US Loans
Direct Loans are low-interest loans for students, and parents where applicable, to help pay for the cost of a student's education after high school. The lender is the US Department for Education rather than a bank or private lender.
Kwantlen Polytechnic University is recognized for funding through the US government and participates in the Title IV program known as the William D. Ford Direct Loan Program. Our US Federal Title IV code is 03332500 (also known as our OPE ID).
Who can apply?
US citizens or permanent residents of the US attending Kwantlen Polytechnic University and enrolled full time in a degree program may apply.
Who can NOT apply?
Students registered in certificate, diploma or Continuing Studies programs
Students registered in Distance Studies courses
Types of loans
Subsidized Stafford Loans - available to students based on financial need. Borrowers are not charged interest while enrolled in full-time studies.
Unsubsidized Stafford Loans - available to students not necessarily based on financial need. Borrowers are responsible for the interest that accrues while in full-time studies.
PLUS Loans - available to parents borrowing on behalf of a dependent child. Borrowers are responsible for the interest that accrues while the student is in full-time studies.
PLUS Graduate Loans - available to graduate students when financial need is not met by Stafford Loans. Borrowers are responsible for the interest that accrues while in full-time studies.
Stafford Loan Limits
Yearly maximum effective July 1, 2008
| Dependent Student | Independent Student | |
|---|---|---|
| Undergraduate Funding Limits | ||
| Subsidized Unsubsidized Maximum First-Year Total |
$3,500 $2,000 $5,500 |
$3,500 $6,000 $9,500 |
| Subsidized Unsubsidized Maximum Second-Year Total |
$4,500 $2,000 $6,500 |
$4,500 $6,000 $10,000 |
| Subsidized Unsubsidized Maximum Third-Year Total |
$5,500 $2,000 $7,500 |
$5,500 $7,000 $12,500 |
| Graduate Funding Limits | ||
| Subsidized Unsubsidized Maximum Graduate Total |
N/A N/A N/A |
$8,500 $12,000 $20,500 |
| Federal Stafford Loan Aggregate Limits | ||
| Total Amount Cumulative (Maximum $23,000 subsidized) |
$31,000 | $57,500 |
Interest Rates
| Loan Type | Grade Level | First Disbursed Between July 1, 2011 and June 30, 2012* |
|---|---|---|
| Subsidized Loans | Undergraduate | 3.40% |
| Graduate | 6.80% | |
| Unsubsidized Loans | Undergraduate | 6.80% |
| Graduate | 6.80% | |
| PLUS Loans | Parent and Grad Student | 7.90% |
*Note: Effective July 1, 2010, the only loans that can be made are Direct Loans.
Important Note: US grant funding is not available to students attending Kwantlen Polytechnic University or other foreign schools.
How to Apply for the Stafford Direct Loan Program
Step 1: In order to receive your funding at the start of classes, it is suggested you apply at least six weeks before the start
of the semester.
Step 2: Get a Federal Student Aid PIN, a personal identification number. A PIN lets you apply, "sign" your online Free
Application for Federal Student Aid (FAFSA), make corrections to your application information and more - so keep
it safe. Go to www.pin.ed.gov to get one.
Step 3: Collect the documents needed to apply, including income tax returns and W-2 forms (and other records of
income). A full list of what you need is at www.fafsa.gov Tax return not completed at the time you apply? Estimate
the tax information, apply, and correct the information later.
Step 4: Complete the FAFSA between January 1, 2011, and June 30, 2012 (no exceptions to either date!). But, apply as
soon as possible after January 1 to meet the deadline. Apply online at FAFSA on the Web (the faster and easier
way) by going to www.fafsa.gov. If you don't already have your PIN, you can get it when you complete the online
FAFSA.
Step 5: Within a few days, the US Department of Education will send you your Student Aid Report (SAR) - the result of your
FAFSA. Review your SAR and, if necessary, make changes or corrections and submit your SAR for reprocessing.
Your complete, correct SAR will contain your Expected Family Contribution (EFC) - the number used to determine
your federal student aid eligibility.
Step 6: Applicants must sign a Direct Loan Master Promissory Note (MPN). To sign a MPN, log on to
https://studentloans.gov. You will need your PIN to access and e-sign the electronic MPN. This PIN is the same
one used for your FAFSA. Select "Complete New MPN for student loans."
Step 7: All Stafford Loan borrowers are expected to complete Direct Loan Entrance and Exit Loan Counseling. Entrance
Counseling should be completed at https://studentloans.gov when you are completing your MPN. Additionally,
students should be aware that only high school graduates qualify for the Stafford Loan Program. Those
applications who are eligible to receive loan funding will be sent a notification of eligibility by Student Awards and
Financial Assistance in the form of a confirmation letter outlining the details of the Direct Loans package, once the
loans is assessed. If eligible for loan funding, Kwantlen Polytechnic University will originate and disburse all
Direct Loan funds electronically. Disbursement process information will be communicated in the letter of
notification.
Step 8: Bring all your documentation (e.g. the student Aid Report (SAR) and a copy of your Master Promissory Note (MPN)
to the Student Awards and Financial Assistance Offices where a Financial Aid Officer will review your file.
Step 9: For further information about the Stafford Loan Program, please contact John Boylan in the Student Awards and
Financial Assistance office.
