U.S. Student Aid

Loan Opportunities, Veterans Affairs Benefits, In School Deferment & Tax Information


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Assistance for U.S. Students: Federal Direct Loan Eligibility and Application Process

Assistance for U.S. Students: Alternative/Private Loans

Assistance for U.S. Students: Veteran Affairs

Assistance for U.S. Students: Tax Information

Assistance for U.S. Students: 529 College Savings Plan


Cost of Attendance – 2019-20

The following approximate costs include international tuition (tuition fees, incidental fees and University Health Insurance Plan U.H.I.P.) as well as living expenses (books, supplies, transportation, miscellaneous, room and board, disability expenses and loan fees).

From September 2019 to April 2020 (Fall and Winter terms) in Canadian dollars.

Faculty and DegreeTuition EstimateLiving Expenses EstimateTotal Estimated Cost of Attendance
Faculty of Arts & Science, Bachelor’s Degree$54,280$27,755$82,035
Faculty of Applied Science & Engineering, Bachelor’s Degree$59,230$27,755$86,985
School of Graduate Studies, Master’s Degree$23,770$27,423$51,193

From September 2019 to August 2020 (Fall, Winter and Summer terms) in Canadian dollars.

Faculty and DegreeTuition EstimateLiving Expenses EstimateTotal Estimated Cost of Attendance
School of Graduate Studies, Ph.D. Degree$6,900$40,570$47,650

Final tuition fee costs are made available to students in their ACORN accounts in mid-July.

Tuition Fee Schedule: Student Accounts website

Living Expenses:  University of Toronto Housing website


Loan opportunities

William D. Ford Federal Direct Loan Program

Students may look into the federal program offered by the U.S. Department of Education. Please read important eligibility information below.

Student Eligibility

  • U.S. citizens, or eligible non-U.S. citizens as defined by the U.S. Department of Education, may apply for financial assistance from the U.S. Federal Direct Loan Program if they are accepted in an eligible program at the University of Toronto.

Students who are eligible to apply for U.S. federal loans and Canadian Provincial/Territorial financial aid loans, such as dual citizens of the U.S. and Canada, must research and determine the federal loan program that is best suited for their financial aid needs. 

Restriction: If a student who is eligible to apply for U.S. Direct Loans and Canadian Provincial/Territorial financial aid loans, the student is then restricted to obtaining loan funding from either U.S. or Canadian federal loans.   A student cannot obtain both federal loans from the U.S. and Canada.

  • Eligible Programs: Programs providing degree studies at the University of Toronto are eligible for the U.S. Direct Loans.

Ineligible Programs/Institutions

The U.S. Department of Education does not provide funding to students enrolled in:

  • Certificate, diploma, non-degree programs
  • Correspondence courses or programs
  • Distance Education courses or programs
  • Exchange and study abroad programs at U.S. institutions or institutions not eligible for Title IV or U.S. Direct Loans funding; see School Code Search on www.fafsa.ed.gov
  • Online courses or hybrid online/in class courses within programs.  NOTE: A program with mandatory online or online/hybrid course(s) is ineligible for U.S. Direct Loans unless an equivalent in class version of the course is offered by the program.
  • St. Michael’s College
  • Trinity College
  • Victoria College
  • Toronto School of Theology (and its member institutions)
  • Faculty of Medicine – Doctor of Medicine
  • Faculty of Nursing – Bachelor of Nursing
  • Faculty of Nursing – Master of Nursing
  • OISE – Additional Qualification Courses as they do not lead towards a degree
  • Residency Programs
  • University of Toronto Mississauga – Art and Art History (Joint program with Sheridan College) – Major
  • University of Toronto Mississauga – Art and Art History (Joint program with Sheridan College) – Specialist

Ineligible Programs with Distance/Online Learning

  • Leslie Dan Faculty of Pharmacy – Doctor of Pharmacy (PharmD) Program
  • OISE – Educational Leadership & Policy Program
  • OISE – Languages & Literature Program
  • OISE – Master of Education (MEd) – Educational Leadership and Policy Program (Coursework Only Program Option – Online/Hybrid (part time) cohort-based stream)
  • Rotman Global Executive MBA for Healthcare and the Life Sciences
  • School of Continuing Studies and programs of instruction offered by telecommunications as a method of delivery.
  • School of the Environment – Environmental Studies Collaborative Program
  • School of the Environment – Environment & Health Collaborative Program
  • School of Graduate Studies – Master of Social Work – Indigenous Trauma and Resiliency (ITR) Field of Study

Ineligible Programs with study components held in the United States of America

  • Rotman-SDA Bocconi Global Executive MBA

Ineligible Certificate Programs

  • Certificate in Environmental Management
  • Certificate in Renewable Energy
  • Certificate in GIS for Environmental Management
  • Certificate in Environmental Health

Additional ineligible programs

  • International Dentist Advanced Placement Program for Foreign-Trained Dentists (IDAPP)
  • International Pharmacy Graduate Program (Canadian Pharmacy Skills) for individuals with foreign pharmacy degrees.
  • National Committee on Accreditation at the Faculty of Law
    • Research in the U.S. by doctorate students is at the discretion of Enrolment Services in accordance with U.S. regulations.

Students in ineligible programs should consider applying for Alternative or Private loans.

Lender Information

The U.S. Department of Education is the lender; the loan is administered by a federal loan servicer which acts on behalf of the U.S. Department of Education.


U.S. Direct Loans Application Process

How Much Can I Borrow?

The University of Toronto is an approved institution for the administration of subsidized and unsubsidized U.S. Direct Loans and PLUS Direct Loans, according to the Higher Education Act, Title IV.  Yearly loan amounts are listed on the U.S Department of Education website and resource publications: U.S. Federal Student Loans – Basics for students.

As a foreign institution, the University of Toronto is not an approved institution with respect to the administration of Pell grants, Perkins or Health Professions loans.

Before beginning the application process below, it is important that you have reviewed the Student Eligibility section above. Programs or Federated colleges listed above are not approved by the U.S. Department of Education for federal funding.

Step One: Complete FAFSA

  • Complete the Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov
  • The University of Toronto school code is G06688.
  • Tips for ensuring proper processing by the U.S. Department of Education:
    • Use the name exactly as listed on the Social Security Card (student’s and parents’).
    • Use the IRS Data Retrieval Tool on FAFSA to transfer information from your U.S. tax returns to the FAFSA. This will help to minimize both data entry errors and verification requirements.  
    • Use the same mailing address in both the FAFSA and the Master Promissory Note.
    • Carefully review information on the summary page before submitting.
    • A link to the Student Aid Report (FAFSA that has already been processed by the U.S. Department of Education) is provided to the email address listed on the FAFSA within 48 hours. Review for any errors, or if any additional action is required. Corrections can be made at fafsa.ed.gov.

Step Two: Complete the following U.S. Direct Loan documents at Studentloans.gov:

A) Entrance Counselling

  • All students applying for U.S. Direct Loans who have not previously completed U.S. Direct Loan Entrance Counselling to attend U of T must complete this one-time only step as part of the U.S. Direct Loan application process. 
  • If entrance counseling was completed for a previous year’s U of T application, proceed to B).

B) Master Promissory Note

  • All students must complete the Direct Subsidized/Unsubsidized Loan Master Promissory Note for each year that a U.S. Direct Loan application is being submitted.
    • Tip: Use the same mailing address in both the FAFSA and the Master Promissory Note.

C) Direct PLUS Loan Application (if applicable i.e., graduate/professional students and parent borrowers only)

  • Independent graduate students applying for a Direct PLUS Loan must have borrowed the maximum annual loan limit first from the U.S. Direct Loan.
  • A U.S. address must be used as the ‘Permanent Address’ in the PLUS Loan application. 
    • A credit check will be conducted based on the information on the PLUS Loan application. Applicants who pass the credit check will be considered for U.S. Direct PLUS Loans. Applicants who fail the credit check can complete U.S. Direct PLUS Counselling available online at studentloans.gov in order to be considered for U.S. Direct PLUS Loans.
    • Credit Checks are valid for only 180 days.  Direct PLUS borrowers are responsible for monitoring and ensuring that their credit check is valid during the entire academic year. Invalid credit checks (older than 180 days) will delay future loan disbursements.
  • Complete the Direct PLUS Loan Master Promissory Note, in addition to the Direct Subsidized/Unsubsidized Loan Master Promissory Note. 

Step Three: Complete University of Toronto U.S. Direct Loan Application

**Application for the 2020 – 2021 Fall/Winter terms now available**


Questions?
Send us an email usa.financialaid@utoronto.ca


Deadline Dates

2020-2021 Award Year – Fall/Winter session:

  • To ensure that loan funds are available within the first two weeks of Fall term, all application steps must be completed, and completed application package must be received at Enrolment Services by July 31, 2020.
  • For students beginning their program in the Winter 2021 term only, all application steps must be completed, and completed application package must be received at Enrolment Services by October 2, 2020.
  • Applications received after these deadline dates will still be processed, but the disbursement of funds to eligible students will not be not guaranteed for the beginning of the term requested and students will be assessed service charges by Students Accounts on outstanding fees.

Application Processing Timelines  

Students who hand in an application package to Enrolment Services will receive an assessment in approximately 6 weeks.  During peak processing periods of summer and the start of each term (Fall, Winter, and Summer sessions), processing times will be slightly longer. 

Note: applications with missing documentation and/or require clarification details will require additional processing time.

In mid-July, tuition fees are finalized and then made available to students in their ACORN accounts. A student who received an estimated Notice of Assessment, and whose financial aid calculation has changed as a result of the finalized tuition, will be issued a revised final Notice of Assessment within 6 weeks.


Direct Loan Important Information & Regulations 

  • All students interested in the Direct Loan program must read the Policies and Regulations document
  • Study Permit: Information on study permit/student visa is available from the Centre for International Experience.
  • Notification: A Notice of Assessment letter indicating the student’s loan eligibility and dates of disbursement will be issued to the student via the Online Application platform. See ‘Application Processing Timelines.’
  • Tuition Fee Deferral: Students who submit their U.S. Loans application package to Enrolment Services by the deadlines listed above are eligible to apply for a tuition fee deferral. A successful tuition fee deferral will result in service charges being waived until mid-October for outstanding fall term tuition fees, and mid-February for outstanding winter term tuition fees.
  • Disbursements/How payments are made
    • Students in 8-month bachelors or masters programs receive two disbursements: one in the Fall and one at the start of Winter session.
      • Students in the first year of their undergraduate program who are receiving U.S. Direct Loans for the first time can receive their first disbursement 30 days after the start of their undergraduate program at the earliest, as required by the U.S. Department of Education.
    • Students in 12-month masters or PhD programs receive three disbursements: one after the start of the Fall, one after the start of Winter and one after the start of the Summer session.
    • Students must be in good academic standing, have paid or deferred their tuition fees, and be registered full-time or at least half-time in order to receive their loan payments.
    • U.S. Direct Loan payments will be made in Canadian dollars to the student’s ACORN account, and will first pay any outstanding tuition fees. Any remaining amount after outstanding fees have been paid will be refunded to the student by the Student Accounts Office.  
      • Students must set up a Canadian bank account, and enter their Canadian bank account information into the Direct Deposit section of their ACORN account.
      • Students must also enter their Canadian mailing address in the Profile & Settings section of their ACORN account.
  • Service Charges and Exchange Rate: Service charges are applied to unpaid student tuition fees according to the schedule published by the Student Accounts Office. Service charges cannot be waived because of fluctuations in exchange rates or because loans are issued in multiple instalments. Students are responsible to fund any shortfall due to exchange rate conversion. The exchange rate is the one used by the University of Toronto on the date of each transaction to or from U.S. currency.
  • Cancellation of Loan Application or Anticipated Disbursements: Students who wish to cancel their loan application or anticipated disbursements must email the request to usa.financialaid@utoronto.ca by the following deadlines:
    • Fall 2020 term loans – cancel by August 7, 2020
    • Winter 2021 term loans – cancel by December 4, 2020
  • Cancellation of Disbursed Funds: Students who wish to cancel their loan (in its entirety or a portion) after it is disbursed must email usa.financialaid@utoronto.ca within 14 days of the loan disbursement date.

Borrower’s Responsibilities and Obligations

Students must:

  • Maintain Satisfactory Academic Progress each year in order to continue to be eligible for further funding. See Satisfactory Academic Progress section below.
  • Immediately inform Enrolment Services of any academic (including course load reduction or withdrawal), financial, marital status or personal information changes. Such changes may result in the student being ineligible for further funding, and being required to repay unearned loan funds. See Return of Title IV U.S. Direct Loan Funds section below.

Satisfactory Academic Progress (SAP)

Satisfactory Academic Progress is reviewed annually at the end of each academic year in accordance with U.S. regulations and the University of Toronto’s published academic standards required for graduation.  To be eligible for further funding students with U.S. Direct Loans must fulfill all three SAP Components:

  • Grade Point Average (Qualitative)
  • Pace (Quantitative)
  • Time (Quantitative)

Complete information about these components, as well as the process students can follow if they do not meet SAP, can be found in Satisfactory Academic Progress Policies.

Students who failed SAP and are ineligible for funding, but are interested in submitting a SAP appeal, may do so up to the deadline of March 16, 2020.  See SAP policies document for further information.

Return of Title IV U.S. Direct Loan Funds Due to
Withdrawal or Course Load Reduction

Students who withdraw or reduce their course load to less than half-time status may not be eligible to keep the loan funds that have been disbursed to them for the academic year.

  • U.S. Direct Loans are awarded on the basis that students will study full-time for their complete period of study.
  • Students “earn” aid through attendance based on the number of calendar days completed while in full-time studies, divided by the total number of calendar days in the period of study.
  • Students who complete 60% or more of their period of study have “earned” 100% of their U.S. Direct Loans
  • Students who complete less than 60% of their period of study due to withdrawal or reduction of course load to part-time status (less than half-time) are required to repay the portion of their loan that they have not “earned”.
  • Responsibility for repaying the portion of “unearned” or overpaid loan to the U.S. Department of Education (DOE) is shared by the student and the University of Toronto
  • Return of Title IV U.S. Direct Loan Funds Due to Withdrawal or Course Load Reduction Policies

Exit Counselling

Students must complete an Exit Counselling interview and begin repayment of their student loans when they are no longer registered in full-time studies (i.e., graduation, withdrawal, or course load reduction to less than half-time).

National Student Loan Data Service  

The NSLDS is the central database for U.S. government student aid.  This site allows students to download all of their loan, grant and aid overpayment history. The University of Toronto reports enrolment status to NSLDS. Alternative/private loans are not included.

Consumer Information

Consumer Information is a comprehensive list of websites about U.S. financial aid and the University of Toronto.  

Loan Default Management Plan

The University of Toronto has the following strategies in place to ensure that students and their parents, and University faculties and departments, are fully informed about and supported through the U.S. Direct Loans process. Supporting students in the U.S. Direct Loans process ensures that they maintain their eligibility for U.S. Direct Loans while they are registered at the University.


Alternative Loans/Private Loans

U.S. students may also consider alternative or private loans as another source of funding.

Process: 

Step 1: Apply directly to the lender of choice. Note that the University of Toronto is set up for processing with Sallie Mae Student Loans.

Step 2: If approved for funding, request that U of T certify the loan. Make the request by completing the form: Request for Alternative/Private Loan School Certification.

Step 3: Submit certification request:

  • Via email attachment to usa.financialaid@utoronto.ca.  
    • Applications submitted via email by a third party (including parents) will not be accepted. 

Important Information:

  • Processing Time: Tuition fees are finalized and made available to students in their ACORN accounts in mid-July. After that period onwards, loan certification forms will be processed within 3 weeks of being received by Enrolment Services and in date order as submitted by students.
  • Maximum Loan Amounts: Loan amounts requested in U.S. dollars must be less than the Cost of Attendance (Tuition + Living Expenses).  
  • Notification: Once the loan has been certified by Enrolment Services, students will be notified via email to their utoronto email address.
  • Letter for Study Permit Purposes: Students can request for a letter noting the amount of loan certified by emailing usa.financialaid@utoronto.ca. This letter may be used to apply for a study permit/student visa.
  • Tuition Fee Deferral: Students who have their alternative loans certified by Enrolment Services are eligible to apply for a tuition fee deferral. A successful tuition fee deferral will result in service charges being waived until mid-October for outstanding fall term tuition fees, and mid-February for outstanding winter term tuition fees.
  • Disbursements: University of Toronto arranges equal disbursements at the beginning of each term after classes have begun.
    • Loans will be disbursed in Canadian dollars to the student’s ACORN account, and will first pay any outstanding tuition fees. Any remaining amount after outstanding fees have been paid will be refunded to the student by the Student Accounts Office.  
      • Students must set up a Canadian bank account, and enter their Canadian bank account information into the Direct Deposit section of their ACORN account.
      • Students must also enter their Canadian mailing address in the Profile & Settings section of their ACORN account.
  • Service Charges and Exchange Rate: Service charges are applied to unpaid student tuition fees according to the schedule published by the Student Accounts Office. Service charges cannot be waived because of fluctuations in exchange rates or because loans are issued in multiple instalments. Students are responsible to fund any shortfall due to exchange rate conversion. The exchange rate is the one used by the University of Toronto on the date of each transaction to or from U.S. currency.

In School Deferment/ Maintaining Interest-Free Status for Previous Years’ Loans

University of Toronto reports student registration via the National Student Loan Data Service (NSLDS). Loan repayment for previous and current loans is deferred for full-time students. Students can verify the status of their US government loan(s) at NSLDS.

Students with previous loans may also request interest-free status through their lender for the current academic year, for as long as they are registered in a Full-Time status.

Students are responsible for all loan conditions and requirements for any previous loans, and for following up with their loan provider to find out the first date of repayment for their loans.. Students must request interest-free status via the process listed below if they are eligible and registered full time.

Process

  • Obtain an In-School Deferment Form from the loan provider.
  • Complete both of the following forms: 
    • In-School Deferment Form
    • University of Toronto U.S. In-School Deferment Form
      • Ensure that the fax number and email for the loan provider is indicated on the form. Enrolment Services will use this information to send the In-School Deferment Form to the student’s loan provider. 
  • Submit both documents to Enrolment Services:

    Via password-protected email attachments to usa.financialaid@utoronto.ca. Students must submit their attachments via their utoronto.ca email address. 
    • Password protection is necessary and required by the U.S. government because the documents being submitted include personally identifiable information such as Social Security Numbers. 
    • Send the password in a separate email.

Important Information

  • Processing Time: Once Enrolment Services receives both forms, the In-School Deferment form will be processed and faxed or emailed to the loan provider (or be made available for pick-up by the student) within 5 to 8 business days.
  • Ineligible Students: Students currently registered at St. Michael’s College, Trinity College, Victoria University, and the Toronto School of Theology (and its member institutions) are not eligible to maintain interest-free status on their previous years’ U.S. Direct Loans

Tax Information for U.S. Students

For the 2019 tax year, there are two tax education credits available to help you offset the costs of higher education by reducing the amount of your income tax.  These are the American Opportunity Credit and Lifetime Learning Credit.

For your tax filing and reference records, obtain the following two University of Toronto documents:

T2202: The University of Toronto issues the T2202 Tuition and Education amounts certificate in lieu of Form 1098-T (Tuition Statement).  Download your T2202 form via ACORN beginning February 21, 2020.

Tax Year Education Credits Information document:

Tax Education Credits Information Document – 2019 Tax Year

Contact: If you have any questions, please contact: usa.financialaid@utoronto.ca


Qualified Tuition Programs – 529 College Savings Plans

Eligibility:

The University of Toronto is a Title IV eligible institution that participates in the William D. Ford Federal Direct Loan student aid program administered by the U.S. Department of Education.

You should be aware that students in specific U of T programs will incur a penalty when accessing their 529 College Savings Plan funds. These programs are listed above under “William D. Ford Federal Direct Loan Program- Ineligible Programs/Institutions”. Students in the ineligible programs who still wish to make a withdrawal of 529 funds should contact their state 529 College Savings Plan for further information. General questions regarding administration, withdrawals and any penalties should be directed to your 529 College Savings plan administrator directly.

Process:

  • Consult your state 529 plan to discuss how to begin the distribution process for the funds. The following specific institutional details are required to process the payment.

Mailing address:

Student Accounts Office at U of T
215 Huron Street, 3rd floor
Toronto, Ontario
M5S 1A2

Phone No: 416-978-2142
Federal School Code: G06688

Fee information for upcoming Fall/Winter terms are available on the Student Accounts website in mid-July, prior to the start of the academic year.


Veteran Affairs Post-9/11 GI Bill Benefits

The University of Toronto is a Veteran Affairs-approved institution to process program reviews and certify registered U of T students to receive Post-9/11 GI Bill Benefits. Students must request certification for each academic year that they want to receive Veterans Affairs benefits.

Process:

Students must submit their request and the required confidential attachments (see below) via email to usa.financialaid@utoronto.ca

  • Password protection is necessary and required by the U.S. government when the documents include your Social Security Number. 
  • Send the password to open the attachments in a separate email to usa.financialaid@utoronto.ca.
  • Returning U of T students must submit their requests via their utoronto.ca email address. 
  • Send an e-mail request with all of the following information: your full name, U of T student number, and the semester(s) you are requesting to be certified for Veteran Affairs benefits.
  • *New* U of T students requesting benefits for the first time must attach to the e-mail request a completed ‘Confidentiality Release Form’ and must include two password-protected attachments: 1/ a copy of your Certificate of Eligibility document provided by Veterans Affairs and 2/ a word document that lists your Social Security Number and specific benefit type e.g. Chapter 33: Post 9/11 GI Bill.

Important Information:

  • Deadline: To receive the first fall installment of Veteran Affairs Post-9/11 GI Bill benefits within the first three weeks of September, students should submit their request and confidential attachments to Enrolment Services by the second week of July, prior to the start of the school year.  Requests submitted after this deadline will still be processed in date order to when the request is received.
  • Processing time:
    • For newly admitted students and returning students who have changed majors or degree studies, it may take up to two months for processing, as Enrolment Services will be required to contact Veterans Affairs for approval. 
    • Returning students: Tuition fees are finalized and made available to students in their ACORN accounts in mid-July. From this period, VA Benefits certification will be processed in approximately 3 weeks.
  • Notification: Once the VA benefits have been certified by Enrolment Services, students will be notified via email to their utoronto email address.
  • Tuition Fee Deferral: Students who have their VA benefits certified by Enrolment Services are eligible to apply for a tuition fee deferral. A successful tuition fee deferral will result in service charges being waived until mid-October for outstanding fall term tuition fees, and mid-February for outstanding winter term tuition fees.
  • Cancellation: Students who have requested to be certified for Veteran Affairs benefits, but then wish to request a cancellation for any reason should go to the Veteran Affairs webpage and go to “Submit a Question”: http://www.benefits.va.gov/gibill/.

Instructions on Requesting a Tuition Fee Deferral if you will receive Government Student Aid.