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U.S. Student Loans

U.S. citizens and permanent residents interested in applying for the Direct Loan program should submit a Free Application for Federal Student Aid (FAFSA)New window application online.

We will determine the loan type(s) and the actual loan amount you are eligible to receive each academic year. However, there are limits on the amount you may receive each year and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits).

Your eligible Direct Loan amount is calculated by the following formula:

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

Cost of Attendance (COA) includes loans, books, supplies, living expenses, personal expenses and transportation costs for the 8 or 12 month period you will be in school.

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 month period of enrolment.

Estimated Financial Assistance (EFA) includes scholarships, grants, loans or work that is awarded on the basis of post-secondary enrolment.

Alternative/Private Loans are loans that provide supplemental funding above the Federal Direct Loans. Students must have a satisfactory credit history in order to qualify. Students may borrow up to their cost of attendance minus any financial aid that they receive for that year. Alternative loans have different interest rates, fees and repayment options that U.S. government loans. Sallie Mae offers the Private Smart Option Student Loan.

  1. Complete the FAFSA ApplicationNew window (School code: G10720). For more information please visit the FAFSA help guideNew window.
  2. As part of this process, you will be required to complete an online Master Promissory Note (MPN) formNew window for each type of loan you wish to apply for and complete the Financial Awareness CounsellingNew window.
  3. Complete the Federal Student Aid Supporting Documents formNew window
  4. Once your government loan is certified by Ryerson, we will email you your Direct loan award letter for the year. You will use this email as proof of funding for your Student Visa.
  5. All official Ryerson communication will be communicated to students through their Ryerson email address. As a new student, you will need to activate your RAMSS account in order to create a Ryerson email address (after the first week of August).
  6. Funds will be posted to your RAMSS account at the beginning of each term. All loan amounts issued are in U.S. dollars. The U.S. exchange rate is effective the day the funds are posted to your account.

Dual Citizenship students (U.S. and Canadian): Students cannot receive government student funding from more than one country per year.

Department of Veteran Affairs: Ryerson University does participate in the GI bill benefit programs. Apply online on the U.S. Department of Veteran Affairs websiteNew window. Maximums allowed under this program are listed on the Tuition and Fee Payment chartsNew window. The VA does not award benefits for distance learning, independent study, exchange program and internship abroad courses.

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

Distance education courses: Any course which does not include an in-person classroom attendance is ineligible for U.S. federal loan funding.

Exchange/Internship programs: If any component of a program is taken at a partnering institution as an exchange please be aware that students are ineligible for federal student aid.

Loans from previous study periods may be deferred while you are studying full time. Students should review the Federal Student Aid websiteNew window for details on deferment.

Ryerson University Consumer Information

As per the Higher Education Opportunity Act (HEOA) of 2008, the U.S. government requires institutions offering U.S. Direct loans to disclose the following consumer information. If you require further information about the content, please contact the Student Financial Aid office.

Consumer Information Description
Student Financial Aid Information For information regarding need based and non-need based aid, as well as government aid, please refer to our SFA website.
Students with Disabilities Information about Ryerson services offered to students with disabilities is available from the Student Learning Support office. In addition rights of students with disabilities can be found in Ryerson's Statement of Student Rights and Responsibilities.
Cost of Attendance Information For information regarding the cost of tuition, fees, mandatory health insurance please refer to the Student Fees website.

Bookstore: Information on the Ryerson bookstore can be found on the Campus Store website. Information about used vs new textbooks can be found on the RSU Online Used Book Room.

Housing: information on residence fees can be found on the Housing & Residence Life website.

Budgeting for your expenses can be found on the RU Student Life blog: RU Money-smart? Budgeting 101
Refund Policy and Procedure For information about the University's refund procedure, please refer to the Ryerson Course Calendar
Return of Title IV Financial Aid Please see the Return to Title IV refund policy on this page below.
Academic Programs For information on academic undergraduate programs offered at Ryerson, please refer to the Admissions website. For information on academic graduate programs offered at Ryerson, please refer to the School of Graduate Studies Admissions website.

In addition, you may want to refer to the Ryerson Course Calendar.
Transfer of Credits and Withdrawals For credits transfers and withdrawals, please refer to the Transfer Credit Unit. For information on withdrawals please refer to the Office of the Registrar website.
Copyright Information For the University's policies related to academic integrity, please refer to the Copyright for Students page.
Notice of Federal Student Financial Aid Penalties for Drug Law Violations Information on the penalties associated with drug-related offenses under the U.S. Higher Education Act can be found here on the U.S. Department of Education's website.
Health Care - Vaccination requirements A medical surveillance program may be required based on the local risk assessment (assessing the duration of the task, the materials or equipment being used, and the potential for exposure). The physician will determine whether the employee is fit to perform the required task or if e.g. Hepatitis B immunization is required. Contact the BSO for information. Personnel who have had an exposure are advised to promptly seek medical attention.

The Medical Centre provides many services, including immunizations.

Students enrolled in programs that require vaccinations should contact their departments on required vaccinations.

Information on medical consideration for students participating in an exchange program can be found on Ryerson International's Safety Abroad page.
Privacy of Student Student's rights under the Information Protection Policy are outlined on the University Administrative Policies site.
Security, Fire Safety and Missing students Information about Security, Fire safety and precaution can be found on our Integrated Risk Management (IRM) website.
Student Loan Information Published by the U.S. Department of Education Student Loan information published by the U.S. Department of Education can be found on the website. The University will provide information published by the U.S. Department of Education to students at any time that information regarding loan availability is requested, including the rights and responsibilities of students and schools under Title IV loan programs.
Student enrolment reporting - National Student Loan Data System (NSLDS) Ryerson reports student registration through the National Student Clearinghouse several times each academic year.

Regulations for U.S. Loan Recipients

As per regulation #34 CFR 600.51(d), students taking online courses are not eligible to receive U.S. Direct Loans.

Course load
Students must be registered full-time (minimum 3 billing units per term) to maintain loan eligibility. A student may drop to a minimum half-time status (2 billing units) and still maintain eligibility, however for immigration purposes, international students are expected to maintain full-time status.

If you will be registered less than full-time, contact International Student Support to ensure there will be no difficulties with your immigration status.

Satisfactory Academic Progress (SAP)
The U.S. government regulations (Satisfactory Academic Progress for Financial Aid Eligibility, Federal Regulation - 34 CFR 668.34) stipulate that students must maintain certain academic standards in order to remain eligible for all types of U.S. Direct Loans.

The Satisfactory Academic Progress Policy (SAP) applies to all students applying for U.S. Direct Loans under Title IV of the U.S. Higher Education Act. These types of loans include Direct Loans (Subsidized and Unsubsidized), Direct Parent PLUS and Direct Grad PLUS loans.

All students will have their academic progress reviewed at the end of each academic year. Students who have not fulfilled the SAP requirements will not be eligible for U.S. Direct Loan funds for the subsequent academic year(s).

To maintain U.S. Direct Loans eligibility, students must fulfill these 3 requirements:

  • Complete 60% of all credits attempted, and
  • Maintain a Cumulative Grade Point Average (CGPA) of 1.67 or higher and  a clear academic standing
  • Complete your degree within 150% of the published length of your degree completion time (For example, completion of a four-year degree within six years)

Maximum Timeframe Eligibility

Students who have taken more than 150% of the published length of degree completion time are not considered to have fulfilled SAP requirements and therefore, become ineligible for U.S. Direct Loans at Ryerson University for that degree.

Published length of degree Maximum years to complete program while receiving U.S. Direct Loans
1 year
1.5 years
2 years
3 years
4 years 6 years
5 years 7.5 years
6 years 9 years

U.S. federal aid regulations mandate a Return to Title IV Funds (R2T4) calculation when a student receiving Title IV financial aid withdraws from the University. If a student never attends, ceases enrolment, or withdraws from all courses in the semester and the student received U.S. federal financial aid, the college must determine if these funds are required to be returned to the U.S. government within 45 days of the date of withdrawal.

The R2T4 calculation may result in a reduction of the student’s U.S. federal loan(s) if the student attended less than 60 percent of the semester. The R2T4 calculation is based on the following:

  • The number of days the student attended
  • The number of days in the semester
  • The institutional charges assessed
  • The total amount of U.S. Direct Loan aid awarded accepted and/or disbursed.

As a result, Ryerson and the student may be required to return any "unearned" U.S. federal aid received. Ryerson may be obligated to return funds on behalf of a student.

If the amount of the loan funds returned exceeds any existing credit on the student’s account, the student will owe the funds to the University. The student should make arrangements with Ryerson's Collections office to repay the outstanding amount to the University as soon as possible.

A letter from the Financial Aid Office will be sent via a student’s Ryerson email address indicating the type and amount of aid returned to the U.S. Department of Education on their behalf.

Funds returned to the U.S. Department of Education on behalf of a student are used to repay the current year’s loans in the following order:

  1. Unsubsidized U.S. Direct Loan
  2. Subsidized U.S. Direct Loan
  3. Parent PLUS for Undergraduate students
  4. Grad PLUS for Graduate students

As per the Higher Education Opportunity Act (HEOA) of 2008, the U.S. government requires institutions offering U.S. Direct Loans to disclose consumer information. If you require further information about the content, please contact Student Financial Assistance.

U.S. Department of Education regulations state that a school must return loan funds if a student has not completed a minimum of 60% of the payment/enrollment period.

If a student received more loan funding than was "earned," the excess funds must be returned by the school and/or the student. The amount of money to be returned is determined by a calculation that includes the number of school days completed and the amount of institutional charges fees paid ("Return to Title IV" Calculation).

If you withdraw from Ryerson, you may be required to:

  • Repay the school any "unearned" U.S. Direct Loan funds that the University returned on your behalf (as stipulated by U.S. Department of Education regulations), and/or
  • Repay part or all of your loan(s) to the designated servicer

If the student did not receive all of the funds that were earned, the student may be eligible for a post-withdrawal disbursement.

Once a student's tuition and ancillary fees are paid, refunds of remaining funds are available for payment of book and living expenses.

To request a refund, please login to your RAMSS account and submit a refund request.

Exit Counseling provides students with information about repayment plans. It is mandatory for all graduating students with subsidized, unsubsidized and PLUS loans.

Online Exit CounsellingNew window must be completed during the final semester of studies and prior to graduation. An acknowledgement will be sent to the University upon completion. If you withdraw from the University, you are obligated to fulfill this requirement.

Study Abroad Students
Students participating in a Study Abroad Program are NOT eligible to receive U.S. Financial aid or alternative loans through Ryerson. You will be paying your tuition fees to the other school (abroad). You must therefore make arrangements with that school for financial aid.

Exchange Students
U.S. students studying on an official Ryerson exchange are considered to be Ryerson students for U.S. Financial Aid. This means that:

  • you pay tuition and fees to Ryerson
  • you apply for U.S. loans following Ryerson procedures

IMPORTANT! U.S. Department of Education regulations stipulate that you can receive U.S. Direct Loans while on exchange only if:

  • you attend a school that participates in the U.S. Direct Loan Program, and
  • the school attended is located outside of the U.S.

The U.S. Federal School Code ListNew window (updated quarterly) will determine whether your intended international exchange school participates in Title IV Federal Student Aid Programs.

If you are not eligible to receive subsidized/unsubsidized/PLUS loans while on exchange, you may wish to explore a Sallie Mae loanNew window.

Research Students
According to U.S. government regulation, Ryerson students are not eligible for U.S. Direct Loans if research, work, internship, externship or special study is performed in the US. Students intending to pursue any portion of their program in the U.S. or a foreign country should communicate with our Financial Aid office.