Full-Time U.S. Students

Who can apply?

US citizens and permanent residents interested in applying for federal student aid under the Direct Loan program should complete a Free Application for Federal Student Aid (FAFSA) 1-800-4-FED-AID. Students studying outside the US are not eligible for any federal student aid grants. Online courses are also not eligible for financial assistance.

How much can I borrow?

As a foreign school, Ryerson University is only eligible for Direct Stafford and PLUS Loans. Yearly maximum loan amounts are listed on page 30 in the U.S Department of Education resource publication, Funding Education Beyond High School: The 2012-2013 Guide to Federal Student Aid .

IMPORTANT - The Budget Control Act of 2011 eliminated subsidized loan eligibility for graduate and professional students for loan periods/periods of enrollment beginning or after July 1, 2012. The unsubsidized loan limit for graduate/professional students is $20,500 per academic year.

How is the loan calculated?

Your eligible loan amount is calculated by the following formula:

• The Cost of Attendance = (COA) - (EFC) - (EFA)

The Cost of Attendance (COA) includes tuition, books, supplies, living expenses, personal expenses and transportation costs for the eight month or 12 month period while you will be in school.

The Expected Family Contribution (EFC) is based on the student's (and if applicable, the student's family's) income and assets, as reported on the FAFSA form. The EFC is reported on the SAR and the Institutional Student Information Record (ISIR). It is based on an eight months period of enrolment.

The Estimated Financial Assistance (EFA) usually takes the form of scholarships, grants, loans or work that is awarded on the basis of postsecondary enrolment.

Alternative/Private Loans: These loans provide supplemental funding above the Federal Direct Loans. Students should apply for the Stafford loan first and then apply for additional funding. Students may borrow up to their cost of attendance minus any financial aid that they receive for that year. This is a credit based loan program, thus students must have a satisfactory credit history in order to qualify. Alternative loans have different interest rates, fees and repayment options than US government loans.

Sallie Mae offers the Private Smart option loan please visit https://www1.salliemae.com/international/us_students/ for more information regarding the Smart Option Student Loan.

Am I eligible?

Registration and Course Load: You must be a full time student to be eligible for your loans. A full time course load is defined as a minimum 3 billing units per semester or 2 billing units per semester for permanent disability students (Permanent disability students must register with the Access Centre.

Satisfactory Academic Progress (SAP): Students are required to maintain satisfactory academic standing in their program of study as established by the University to continue to be eligible for their US loans. SAP is defined as a clear academic standing and cumulative GPA greater than 2.0. Failure to do so may result in suspension of further financial aid.

How do I apply?

Your eligible loan amount is calculated by the following formula:

1. Complete the FAFSA Application (School code: G10720). For a help guide click here
2. Complete an online Master Promissory Note (MPN) form for each type of loan you wish to apply for. A new MPN needs to be completed each year you apply for financial aid.
3. Complete Entrance counselling at Student Loans Web site.
4. Print and Complete the following:
   
   • Program and Personal Information form (all students must complete)
   • Request Loan Amount Form (all students must complete)
   • Parent PLUS loan Amount (parents of undergrad students who want a loan for the student)
   • Graduate PLUS loan Amount form (for graduate students who want an additional loan to supplement their costs)
   • Borrower's Responsibilities and Obligation Form (all students must complete)
5. Submit all supporting documentation to Student Financial Services by emailing it to susanna.lau@ryerson.ca, faxing 416-979-5081 or mail it to:
   Ryerson University
   Student Financial Assistance
   350 Victoria St. POD 59
   Toronto, On
   M5B 2K3
6. Once your government loan is certified by Ryerson we will email you your eligible loan amount for the year. You will use this email as proof of funding for your study permit or Student Visa.
7. All official Ryerson communication will be communicated to students through their Ryerson email address. To activate your RAMSS account click here.
8. Funds will be posted to your RAMSS Student Account at the beginning of each of your enrolled terms. All loans amounts issued are in US dollars. The US exchange rate is effective the day the funds are posted to your account.

IMPORTANT FACTS!

Dual citizenship students (U.S. and Canadian): Students cannot apply and receive government student funding from more than one country per year . U.S. Students must declare all resources (bursaries, scholarships, grants, loans, and awards) on the Program and Personal information form. Failure to provide accurate and complete information will result in cancellation of funding and all/ some funds will need to be returned.

Nursing Program (CE, Undergraduate and Graduate level): These programs are ineligible for Federal Direct loans.

Deferment of Previous Loans: Loans from previous study periods may be deferred while you are studying full time. Students must request that the Financial Aid Office complete the appropriate deferment form. Students must also provide the contact information for the agency that requires the deferment form.

Important notice about online courses: If any component of a course is delivered online, through videos, tapes or via any other electronic media, students will lose the entire federal loan funding for their entire year of study. Any course which does not include an in-person classroom interaction between student and lecturer/tutor is ineligible for US federal loan funding. US students at Ryerson are strongly advised to carefully consider which courses they will enrol in to ensure that they comply with this legislation.

Consolidating Loans: You may be able to combine your existing Federal education loans into one new consolidated loan. A Direct Consolidation Loan has a fixed interest rate based on the weighted average of the interest rates of the loans consolidated. To learn more visit the Direct Loan Consolidation center website or call them at 1-800-557-7392.