act makes two changes to the William D. Ford Direct Loan program.
1. Loss of Subsidized Loan Eligibility for Graduate and Professional Students
Effective July 1, 2012 graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans. The annual loan limit for graduate and professional students remains unchanged at $20,500, but the amount will now be limited to Direct Unsubsidized Loans. This change does not affect undergraduate student borrowers. The aggregate loan limit for graduate and professional students remains unchanged at $138,500.
2. Termination of Direct Loan Borrower Repayment Incentives
Effective July 1, 2012, the Budget Control Act terminates the authority of the Department of Education to offer any repayment incentives to Direct Loan borrowers to encourage on-time repayment of loans, including any reduction in the interest rate or origination fee. As a result of this change, the up-front interest rate rebate that has been provided to Direct Loan borrowers at the time of their loan disbursement will no longer be offered on any Direct loan. The law continues to authorize the Department of Education to offer interest rate reductions to Direct Loan borrowers who agree to have their loan payments automatically electronically debited from a bank account.
|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).
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 Loan go to StudentLoans.gov. Sign your Master Promissory Note (MPN) and complete your Entrance Counselling.
Parents will complete the PLUS request if applying for PLUS loans.
STEP 3 - ISSUING OF FUNDS
Once your Direct loan is approved the funding will be disbursed in two equal installments 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.
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 2–4 business 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 the heading Tools and Resources. Information on repayment of your student loans is available on the Repayment Information section of the Federal Student Aid website.
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.