Funding for U.S. students

McMaster is a Title IV-approved institution. US students and their parents are eligible to apply for financial aid through the Federal Direct Loan Program administered by the Federal Student Aid (FSA) office of the US Department of Education. The grant programs of the U.S. Department of Education are not open to foreign schools. A US Grant is not available to you while you are a student at McMaster.

The Federal School Code for McMaster University is G06853.

Student eligibility

McMaster can provide Direct Loan funding to students who meet the basic eligibility requirements. If you are a dual Canadian/American citizen, you may be eligible for student loans through both the US Federal Direct Loan Program and your home province.  The only exception is Ontario; you may not receive both US Loans and OSAP.

Program eligibility

McMaster is unable to provide U.S. Direct Loan funding for the following:

  • Certificate, diploma, non-degree or continuing studies programs.
  • Distance education courses. If you take any distance education and/or an online course, you will be ineligible for U.S. Direct Loan funding for the duration of your program.
  • Nursing programs at the undergraduate, graduate, joint, and continuing education level.
  • Medical programs
  • Internships
  • McMaster students participating in a foreign exchange term may be eligible to receive Title IV funding provided the host school is Title IV eligible and or meet the definition of a foreign school. Students should check the Federal School Code list
  • Audit courses
  • Programs at McMaster Divinity College

The following loans are available through the William D. Ford Federal Direct Loan Program:

  • Available to eligible undergraduate students who demonstrate financial need.
  • The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you are in school at least half-time (50% course load) and during your  six-month grace period.
  • For study periods beginning after July 1, 2012, graduate students are no longer eligible for Direct Subsidized Loan.
  • For more information, click here.
  • Available to eligible undergraduate, graduate and professional students.
  • Not based on financial need.
  • Interest is charged from the date the loan is disbursed.
  • You can choose to pay the interest while in school or have it accumulate and added to the principal amount.
  • For more information, click here.
  • Available to eligible graduate and professional students enrolled at least half-time (50% course load) in an eligible degree program.
  • You may borrow up to the total cost of attendance minus any other financial assistance you receive.
  • Interest is charged from the date the loan is disbursed.
  • You can choose to pay the interest while in school or have it accumulate and added to the principal amount.
  • A credit check will be performed as part of the application process.
  • For more information, click here.
  • Assists parents with funding the educational expenses of their dependent children studying at the undergraduate level.
  • Dependent students must meet the general eligibility requirements for federal student aid.
  • All funding must be used for authorized educational costs incurred by the eligible student.
  • A credit check will be performed as part of the application process.
  • For more information, click here.

The amount of money that you can receive is determined by the annual limits on U.S. government student aid and the cost of attending the institution. The annual and lifetime limits can be found on the U.S. Department of Education website. The limits vary based on year of study, the calculated cost of attendance, loan type, and whether you are considered dependent or independent.

Student Aid Index (SAI) is a formula-based index number ranging from –1500 to 999999. Where your SAI falls within the SAI range helps your school determine how much financial support you may need.  It is based on the students’ (and if applicable, the student’s family’s) income and assets, as reported on the FAFSA form. 

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.

The Aid & Awards Office will determine how much aid you are eligible to receive. You need to be fully enrolled in all of your courses in all terms to have your CoA calculated by the school.  The CoA is also calculated in Canadian dollars. 

Calculating your financial need

Cost of Attendance (COA) − Student Aid Index (SAI) = Financial Need

Need-based aid is financial aid that you can receive if you have financial need and  have met other eligibility criteria. You can’t receive more need-based aid than the amount of your financial need. The Direct Subsidized Loan is a need-based aid loan.

Calculating your non-need-based aid

Cost of Attendance (COA) − Financial Aid Awarded So Far* = Eligibility for Non-need-based Aid

*includes aid from all sources, such as the school, private scholarship providers, etc.

Non-need-based aid is financial aid that is not based on your Expected Family Contribution. The Direct Unsubsidized and Direct PLUS Loans are non-need-based loans.

More Information

Complete the 2025-2026 Free Application for Federal Student Aid (FAFSA) on the FAFSA website. The deadline date to complete this is June 30, 2025. McMaster’s Federal School Code is G06853. The information collected through this application is used by the U.S. Department of Education to calculate the Student Aid Index (SAI). 

Within 48 hours of completion, you will be emailed a link to your Student Aid Report (a FAFSA that has been processed by the U.S. Department of Education). If any corrections or updates must be made to the report, you can do so at fafsa.ed.gov. Any corrections or updates are to be submitted by September 1, 2025. 

FAFSA help guide

Complete the following U.S. Direct Loan documents/processes at studentaid.gov:

  1. Master Promissory Note (MPN) – required each academic year.
  2. First-time borrowers must complete entrance counselling
  3. Direct PLUS loan application (if applicable) for parents to authorize a credit check. Sign the electronic Master Promissory Note (MPN) form.
  4. Annual Student Loan Acknowledgement (ASLA) (recommended not required).

Please note: If a Direct PLUS Loan credit check is denied because of adverse credit history, you may secure an approved endorser or file an appeal based on extenuating circumstances. In both instances, you will be required to complete PLUS Credit Counselling.

Complete McMaster’s U.S Loan Request Form if you have accepted your offer of admission or are a current student. Upload this form along with all required supporting documents to this secure MacDrive link. 

After your application has been processed, you will receive the cost of attendance and award email. You will be asked to complete a Statement of Borrower Loan Confirmation form. Your Statement of Borrower Loan Confirmation must be received by Student Services by August 1, 2025 to ensure your funding is disbursed by the 2025 Fall term payment deadline date.

 After your loans are approved, funds into your McMaster Student Account in two or three equal instalments (CAD)* at the start of each term (two payments for undergrads &  three payments for grad students). First-time, first-year undergraduate borrowers will receive their first payment 30 days after the start of classes.

*The funds will be converted from U.S. dollars (USD) to Canadian dollars (CDN) based on the U.S. exchange rate on the day that the funding is deposited into your student account.  The exchange rate is set by McMaster’s Financial Affairs Office and is non-negotiable.  

Once the student account is paid in full, any excess funds will be paid out to the student’s Canadian bank account via Interac e-transfer. You must provide your Canadian banking information on Mosiac before the excess funds will be paid to you. If you do not have a Canadian bank account, excess aid will be refunded through other methods available for international students.

Please note: Loans are administered by a federal loan servicer, which acts on behalf of the lender, the U.S. Department of Education.

Students must complete exit counselling and begin the 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).

Your loan servicer will provide information about the repayment process and the date your loan repayment begins. It is very important that you make your full loan payment on time either each month or according to your repayment schedule.

To keep track of your student loans or to contact your loan servicer regarding repayment, log into the National Student Loan Data System (NSLDS) or call the Federal Student Aid Information Center at 1-800-433-3243. Use the PIN from your FAFSA electronic signature to gain access to NSLDS.

You can also repay your loans while you’re in school. Contact your loan servicer through NSLDS for more on this option.

As required by US regulations, every 60 days, McMaster University automatically reports the enrolment status of students who appear on the NSLDS roster. This will continue until your enrolment changes to less than half time or you withdraw from McMaster University.

If you McMaster has never processed a deferment on your behalf, you must make an initial request for a deferment.

Steps: 

  1. Complete McMaster’s U.S. In-School Deferment Form.
    • If you have private/other loans, please complete the ‘Borrower’ section of the In-School Deferment form.
    • If your private/other lender requires a different form, complete your section and forward it to our office for completion.
  2. Submit both documents to this secure MacDrive link
  3. It is recommended that you follow up with your Student Loan Servicers (Lenders) every term to confirm they have your up-to-date enrolment status. You can also check the status of previous U.S. student loans on the NSLDS website.
  4. Review your Annual Student Loan Acknowledgment on a yearly basis.

Once our office receives both forms, we will confirm enrolment with the NSLDS, Perkins Loans and/or private student loan providers. You can verify the status on the NSLDS, with Perkins Loans and/or your private lenders within 5-10 business days of your submission.

More information

U.S. students who have access to a Section 529 Savings Plan may be eligible to use those resources while studying at McMaster. Consult your Section 529 plan provider to initiate the distribution process for the funds. Use the following institutional details to process the payment:

Mailing Address:

Student Services, Gilmour Hall 108
McMaster University
1280 Main St. W.
Hamilton, ON L8S 4L8
Canada

McMaster’s Federal School Code: G06853

McMaster University is approved to process program reviews and certify registered McMaster students to receive Post-9/11 GI Bill Benefits. GI Bill benefits help qualifying Veterans and their family members fund all or some of the costs related to post-secondary schooling. Benefits will only cover courses required for a degree program. Students must request certification for each academic year that they want to receive Veterans Affairs (VA) benefits.

Before you apply

  1. Use the Institution Search tool to confirm whether your intended program of study approved for VA benefits. If you are interested in a program that is not on this list, please contact Student Services to initiate a program proposal request. The request must be sent from Student Services on your behalf. Depending on the time of year, this process can take longer than the typical 2 to 4 weeks.
  2. Apply for a Certificate of Eligibility through the Veterans Affairs website.

Please note: Distance education and audit courses are not eligible for VA benefits

How to apply  

  1. Upload your completed  Certificate of Eligibility (issued by the VA) and VA Benefits Funding Application to this secure MacDrive link. 
  2. First-time applicants:  A Student Loans & Award Officer will schedule a voice call with you over Microsoft Teams to confirm your personal information, including your Social Security Number (SSN) and/or the SSN of the person transferring their benefits to you. This information will remain confidential. To protect your privacy, please do not email your SSN. Download the free Microsoft 365 suite here.
  3. Our office will confirm your information with the Department of Veterans Affairs. We will contact you if any further information is required.

You will be notified about your application status within 2-3 weeks of submission.

Deadlines

Submit your Certificate of Eligibility (issued by the VA) and VA Benefits Funding Application by the mid-July before the start of the new school year to  receive the fall instalment of your benefits within the first three weeks of September. Requests submitted after this deadline will still be processed in date order to when the request is received.

Disbursement

If you receive your VA Benefits under Chapter 33, payments of your VA benefits will be made directly to McMaster in USD. See this link for information about the VA Monthly Housing Allowance (Living Stipend).

  1. McMaster will report your Tuition and Fees in Canadian currency to Veterans Affairs (as per their requirement) on a term-by-term basis.
  2. Upon receipt of your VA payment in $USD, McMaster will confirm your eligibility and convert your VA benefits payment into Canadian Currency.
  3. McMaster will email and confirm whether or not you will be receiving a refund. Any refund will be issued to you in $CDN.

If you receive your VA Benefits under Chapter 35, money goes directly to you (the student), therefore you are responsible for paying any outstanding McMaster tuition and fees.

Be sure to monitor your McMaster Student Account. You will be responsible for any outstanding balance not covered by your VA education benefit.

Reporting changes

In compliance with your VA regulations, you must notify Student Services of any change in status with the university, which may include:

  • Adding or dropping a class
  • An address change
  • Withdrawing from the university
  • Repeating  a course

Please consult with our office before making such decisions as it could impact your eligibility and benefit amount.

Enrolment Status/Training Time Number of McMaster credits (undergraduate)
Full-time 12 units or more
Three-quarter time 9-11 units
Half-time 6-8 units
Less than half-time 4-5 units
Quarter time or less 3 units

If you require additional aid, you can also consider private alternative (non-government) loans. Private loans are generally credit-based and offered by banks and credit unions. We strongly encourage you to explore your federal aid options, scholarships and grants, before pursuing private loans.

Sallie Mae

The Sallie Mae Student Loans is available to U.S. students studying at least half-time (50% course load) in an eligible program. 

You can borrow funds up to your full cost of attendance, minus any available resources and previous funding (i.e. loans, scholarships, etc.). 

How to Apply

  1. Complete an application through the Sallie Mae website.
  2. Approved students will receive a Notification of Funding Eligibility letter outlining loan amounts and disbursements via email. 

Applications take 15-20 business days to assess. We encourage you to begin the loan process as early as possible to ensure loan funds are disbursed in time for McMaster fee deadlines. 

Disbursement

The funds will be sent to McMaster University via electronic funds transfer at the start of each term — September, January and May, if applicable.

Loans will be disbursed in Canadian dollars to the your student account and will first pay any outstanding tuition fees. Any remaining amount after outstanding fees have been paid will be refunded to you via Interac e-transfer.

As a Canadian institution, McMaster does not issue U.S. tax documents (ex: Form 1098-T). However, McMaster will issue you a Tuition and Enrolment Certificate (T2022A) and a T4A for aid & awards through the Mosaic Student Centre. You can use this form or provide it to your accountant to file your taxes in the U.S.

Learn More

What is McMaster’s Federal School Code?

McMaster University’s Federal School Code is G06853

I’m not getting as much as I expected; how can I appeal my Direct Loan amount?

The Cost of Attendance (COA) is calculated by the university.  You cannot appeal this calculation or borrow more than this amount.  However, if you have extenuating circumstances and/or costs, you may be able to submit an appeal to see if you may be eligible for more funding.  Please email student.services@mcmaster.ca for more information.

If you applied for a Direct PLUS Loan and have been denied due to adverse credit history, you can complete an extenuating circumstances appeal.   

If the funding that you received does not meet your financial need, you can also look in to private loans.  However, McMaster University only processes private loans through Salle Mae.

When do I start to repay my Direct Loans?

You can start repaying your loans at any time, but you are only required to once you are no longer registered in full-time studies. For more on repayment, visit: www.studentaid.gov.

I am a dual American and Canadian citizen. What are my government loan options?

If you are a dual Canadian/American citizen, you may be eligible for student loans through both the US Federal Direct Loan Program and your home province.  The only exception is Ontario; you may not receive both US Loans and OSAP.

I have questions about my Direct Loans, who do I contact?

For questions on FAFSA, eligibility, loan repayment and forgiveness and applying for and receiving aid, please visit the Federal Student Aid website.

You can contact student.services@mcmaster.ca about the processing of your loans once your application has been submitted.

I need to withdraw  and/or repeat a course, what do I do?

If you are considering changing your course load or withdrawing from a program, please contact student.services@mcmaster.ca as it may impact your eligibility and loan status.

Can I apply for U.S. Direct Loans for the spring/summer term?

The loan maximum set by the Department of Education apply to the academic year (September – August of the following year).

If you use the maximum amount in Direct Subsidized and Direct Unsubsidized  funding for the fall/winter term (September – April period) and then decide to take summer courses, you are not eligible for any further Direct Subsidized and Direct Unsubsidized funding for the summer term (May – August).

If you do not use the entire annual loan limit during the fall/winter term, you may be eligible to receive the rest for the remaining academic year or summer term.