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 |
First Disbursed |
| 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:
- US Federal Student Aid: www.studentaid.ed.gov
- US Federal Student Aid FAFSA: www.fafsa.ed.gov
- Selective Service System: www.sss.gov
- Northwest Education Loan Association (NELA): http://nela.net