US Student Loan Information

United States citizens studying at Emily Carr are eligible to apply for Stafford Loan funding through the Federal Family Education Loan Program (FFELP). Please note that Pell Grants are unavailable for study in Canada.  The following types of loans are available through FFELP programs:

  • 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. Plus loans also allow graduate students to borrow on their behalf.  Borrowers are responsible for the interest that accrues while 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.

Instructions for US Citizens Applying for Student Loans

Application packages for Stafford loans and PLUS loans are available by contacting the Financial Awards office.

All Stafford applicants must undergo a standard need analysis by the US Department of Education. To activate this analysis, prospective loan applicants must complete a form called a FAFSA (Free Application for Federal Student Aid). You can complete a FAFSA on-line at www.fafsa.ed.gov. Emily Carr University's Title IV Code is G23388. Once the FAFSA is accepted by the Department of Education, a Student Aid Report (SAR) is produced.

Students studying in Canada must request a hard copy of their SAR by calling 1.800.433.3243. Once the hardcopy SAR is obtained, the applicant must send it and the Stafford Loan Master Promissory Note to the Financial Awards office for processing. The applicant must be formally accepted to the University before the loan assessment and calculation can be done.

Applicants will be sent a notification of eligibility by the Financial Awards office once the loan is assessed. All Stafford Loan borrowers are expected to complete Entrance and Exit Loan Counselling. Additionally, students should be aware that only high school graduates qualify for the Stafford Loan Program.

For further information about the Stafford Loan Program, please contact Polly Liao in the Financial Awards office.

Stafford Loan Limits

Yearly maximum effective July 1, 2008

Undergraduate Funding Limits Dependent Student Independent Student
Subsidized $3,500 $3,500
Unsubsidized $2,000 $6,000
Maximum First-Year Total $5,500 $9,500
     
Subsidized $4,500 $4,500
Unsubsidized $2,000 $6,000
Maximum Second-Year Total $6,500 $10,500
     
Subsidized $5,500 $5,500
Unsubsidized $2,000 $7,000
Maximum Third-Year and Subsequent Year Total $7,500 $12,500
     
Subsidized N/A $8,500
Unsubsidized N/A $12,000
Maximum Graduate Total N/A $20,500

Federal Stafford Loan Aggregate Limits

Total Amount Cumulative $31,000 $57,000

Interest Rates

Loan Type Grade Level

First Disbursed
Between July 1, 2008 and June 30, 2009

First Disbursed
Between July 1, 2009 and June 20, 2010
Subsidized Loans Undergraduate 6.00% 5.60%
Graduate 6.80% 6.80%
Unsubsidized Loans Undergraduate 6.80% 6.80%
Graduate 6.80% 6.80%
PLUS Loans Parent and Grad Student 8.50% 8.50%

Related Links: