American Student Loan
As a US foreign undergraduate or graduate student you might be eligible to apply to the Federal Stafford Loan, the Federal Plus Loan and the International Student Loan for US Citizen. Before you apply, you should know your rights and responsibilities. Because of the possibility of obtaining a subsidized student loan, students are strongly encouraged to apply to the Federal Stafford Loan first. If you are unable to obtain funding through the Federal Stafford Loan or if the amount of funding is insufficient, you might be able to get funding through the Federal Plus Loan or International Loan.
Know Your Rights and Responsibilities
Borrowers Rights: You have a right to…
Written information on loan obligations, including consolidation An explanation of default and its consequences A copy of your promissory note and return of the original note when the loan is paid in full Prior to repayment, to loan balance information and to a repayment schedule Be notified if your loan is sold, with information on the new holder
A federal subsidy, if eligible A grace period, if applicable Prepay your loan early without penalty A deferment, if eligible Request forbearance
Borrowers Responsibilities: You must:
Repay the loan according to the repayment schedule you agree to Notify your loan servicer of anything that affects your repayment ability, or which may impact your eligibility for deferment or cancellation Notify your loan servicer of any changes in your status, including graduation, and any changes to your name, address, or phone number Notify your loan servicer if you fail to enroll for the period covered by your loan Notify your school of any change in your address Have a loan exit interview before you graduate
Federal Stafford Loan
Through the Federal Stafford you might be able to qualify for Subsidized Stafford Loan and\or Unsubsidized Stafford Loan. Subsidized Stafford Loans are awarded to students who demonstrate financial need. The US government subsidizes the interest, and borrowers are not being charged interest while they are enrolled in school at least half time, during grace period , or during deferment periods. Unsubsidized Stafford Loans are awarded to students regardless of financial need. However the borrowers are responsible for the interest during all periods.
General Application Process: To be considered for a Federal Stafford loan you must complete a Free Application for Federal Student Aid (FAFSA). The information collected through this application will be used by the US Department of Education to calculate the Expected Family Contribution (EFC). You may complete an on-line application by going to the following WEB site: http://www.fafsad.gov or you may call the Federal Student Aid Information Center (1-800-4FED AID, in the USA or 319-337-5665 outside the USA) to obtain a paper copy. Once the FAFSA application has processed you will receive a Student Aid Report (SAR), which varies in format based on the following: • • • If you file a paper FASFA, and do not list an e-mail contact, an 8 page SAR will be mailed to you If you file a paper FASFA, and you list an e-mail contact; you will be e-mailed a two-page confirmation SAR. If you file an electronic application, you will be e-mailed a two-page confirmation SAR.
In order for our office to process your Federal Stafford Loan you must provide our office with a copy of your (SAR) and a signed Federal Stafford Loan Master Promissory Note (MPN) which is available by going to the following WEB site: http://www.iefc.com . You must also complete the following form: U.S. Student Information form. Once completed, you must forward the required documentation to the address listed below. University of Ottawa Strategic Enrollment Management Financial Aid and Awards 85 University Street Room 102 Ottawa, ON K1N 6N5 Once we received your completed documentation we will then certify the loan according to the US Department of Education methodology. Following the certification, we will mail the Stafford Master Promissory Note and School Certification Form to the loan guarantor listed on the Master Promissory Note.
Entrance and exit counseling: Students who are receiving for the first time a Stafford Loan must participate to an online entrance student loan counseling session. You must go to the following web site: http://mapping-your-future.org/services/oslcidx.htm and select “Stafford Entrance Counseling”. Please note that the University of Ottawa Financial Aid Office will not certify your loan until we receive confirmation that you successfully completed your entrance counseling session. At the end of your studies you must also access the same Web site and complete a “Stafford Exit Counseling” session. Disbursement of funds: There are two disbursement methods used by your lender/guarantee Agency. You may contact your lender/guarantee Agency to find out which method they will be using. Funds are usually disbursed at the beginning of each session. 1) Funds are being disbursed directly into you bank account. 2) Funds are disbursed directly to the school. A Financial Aid Counselor will contact you to inform you as to how to access your funds.
Federal Stafford Plus Loan
Federal plus loans, enable parents to borrow on the behalf of their dependant undergraduate student. The child must be enrolled in an eligible program at least half time. Borrowers are responsible for the interest that accrues on Federal Plus loan during all periods. In order for our office to process your Federal Stafford Plus Loan one of your parents must provide a signed Federal Stafford Plus Loan Application and Promissory Note (PLPN) which is available by going to the following WEB site: http://www.iefc.com . You must also complete the following form: U.S. Student Information Form. Once completed, you must forward the required documentation to the address listed below. University of Ottawa Strategic Enrollment Management Financial Aid and Awards 85 University Street Room 102 Ottawa, ON K1N 6N5
International Student Loan
In order for our office to process your International Student Loan you must complete the application which is available by going to the following WEB site: http://www.iefc.com . You must also complete the following U.S. Student Information Form. Once completed, you must forward the required documentation to the address listed below. University of Ottawa Strategic Enrollment Management Financial Aid and Awards 85 University Street Room 102 Ottawa, ON K1N 6N5
American Student Loan
As a US foreign undergraduate or graduate student you might be eligible to apply to the Federal Stafford Loan, the Federal Plus Loan and the International Student Loan for US Citizen.
Before you apply, you should know your rights and responsibilities. Because of the possibility of obtaining a subsidized student loan, students are strongly encouraged to apply to the Federal Stafford Loan first. If you are unable to obtain funding through the Federal Stafford Loan or if the amount of funding is insufficient, you might be able to get funding through the Federal Plus Loan or International Loan.
Know Your Rights and Responsibilities Borrowers Rights: You have a right to…
Federal Stafford Loan Through the Federal Stafford you might be able to qualify for Subsidized Stafford Loan and\or Unsubsidized Stafford Loan.
Federal Stafford Plus Loan Federal plus loans, enable parents to borrow on behalf of their dependant undergraduate student. The child must be enrolled in an eligible program at least half time.
International Student Loan In order for our office to process your International Student Loan you must complete the application which is available by going to the following WEB site: http://www.iefc.com.
U.S. Student Information Sheet
We require the following documentation to process your FFEL. • • • • • Student Aid Report (SAR) Federal Safford Loan Master Promissory Note Federal PLUS Loan Information and School Certification (if applicable) TERI loan (if applicable) U.S. Student Information sheet
PLEASE NOTE: Your application for US Financial Aid cannot be processed until you are admitted and /or registered at the University of Ottawa. Furthermore, once we have certified your documentation, it will be sent to the Guarantor by regular mail. Should you require further information on US Financial Aid, please refer to the following sites: www.uottawa.ca/student/englishguide/1section/finance/PDF/usloan.pdf and www.iefc.com
Name:
____________________________ Student #: ____________
Address: ___________________________________________________ ___________________________________________________ Telephone: __________________________________________________ Email: __________________________________________________
1. I am or will be registered for the following sessions: (please check boxes) Fall 2006 Winter 2007 Summer 2007 2. I’m requesting the loan amount of $ __________ for the 2006-2007 academic year. 3. Are you receiving any award/scholarship or TA from the University of Ottawa for the 2006-2007 academic year? No: ____ Yes: ____, please indicate the amount $ ________ and provide proof. 4. Please confirm the cost for one return trip to your permanent address? $__________ (cdn) per return trip. Student’s signature: _________________________ Date: _______________