Loan amounts are calculated using the following formulas (see definitions below):
- Subsidized loan = (COA) - (SAI) - (OFA)
- Unsubsidized loan = (COA) - (OFA) - (Subsidized Loan)
- PLUS loan = (COA) - (Subsidized Loan) - (Unsubsidized Loan) - (OFA)
The Cost of Attendance (COA) includes not only tuition and fees but also living expenses, books, supplies, personal expenses and transportation costs for the eight month period (undergraduate) or twelve month period (graduate) while you are in school.
The Student Aid Index (SAI) is based on the student's (and if applicable, the student's family's) income and assets, as was reported on the FAFSA form. The SAI is reported on your FAFSA Submission Summary (FSS) and is based on a nine month period of enrollment.
Other Financial Assistance (OFA) usually takes the form of scholarships, grants, loans, tuition remission or work that is awarded on the basis of postsecondary enrollment.
Direct Loan funds are disbursed in two or three equal instalments at the beginning of each term (Fall, Winter, Inter/Summer Session). Funds will be applied to your student account through electronic transfer. You will receive email notification from Student Awards and Financial Aid with the details of the disbursement. If Direct loan funds remain after tuition and fees are paid, a refund will be released in Canadian dollars by electronic transfer of funds to a Canadian bank account within ten business days.
The U.S. exchange rate for Fall 2024 is set at 1.34%
The U.S. exchange rate for Winter 2025 is set at 1.35%
The U.S. exchange rate for Summer 2024 was set at 1.33%
The University must obtain consent from the Parent PLUS Loan borrower to release Parent PLUS loan funds to the student. If your parent(s) applied for a Parent PLUS loan on your behalf, please ensure that the Parent PLUS Loan funds Release Form is completed and submitted to the Student Awards and Financial Aid Office prior to the first scheduled loan disbursement. The Parent PLUS Loans funds Release Form will be sent by the Student Awards and Financial Aid office directly to the parent applying for funding.
All Documents Received By: August 1
Status Update Sent to FSA Applicant: August 12
Disbursement Schedule - Fall: September 9
Disbursement Schedule - Winter: January 6
Disbursement Schedule - Summer: May 5
All Documents Received By: August 15
Status Update Sent to FSA Applicant: September 12
Disbursement Schedule - Fall: September 30
Disbursement Schedule - Winter: January 6
Disbursement Schedule - Summer: May 5
All Documents Received By: August 31
Status Update Sent to FSA Applicant: September 26
Disbursement Schedule - Fall: October 14
Disbursement Schedule - Winter: January 6
Disbursement Schedule - Summer: May 5
All Documents Received By: September 15
Status Update Sent to FSA Applicant: October 3
Disbursement Schedule - Fall: October 21
Disbursement Schedule - Winter: January 6
Disbursement Schedule - Summer: May 5
