Starting in the 2020/2021 academic year, McMaster University will be an approved Title V institution under the U.S. Department of Education’s, William D. Ford Federal Direct Loan Program. If you are an eligible U.S. student attending McMaster, apply for Direct Loans to help pay your school-related fees. 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 your home province, with the exception of Ontario.
Please note: you cannot receive government student aid from more than one country in a given school year.
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. The CARES Act has been extended to June 2022. Under the temporary CARES Act, US students are allowed to take online courses during the 2020 winter session (Sep 2020 – Apr 2021), and the 2021 summer session (May 2021 – August 2021) without it having a negative impact on their eligibility for Direct Loans.
- Nursing programs at the undergraduate, graduate and continuing education level.
- A study abroad or exchange program at an institution not eligible for Title IV or U.S. Direct Loans funding.
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 whether you are considered dependent or independent.
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.
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.
Calculating your financial need
Cost of Attendance (COA) − Expected Family Contribution (EFC) = 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.
Complete the Free Application for Federal Student Aid (FAFSA) on the FAFSA website. 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 Expected Family Contribution (EFC).
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.
Complete the following U.S. Direct Loan documents/processes at studentaid.gov:
Direct Subsidized/Unsubsidized Loans – Complete the electronic Master Promissory Note (MPN) form. If you are a first-time borrower, you must complete entrance counseling before your funding can be released.
Direct Parent PLUS Loans – Complete the Direct PLUS loan application for Parents to authorize a credit check. Sign the electronic Master Promissory Note (MPN) form.
Grad PLUS Loans – Complete the Direct PLUS loan application for Graduate/Professional Students to authorize a credit check. Sign the electronic Master Promissory Note (MPN) form. If you are a first-time borrower, you must complete entrance counseling before your funding can be released.
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 Counseling.
A new application must be submitted for every academic year.
Fall and Winter 2020/21 deadline (September – April): August 1, 2020.
Summer 2020 deadline (May – August): April 1, 2020.
Please note: FAFSA forms must be submitted by 11:59 p.m. (CT) on June 30, 2021. Any corrections or updates must be submitted by 11:59 p.m. CT, on September 12, 2021.
Applications received after the recommended deadline are processed on a rolling basis. There is no guarantee that funds will be disbursed by McMaster’s fee payment deadlines. By U.S. Department of Education regulations, a U.S. loan (subsidized, unsubsidized, Parent/Grad PLUS) cannot be originated after a student’s study period end date.
Once your application has been processed, our Student Services office will send you a letter confirming your loan amount. It will include instructions on how to accept all or part of your loan.
Payments are disbursed to enrolled students via electronic fund transfers. Funds will be deposited to your McMaster Student Account in two or three equal instalments (CAD) at the start of each term – September, January and May, if applicable.
If you apply after the recommended deadline, you will receive your funds on a rolling basis at various times throughout the academic year. There is no guarantee that funds will be disbursed by McMaster’s fee payment deadlines. By U.S. Department of Education regulations, a U.S. loan (subsidized, unsubsidized, Parent/Grad PLUS) cannot be originated after a student’s study period end date
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 counseling 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.
If you have loans from previous years and are registered in at least a half-time course load (50%), you will be eligible for an in-school deferment of those loans during your current study period. Calculate your course load.
Please note: You are responsible for fulfilling all loan conditions and requirements for any previous loans. Make sure to follow up with your loan provider to find out the first date of repayment for your loans.
Steps:
- Obtain and complete an In-School Deferment Form from your loan provider.
- Complete McMaster’s U.S. In-School Deferment Form.
- Submit both documents to this secure MacDrive link
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.
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
Phone Number: 905.525.9140 x 24796
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
- Apply for a Certificate of Eligibility through the Veterans Affairs website.
- 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. We will notify you of the VA’s decision within two to three weeks.
Please note: Distance education and audit courses are not eligible for VA benefits
How to apply
- Upload your completed Certificate of Eligibility (issued by the VA) and VA Benefits Funding Application to this secure MacDrive link.
- 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.
- 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.
Disbursement
If your application is successful, the VA will send:
- a payment to your McMaster Student Account that will be applied tuition and fees each term
- a payment to your personal account for books and living expenses.
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 Smart Option Student Loan 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
- Complete an application through the Sallie Mae website.
- 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
A cheque will be mailed to McMaster at the start of each term — September (October for first-time borrowers), January and May, if applicable. Once the cheque arrives, you will receive an email from Student Services to endorse the cheque for processing.
