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US Student Aid

Awards and Financial Aid


Types of Loans

US students attending the University of Winnipeg may apply for the following loans:


If you are applying for any of the funds above, please complete and submit The University of Winnipeg US Loan Application for the session you plan on attending:

UWinnipeg Consumer Information [PDF]

Undergraduate students

Before completing a federal loan application, you will need to determine whether you are a dependent or an independent undergraduate as this will establish which loan types and amounts you are eligible to borrow. Definitions are below, but if your circumstances are unusual and you need advice, please email the US loans administrator.

Independent

For the purposes of federal aid, a student is considered independent if they meet one or more of the following criteria:

  • The student is at least 24 years old by 31 December of the award year;
  • The student is an orphan or ward/dependent of the court, or was a ward/dependent of the court until he or she reached age 18;
  • The student is a veteran of the US Armed Forces;
  • The student is working on a master's or doctorate programme at the beginning of the award year for which the FAFSA is completed;
  • The student is married as of the date the FAFSA is completed;
  • The student has at least one child who receives more than half of his or her support from the student; and/or
  • The student has a dependent, other than a spouse or a child, who lives with the student and receives more than half of his or her support from the student at the time the FAFSA is completed and through 30 June of the award year.

Dependent

The student is considered dependent if they do not meet any of the above criteria for an independent student.

Loan types

 

Direct Subsidised loan (federal)

Direct Unsubsidised loan (federal)

Parent PLUS loan (federal)

Private loan/Sallie Mae

Who is eligible?

Most US citizens (or eligible non-citizens) on eligible undergraduate courses.  Available to dependent and independent students who demonstrate financial need.

Most US citizens (or eligible non-citizens) on eligible undergraduate courses.  Available to dependent and independent students. Not based on financial need.

Parents (biological, adoptive, or in some cases, stepparent) of dependent undergraduate students on eligible courses. Both the parent and the student must be eligible for federal student aid. A credit check is required.

Most US citizens on courses the lender considers eligible. Good credit history is likely to be necessary. A co-signer may be required.

Interest
rate

4.45% for loans first disbursed on or after 1 July 2017 and prior to 1 July 2018.

4.45% for loans first disbursed on or after 1 July 2017 and prior to 1 July 2018.

7.00% for loans first disbursed on or after 1 July 2017 and prior to 1 July 2018.

Dependent on lender/loan type.

How do repayments work?

No interest or payments required as long as you are enrolled on an eligible course at least half-time.

No payments required as long as you are enrolled on an eligible course at least half-time. Interest accrues whilst you are studying.

No payments required as long as student is enrolled on an eligible course at least half-time. Interest accrues whilst studying.

Variable. You should check the terms and conditions provided to you by your lender. Repayment options tend to be less flexible than federal loans. 

When do repayments start?

Usually six months (known as the 'grace period') after your course finishes or you become less than half-time.

Usually six months (known as the 'grace period') after your course finishes or you become less than half-time.

Repayment period begins on the date of the final disbursement. Unless you receive a deferment or forbearance, the first payment will be due within 60 days of the final disbursement date. 

Variable. Repayment options tend to be less flexible than for federal loans.

 


Direct Loans


Eligibility
 

In addition to the criteria specified on the Federal Student Aid website, you must also:

  • Be enrolled in at least 9 credit hours per term
  • Make satisfactory academic progress during your program
  • BE a US citizens or permanent residents
  • Not register in certificate, diploma, online courses or any nursing program

More information about these criteria is provided below.

Enrolment

  • You must remain enrolled at least 9 credit hours per term at the University of Winnipeg.
  • If you suspend, withdraw or drop below 9 credit hours per term, you must contact the Awards and Financial Aid office immediately.

Ineligible courses

There are restrictions on the University's ability to offer federal loan funds to students in certain courses. Ineligible courses include those which are less than half-time, not degree-bearing, include any online element, or involve distance learning. Students taking ineligible courses may be eligible for private funding.

Satisfactory academic progress (SAP)

The University's SAP policy applies to all students taking federal loans at the University of Winnipeg, specifically Direct Subsidized, Direct Unsubsidized, Sallie Mae and Parent PLUS loans. It applies to all federal loan recipients, including undergraduates, part-time and full-time students. SAP is assessed as follows:

  • Qualitative standard (grades): Students must achieve minimum standards as required by the academic department and supervisor, equivalent to a 2.0 grade, and academic standing consistent with graduation requirements.
  • Quantitative standard (pace): Students must progress through their course at a pace which ensures that they will graduate within the maximum timeframe. The maximum timeframe for completion is 150% of the standard, published timeframe for a course, eg 4.5 years for a 3-year BA/BSc, and 6 years for a 4-year BA/BSc. Students must also be studying full-time in order to be eligible for federal loans.

Loan Types

 Financial need-based loans

  • Subsidized loans, which do not accrue interest while you are in school at least half-time or during deferment periods. The amount is determined by annual loan limits and the loan calculation: cost of attendance minus estimated financial contribution and financial aid received.


Non-financial need-based loans

  • Unsubsidized loans - low-cost, fixed-rate federal student loans.
  • Parent Plus loans - parents of dependent undergraduate students can borrow the Parent PLUS Loan to help their children pay for college or career school. The Parent PLUS Loan offers a fixed interest rate and flexible loan limits. NOTE: If the parent of a dependent undergraduate is denied a PLUS loan, the student is eligible for an additional unsubsidized loan amount.

Loan Amounts & Limits

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:

 

Dependent student1

Independent student2

1st-year undergraduate

$5,500 (max. $3,500 subsidized)

$9,500 (max. $3,500 subsidized)3

2nd-year undergraduate

$6,500 (max. $4,500 subsidized)

$10,500 (max. $4,500 subsidized)

3rd- and 4th-year undergraduate

$7,500 (max. $5,500 subsidized)

$12,500 (max. $5,500 subsidized)

Lifetime limits for US Direct Loans

Grade Level/Status

Aggregate (lifetime) Loan Limits

Dependant Undergraduate Student

$31,000
(no more than $23,000 may be subsidized)

Independant Undergraduate or Dependant Undergraduate whose parent is ineligible for PLUS

$57,500
(no more than $23,000 may be subsidized)

 

How to Apply

The application process and documentation required varies according to the type of US government loan you are applying for.

Applying for a direct loan

  1. Complete a Free Application for Federal Student Aid (FAFSA) for the applicable academic year.
  2. E-sign a Master Promissory Note (MPN)
  3. Complete an application for loans. 
  4. First time student borrowers of Direct Loans must complete Entrance Counseling. If Entrance Counseling is not completed, loans are not disbursed.

 

 


Parent Plus Loans

Overview

  • The U.S. Department of Education is your loan lender.
  • You must not have an adverse credit history. If you have an adverse credit history, please see the information form at studentaid.ed.gov/sa/sites/default/files/plus-adverse-credit.pdf
  • The maximum loan amount you are eligible for is the cost of attendance (determined by University of Winnipeg Awards and Financial Aid) minus any other financial aid received

 

How do I apply?

 

Payments and Funding

  • The interest rate for the Parent Plus loan is 7%, loan fees are applicable and are as follows:

 

First Disbursement Date

On or after Oct 1, 2016, and before Oct. 1, 2017

4.276%

On or after Oct 1, 2017, and before Oct. 1, 2018

4.264%

 

  • Funds are dispersed to the Awards and Financial Aid office and are used to pay outstanding tuition and fees costs. Any extra funds are provided to you for additional education expenses. Please note: If you are living on campus, you are responsible for paying your fees to Campus Living. Please visit uwinnipeg.ca/campus-living/ for more information on paying your housing fees.
  • Once your funds have been dispersed to the Awards and Financial Aid office, you will be contacted by your loan servicer. You will generally be required to begin payments once your loan has been dispursed.
  • Information on repayment plans can be found at studentaid.ed.gov/sa/repay-loans/understand/plans

For additional information please visit studentaid.ed.gov/sa/types/loans/plus#eligibility

How to complete a Parent Plus Loan

  1. Complete a Free Application for Federal Student Aid (FAFSA) for the applicable academic year.
  2. Complete a loan application to authorize a credit check and E-sign a Master Promissory Note (MPN) at Studentloans.gov.

Credit checks: should a Direct PLUS loan credit check be denied due to adverse credit history, the borrower may:

  •     secure an approved endorser (who must pass the credit check), or
  •     appeal the decision based on extenuating circumstances

 

In either of the above cases, the PLUS loan applicant (not the endorser) will be required to complete PLUS Counseling. This is not the same as Entrance Counseling.

Contact the Awards and Financial Aid office at The University of Winnipeg

 


Sallie Mae Loan Funding

 

After all other aid/loans have been deducted from your Cost of Attendance, any remaining financial need can be filled with private loans such as Sallie Mae. 

Sallie Mae Undergraduate Student Loans

  • Choose between two different interest options:
    • Variable: 3.25%-10.22% APR
    • Fixed: 5.74%-11.85% APR

 

Repayment Options

Deferred Repayment Loan option

  • Make no scheduled student loan payments while you're in school and in grace (six months after leaving school).*
  • With this undergraduate student loan repayment option, you’ll likely pay more for your total loan cost, since the interest rate may be higher and unpaid interest will be added to your principal amount at the end of your grace period.

Fixed Repayment Option

  • Pay $25 every month** you're in school and in grace, and you can save an average of 12%*** on your total undergraduate student loan cost when compared to our deferred repayment option.*
  • While your total loan cost will be less than with our deferred repayment option, unpaid interest will be added to your principal amount at the end of your grace period.

Interest Repayment Option

  • Pay interest every month you're in school and in grace. Your interest rate will be 1 percentage point lower than with our deferred repayment option* and you can save an average of 25%*** on your total student loan cost, compared to our deferred repayment option.
  • Your undergraduate student loan payments will likely be larger while you're in school and in grace, but your total loan cost will likely be lower than with the other repayment options.

Learn more about repayment options from Sallie Mae: https://youtu.be/pffVNmuRpvM

For more information visit: https://salliemae.com


Private Bank Loan

If you are applying for a private bank loan and need assistance please contact the Awards and Finacial Aid Office.