Lori Meadows
US students and veterans can apply for government and private loans to study at Concordia University, Montreal. The university's Financial Aid and Awards Office can help students work with their government’s student financial aid program. Students can apply for Direct Loan – undergraduate (subsidized/unsubsidized) through the William D. Ford Federal Direct Loan Program. Students must complete a FAFSA (Free Application for Federal Student Aid) for the current academic year and email Concordia’s Financial Aid and Awards office to advise them that they are applying for a US student loan.
| Characteristics | Values |
|---|---|
| Location | Montreal |
| Student loans accepted from US students | Yes |
| US student loan types accepted | Government and private loans |
| Loan application process | Complete a FAFSA (Free Application for Federal Student Aid) for the current academic year. Concordia University of Edmonton’s federal code is G025938. Email Concordia’s Financial Aid and Awards office at [email protected] to advise that you are applying for a US student loan. Give your phone number. Complete a Master Promissory Note (MPN). |
| Loan repayment process | Visit the Repayment section of your student loan provider’s website for more information. You will be required to start paying back your loan once you have graduated. |
| Loan repayment grace period | There is a grace period for Direct subsidized and unsubsidized loans. This gives you up to six months before you must start making monthly principal and interest repayments on your loan. There is no grace period for PLUS loans. |
| Loan repayment complications | By the time you finish university, you may have a number of loans with more than one lender and different terms. Consolidation is a way to make repayment of multiple loans less complicated. |
| Loan repayment consequences | Any GST or income tax refunds you are eligible to receive will be automatically used to repay your defaulted loans. The government may seize your salary, furniture and/or property. You may lose your eligibility for further student loans. |
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What You'll Learn
US students can apply for government and private loans
US students can apply for loans through the William D. Ford Federal Direct Loan Program. This includes Direct Loan (undergraduate, subsidized/unsubsidized) and Federal Graduate PLUS Loans. Graduate students may borrow this loan to cover the difference between the Cost of Attendance and all other awarded aid after applying for other Federal aid. This loan has a federal credit check process. The review looks for bad credit only. You do not have to meet other financial standards as with other private alternative loans. Repayment is due to commence within 60 days after the loan is fully disbursed, although deferment of payment may be available. This loan does not have a grace period.
US citizens or permanent residents who are registered full-time in a degree program are eligible to apply. Students registered in the Bachelor of Education After Degree program are not eligible. Students in online or correspondence programs are also not eligible. US Direct Loans are need-based (subsidized) and non-need-based (unsubsidized) and are subject to annual and lifetime loan limits. The maximum amount a student can borrow each year depends on their grade level, the cost of attendance, and whether they are a dependent or independent student.
Students must complete a FAFSA (Free Application for Federal Student Aid) for the current academic year. They must also e-sign a Master Promissory Note (MPN). Students who are first-time borrowers of US Direct or Plus loans must complete online Entrance Counselling to ensure they understand their loan responsibilities. Continuing students are encouraged to complete an annual Student Loan Acknowledgment when accepting a new federal student loan.
Before withdrawing, graduating, or dropping below half-time attendance, students must complete an exit counselling session for their Direct Subsidized and Unsubsidized Loans. This session provides information about how to manage loan repayments. Students must also go to the US Department of Education to complete an Exit Counselling session before leaving the University or graduating. This session will cover repayment options, deferments, and other important information.
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Loan repayment options and consequences
Repayment Options:
- Contact Loan Providers: It is important to maintain regular contact with your loan provider and keep them updated about any changes in your personal information, such as address or phone number. Before commencing your repayment, reach out to your loan provider to arrange the repayment and explore options like interest-free status or grace periods.
- Repayment Agreements: Loan providers may offer repayment agreements, allowing your financial institution to automatically withdraw monthly payments from your bank account.
- Loan Consolidation: If you have multiple loans with different lenders and terms, loan consolidation can simplify the repayment process by combining them into a single loan with more manageable repayment conditions. However, private education loans are generally not eligible for consolidation.
- Standard Repayment Plan: This option involves making equal monthly payments over a duration of 10 years. It is often the best choice for paying less interest overall and clearing your debt faster.
- Income-Driven Repayment (IDR) Plans: IDR plans are ideal if you face challenges in meeting monthly payments. These plans tie the repayment amount to a portion of your income, extending the repayment period to 20 or 25 years. At the end of the term, you may be eligible for IDR student loan forgiveness on the remaining debt. There are four types of IDR plans offered by the government: income-based repayment, income-contingent repayment, Pay As You Earn (PAYE), and Saving on a Valuable Education (SAVE).
- Graduated Repayment Plan: This option starts with lower monthly payments and gradually increases the amount every two years, with a total repayment period of 10 years.
- Extended Repayment Plan: This plan begins with small initial payments and increases the amount every two years, extending the repayment period to 25 years.
- Deferment or Forbearance: In cases of financial difficulties, you may be able to temporarily postpone repayment through deferment or forbearance. However, it's important to note that loans may continue to accrue interest during these periods.
Consequences of Non-Repayment:
- Defaulted loans can lead to serious repercussions. Any GST or income tax refunds you are eligible for may be automatically used to repay the defaulted loan.
- The government may seize your salary, furniture, or property to recover the loan amount.
- You may lose eligibility for future student loans, impacting your ability to pursue further education.
- Your credit score may be negatively affected, making it difficult to secure other forms of credit or loans in the future.
- The loan will still need to be repaid, even if you are unsatisfied with the education or services received or if you face challenges in finding employment after completing your program.
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Quebec loans and bursaries
Quebec's AFE defines full-time status by the number of credits in which a student is registered and billed by Concordia at the DNE deadline. A student is classified as full-time if they are registered for 9 or more credits in one term. For student parents with young children, they may be eligible to take a part-time course load (a minimum of 6-11 credits per term) and still be considered full-time for student loan purposes.
Quebec's Loan and Bursary program requires applicants to contact the Financial Aid and Awards Office (FAAO) to confirm their registration with the AFE program. Applicants can email [email protected] to confirm their registration. If a student does not have a permanent code, they must mail a paper application. The Ministère will assign a permanent code when processing the application.
U.S. students and veterans can apply for government and private loans. Students are required to start paying back their loans once they have graduated or dropped below half-time enrolment status. Students must notify the FAAO, the school, and their lender if they choose to withdraw.
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US Direct Loan requirements
US students at Concordia University Montreal can apply to the US Federal Direct Loan program. The Financial Aid and Awards Office at Concordia can help students work with their government’s student financial aid program.
- Students must apply a minimum of 6 to 8 weeks before the beginning of the semester to receive their funding in time for the start of term.
- Students must not take any online courses to be eligible for Direct Loan funding. Students receiving Title IV Aid must register for on-campus courses only throughout their academic career at Concordia.
- Students must complete the Concordia USLA e-form.
- Students must complete a Direct Loan Master Promissory Note (MPN). This is a binding legal document in which the student agrees to repay their loan under certain terms.
- Students must complete online Entrance Counselling if they are first-time borrowers at Concordia University.
- Students must complete online Exit Counselling if they are in their final year or have accumulated the credits required to graduate.
- Students must complete the Annual Student Loan Acknowledgment form.
- Students must go to the US Department of Education to complete an Exit Counselling session before leaving the University or graduating.
- Students must notify the FAAO, the school, and their lender if they choose to withdraw.
- Students must open a Canadian bank account to deposit University-issued cheques, pay bills, and access their funds.
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Loan application process
US students attending Concordia University in Montreal can apply for government and private loans. Students can also apply for the Federal Direct Loan Program, which includes Direct Loan (undergraduate subsidised/unsubsidised) and Graduate PLUS Loans. Students in online or correspondence programs are not eligible for this loan.
To apply for a loan, you must:
- Complete a FAFSA (Free Application for Federal Student Aid) for the current academic year. Concordia University of Edmonton’s federal code is G025938.
- Email Concordia’s Financial Aid and Awards office at [email protected] to advise them that you are applying for a US student loan. Provide your phone number so that they may contact you directly.
- Complete a Master Promissory Note (MPN). This is a binding legal document in which you agree to repay your loan under certain terms.
- Complete online Entrance Counselling. This is mandatory for first-time borrowers of US Direct or Plus loans to ensure that you understand your responsibilities regarding the loans.
- Complete the Annual Student Loan Acknowledgment form. It is recommended that you complete it each year you accept a new federal student loan.
- Complete your Concordia USLA e-form: Log into your Student Hub, Go to My CU Account, Select Student Centre, Go to Undergraduate Student Request Forms, Bursary, Applications and then US Loan Application.
If you are applying for a Quebec Loan and Bursary program, you will need to contact the Financial Aid and Awards Office (FAAO) by e-mailing [email protected] to confirm your registration with the Aide financière aux études (AFE) program. You will also need to consult Concordia University's program codes list to find your program code.
Please note that you must apply a minimum of 6 to 8 weeks before the beginning of the semester in order to receive your funding in time for the start of the term.
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Frequently asked questions
Yes, US students at Concordia University Montreal can apply for US federal student loans through the William D. Ford Federal Direct Loan Program.
To apply for a US federal student loan, you must first complete a FAFSA (Free Application for Federal Student Aid) for the current academic year. Then, you should email Concordia’s Financial Aid and Awards office at [email protected] to inform them that you are applying for a US student loan. You will then need to e-sign a Master Promissory Note (MPN) and complete online Entrance Counselling if you are a first-time borrower.
If you withdraw from the university, you may be required to repay part of or all of your loan(s). You may also owe the university any loan funds returned on your behalf. Before withdrawing, you must complete an Exit Counselling session to understand your obligations, rights, and options under the terms of your loan.
