U.S. funding programs

The University of Waterloo is listed as an eligible international institution with the U.S. Department of Education. You may receive a Direct Subsidized Loan or Direct Unsubsidized Loan for your undergraduate education. Direct Unsubsidized Loans and Direct PLUS Loans are available to graduate students. Your parent also might be able to borrow on your behalf; through the Direct PLUS Loan for parents. International schools do not participate in the US Department of Education’s grant programs, so you will not be able to obtain a Federal Pell Grant to get your degree at the University of Waterloo. More information can be found on the US Department of Education page Aid for International Study.

Ineligible programs and courses

The U.S. Department of Education does not provide funding to students enrolled in:

• Any course which does not include an in-person component is ineligible for U.S. Federal loan funding including
  • All d​​​istance education courses
  • All distance education programs
• All co-op programs as they include a mandatory online component.
• Certificate, diploma, non-degree, and post-degree programs

Please contact Student Awards & Financial Aid office to confirm if your program is eligible for US Direct Loan funding.

Applying

Step 1:  Complete the Free Application for Federal Student Aid (FAFSA)

Before you apply for your Direct Student/Plus loans you must complete the online Free Application for Federal Student Aid (FAFSA).

For further instructions, visit the FAFSA Tutorial: 7 Easy Steps to completing FAFSA.

Step 2: Apply for direct student/plus loans

Complete the application for your Direct Student/Plus Loan.

Sign your Master Promissory Note and complete your Entrance Counselling and and Annual Student Loan Acknowledgement Form. To access this site you will require the PIN that you used when you completed your Free Application for Federal Student Aid.

Step 3: Contact Student Awards & Financial Aid

Email Student Awards & Financial Aid once you have completed your FASFA, Entrance counselling and Master Promissory Note.

We will send you a UWaterloo consent form and once received back, we will determine eligibility and provide an assessment to you.

Step 4: Issuing funds

Once your direct loan is approved the funding will be disbursed in two equal instalments (three equal instalments for graduate students) early fall and early winter. The disbursement will be sent by the U.S. Department of Education to the University of Waterloo using an electronic funds transfer. The disbursement will be applied directly to the student fee account.

All loan amounts issued are in U.S. dollars. The U.S. exchange rate is effective the day the funds are posted to your account.

Once the student account has been paid in full, you may request a refund of any excess funds with the Student Financial Services department.

Other important information

Satisfactory Academic Progress 
Federal Aid students enrolled at the University of Waterloo are required to meet satisfactory student academic progress (SAP) requirements. 
The academic progress of students is evaluated on a term-by-term basis prior to the disbursement of Federal Aid to determine eligibility for continued aid and after each term funded by US student aid. If a student who has applied but has not before received U.S. Direct Loans and has not met SAP in the previous year, the student is notified via email once the U.S. Direct Loan application has been reviewed.

Withdraws and Refunds
Changes to course load, including dropping a course or withdrawal, may result in ineligibility for all or part of your student loan funding. Please review the Return of Title IV Funds Policy and contact the Awards & Financial Aid Office immediately if you withdraw or reduce your course load.

Consumer Information
As per the Higher Education Opportunity Act (HEOA) of 2008, the U.S. government requires institutions offering U.S. Direct Loans to disclose the following University of Waterloo Consumer Information

Exit Counselling
The U.S. Department of Education requires all U.S. citizens receiving direct loans to participate in exit counselling shortly before they graduate, withdraw or cease to be enrolled in at least half-time. Information on repayment of your student loans is available on the Repayment Information section of the Federal Student Aid website.

The University of Waterloo is set up to administer Sallie Mae loans. 

1. Apply directly with Sallie Mae Student Loans
2. Once your application is submitted to Sallie Mae, please notify our office that you applied.
3. Our office will reivew your loan application and contact you with an asessment by email.
4. Funds will be adding as anticipated aid to use for the promissory note. All loan amounts issued are in U.S. dollars. The U.S. exchange rate is effective the day the funds are posted to your account.

Your private loan funding will be released in instalments each term.  The funds are sent electronically to the University of Waterloo. The funds will be applied first to any fees outstanding. Once the student account has been paid in full, you may request a refund of any excess funds with the Student Financial Services department.

If you decide to apply for both FAFSA Direct Loans and Sallie Mae, your Sallie Mae loans will impact your FAFSA Direct Loan assessment, as your Sallie Mae funding is counted as a resource toward your financial need calculation.

The University of Waterloo is a Veteran Affairs (VA) approved institution to certify the VA Enrollment Certification form through the U.S. Veterans Affairs GI Bill.

Students may qualify for financial aid through the U.S. Department of Veterans Affairs.

To determine if you are eligible, please visit the Veterans Affairs' Education Benefits Eligibility page. To apply, please visit the Veterans Affairs' How to Apply page.

Current list of approved programs - November 2023

If your program is not on the list of currently approved programs, contact us to inquire how to submit an application for program approval. This can take several months.

Loans from previous study periods may be deferred while you are studying full time. Students should review the Federal Student Aid website for details on deferment.

In-School Deferment Forms can be completed by the Student Awards & Financial Aid office or submitted online through NSLDS.

The University of Waterloo is listed as an eligible international institution with the U.S. Department of Education. 

Consult your state 529 plan to discuss how to begin the distribution process for the funds. The following specific institutional details are required to process the payment.

• Federal School code G08526
• OPE ID school code #00852600

International Student Loan is a comparison tool to help students find out if they are eligible for an international student loan.