American Student Loans
Even though you're attending a Canadian institution, you may still be eligible for U.S.-based financial assistance. Direct Loans, Plus Loans, and Veterans Administration Grants are all available for study in Canada. Unfortunately, Pell Grants are not available.
If you will be using student loans to pay for your education, the Student Loan Plan is for you. To use this plan, you should complete the loan process by August 15 for the first semester and December 15 for the second semester. If your student loan is not confirmed by these dates, you'll enter one of the other payment plans available. If your student loan is not enough to cover all of your costs for each semester, you'll make payment arrangements for the difference with post-dated cheques, by credit card, or by pre-authorized debit.
Types of loans
Direct Subsidized Loan - The government pays the interest on the loan while you are studying full-time.
Direct Unsubsidized Loan - Interest accrues (or accumulates) on the loan. You may pay the interest monthly or have it deferred (delayed) until you begin paying back your loan.
Direct Plus Loan/Direct Parent Plus Loan - Loan money available to cover costs that Subsidized and Unsubsidized Loans do not cover. Parents may take out loans for their undergraduate students in this program.
Private loans - Loans offered through financial institutions. Contact Student Finance for more information.
Undergraduate level (college) - Twelve credit hours per semester. Enrolled in an AA or BA degree. Certificate programs do not qualify.
Graduate level (seminary) - Nine credit hours per semester. Must be a campus resident. Enrolled in a MA or MDiv degree. Certificate programs do not qualify.
Important Note: Distance Education courses do not qualify. Students who are or will require Direct Loans may not take out Distance Education courses as they are no longer eligible for Direct Loan funding for the remainder of their program.
How to receive U.S. Student Loans
Complete FAFSA (Free Application for Student Assistance) by visiting their website http://www.fafsa.ed.gov/. You must complete this step every year to continue receiving funding.
Briercrest College and Seminary's school code is G11722.
First-time users will need to apply for a PIN number online. Your PIN serves as your electronic signature and provides access to your personal records, so make sure to keep your record in a safe place for future use.
Contact the Student Finance office to let them know that you need U.S. student loans.
You will receive an award letter from the Student Finance office with the exact amount of money for which you are eligible.
If you are a first-time borrower, complete entrance counselling online. Entrance counselling outlines the process of student loans and your responsibilities as a borrower.
Complete the Master Promissory Note online. In this step, you are agreeing to the terms and conditions of the loan (this means you must pay it back). You must complete this step annually to continue receiving student loans.
How the funds are received and disbursed
Loans are distributed twice a year-typically by the end of September and end of January. Funds come directly to the school. We will place them directly in your tuition account.