US Student Loan Information

Loans for United States Citizens

United States citizens studying at Emily Carr University are eligible to apply for the following types of Stafford Loan funding through the Direct Loan Program. Please note that Pell Grants are not available for study in Canada.

  • 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. Interest on unsubsidized loans begins to accrue from the day the loan is disbursed until it is repaid in full, including in-school, grace, and deferment periods.  Borrowers may pay the interest during these periods, or the interest can be capitalized.
  • PLUS Loans –  available to parents borrowing on behalf of a dependent child. 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.

Stafford Loan Limits

Yearly maximum effective July 1, 2012

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
     
Graduate Studies Funding Limits    
Subsidized* N/A N/A
Unsubsidized N/A $20,500
Maximum Graduate Total N/A $20,500

*As of July 1, 2012, subsidized loans are no longer available to graduate students.

Federal Stafford Loan Aggregate Limits

Total Amount Cumulative
(Maximum $23,000 subsidized)

 $31,000 $57,500

How to Apply for the Stafford Direct Loan Program

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.

  1. Applicants must submit a US Loan Request Form to initiate the loan process through Emily Carr University. The US Loan Request Forms are available by contacting the Financial Awards office. The applicant must be formally accepted to the University before the loan assessment and calculation can be done.
  2. 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.
  3. Applicants must sign a Direct Loan Master Promissory Note (MPN).  To sign a Master Promissory Note, log on to https://studentloans.gov. You will need a U.S. Department of Education Personal Identification Number to access and e-sign the electronic MPN. This PIN is the same one used for the Free Application for Federal Student Aid (FAFSA). Select “Complete New MPN for student loans.”
  4. 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 Master Promissory Note. Additionally, students should be aware that only high school graduates qualify for the Stafford Loan Program. 
  5. Applicants will be sent a notification of eligibility by the Financial Awards office once the loan is assessed. If eligible for loan funding, Emily Carr University will originate and disburse all Direct Loan funds electronically. Disbursement process information will be communicated in the letter of notification.

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

Interest Rates

Loan Type Grade Level

First Disbursed
Between July 1, 2012 and June 30, 2013*

First Disbursed
Between July 1, 2011 and June 30, 2012*
Subsidized Loans Undergraduate 3.40% 3.40%
Graduate N/A* 6.80%
Unsubsidized Loans Undergraduate 6.80% 6.80%
Graduate 6.80% 6.80%
PLUS Loans Parent and Grad Students 7.90% 7.90%

*Note: Effective July 1, 2012, subsidized loans are no longer available to graduate students.

Entrance Counselling

Students entering studies must complete Entrance Counselling. This counselling will make you aware of your responsibilities with respect to your borrowing. To complete, go to https://studentloans.gov

Exit Counselling

Students completing studies must go through Exit Counselling at https://studentloans.gov

Repayment Information

For information on repayment, please visit http://studentaid.ed.gov/PORTALSWebApp/students/english/repaying.jsp

Related Links

US Federal Student Aid: www.studentaid.ed.gov
US Federal Student Aid StudentLoans.gov:  https://studentloans.gov
US Federal Student Aid FAFSA:  www.fafsa.ed.gov
National Student Loan Data System:  www.nslds.ed.gov
Selective Service System: www.sss.gov
FinAid: www.finaid.org
The Scholarship Times: http://scholarshiptimes.com/