Quest University Canada - US Student Aid

US Student Aid

Quest expects that all students will take advantage of external funding opportunities, and Quest is a United States Department of Education Title IV approved institution. This gives students access to federal student aid funding through the William D. Ford Federal Direct Loan Program. This program includes Direct Subsidized and Direct Unsubsidized loans as well as Direct PLUS loans for parents of dependent students. Perkins Loans, Pell Grants and other forms of US Federal Student Aid are not available to foreign schools, and therefore cannot be utilized by Quest students. Apart from loans and grants, 529 funds can be used towards an education at Quest due to this US Department of Education approval for the Direct Loan Program.

Direct Subsidized Loans are need-based and have a fixed interest rate of 3.4% for the 2011-2012 academic year. No interest will be charged while you are enrolled at least half-time, or during the 6 month grace period after you graduate, leave school, or drop below half-time enrolment.

The interest rate for Subsidized Direct Loans first disbursed between July 1, 2012 and June 30, 2013 is 3.4%.

For Subsidized Loans disbursed on or after July 1, 2012 and before July 1, 2014 the interest subsidy during the 6-month grace period will be eliminated. If you receive a subsidized loan during this timeframe, you will be responsible for the interest that accrues while your loan is in the grace period. You do not have to make payments during the grace period (unless you choose to) but the interest will be added (capitalized) to the principal amount of your loan when the grace period ends.

Direct Unsubsidized Loans are not need-based, have a fixed interest rate of 6.8% and begin accruing interest when the funds are provided.

Depending on your application you may be eligible for a combination of these two types of loans.

Direct PLUS Loans for parents of undergraduate students are not need-based, have a fixed interest rate of 7.9% and begin accruing interest when the funds are provided. Parents may borrow up to the cost of attendance minus all other financial aid. Upon applying, parents will need to undergo a credit check with the US Federal Government.

Disbursements of loans to your student account generally occur twice a year, typically in September and January (the beginning of the Fall and Spring terms).

All loans are converted to Canadian funds on the date the loan is received by the University (the disbursement date). This conversion is based on the current Bank of Canada exchange rate.

There are some limitations outlined by the US Department of Education with respect to pursuing your studies at a foreign school such as Quest. To learn more, click here.

Apply for US Direct Loans

Apply for US Direct PLUS Loans (for parents of dependent students)

Loan Maximums

Direct (Subsidized/Unsubsidized) Loans †

Year	Dependent Undergraduate Student (except students whose parents are unable to obtain PLUS Loans)	Independent Undergraduate Student (and dependent students whose parents are unable to obtain PLUS Loans)
First Year	$5,500 - No more than $3,500 of this amount may be in subsidized loans.	$9,500 - No more than $3,500 of this amount may be in subsidized loans.
Second Year	$6,500 - No more than $4,500 of this amount may be in subsidized loans.	$10,500 - No more than $4,500 of this amount may be in subsidized loans.
Third and Beyond (each year)	$7,500 - No more than $5,500 of this amount may be in subsidized loans.	$12,500 - No more than $5,500 of this amount may be in subsidized loans.
Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits)	$31,000 - No more than $23,000 of this amount may be in subsidized loans.	$57,500 - No more than $23,000 of this amount may be in subsidized loans.

† All amounts are indicated in US funds.

Direct PLUS Loans

Parents of dependent students who are:

eligible for the Direct Loan program

pass a credit history check

and are in good standing with previous US federal education loans are eligible to apply for PLUS loans. For more information on PLUS loans and eligibility, please refer to the Federal Student Aid website.

The Annual Limit on a PLUS loan is the cost of attendance minus any other financial aid the student receives.

Further Title IV Information

For further information on the above loans, please refer to the Funding Education Beyond High School handbook from the Federal Student Aid website.

By US law, loans received by Quest will be submitted to the National Student Loan Data System (NSLDS) and will be accessible to guaranty agencies, lenders, and schools determined to be authorized users of the data system.

In all aspects regarding education loans, the Financial Aid office of Quest University Canada abides by a Code of Conduct [PDF, 72 KB] outlined by the Higher Education Opportunity Act.

You can find the Quest University Canada Consumer Disclosure information for 2012 [PDF, 375 KB] at the link. As a part of this document, the Fire Safety Report is found here [PDF, 327 KB].

FAFSA Limitations on Study Abroad, Experiential Learning, and Language Study

It is also important to understand there are limitations with respect to some aspects of your studies at Quest if you choose to take out a US Direct Loan. Click here for more information on how receiving Direct Loans can impact your choice of destination for Experiential Learning, an exchange semester at a partner university, and studying a second language in an immersion destination.

Withdrawal From Quest - Return of Funds

As your loan is awarded on the basis that you will attend Quest for the entire academic year, upon withdrawal from the University the amount of loan earned will be pro-rated accordingly. For example, if you attend only 30% of classes in that pay period (one term), 30% of the loan is considered earned. If you attend more than 60% of classes in that pay period then all of the loan is considered to be earned.

The full Quest University Canada policy on Return of Title IV funds (R2T4) [PDF, 272 KB] can be found by clicking the link.

Repayment of Your Loans

For more information on your federal student loan including interest rates, repayment, and managing student debt go to the US Department of Education student site on repaying your loans, or another Department of Education resource, Your Federal Student Loans, Learn the Basics and Manage your Debt.

Once you have completed your education, withdrawn from studies completely, gone below half-time study, or failed to meet SAP to maintain your Direct Loan funding, you must participate in the Exit Counselling Interview found at the National Student Loan Data System and begin the repayment of your loans.

Cost of Attendance

Quest Merit Based Awards/Scholarships

Quest Need-Based Awards/Bursaries

Canadian Gov't Student Loans

US Federal Student Aid

Apply for Direct Loans

Apply for Direct PLUS Loans

Study Limitations

SAP

Other Funding Sources

The Financial Aid office is located within the Office of Admissions, main floor of the Library building, Monday to Friday, 9am to 5pm.

Email: