U.S. Student Resources & Policies

Student Financial Assistance at TMU will determine the loan types and the actual loan amount you are eligible to receive each academic year. However, there are limits on the amount you may receive each year and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits).

Your eligible Direct Loan amount is calculated by the following formula:

The Cost of Attendance = (COA) - (EFC) - (EFA)

• Cost of Attendance (COA) includes loans, books, supplies, living expenses, personal expenses and transportation costs for the 8 or 12 month period you'll be in school
• Expected Family Contribution (EFC) is based on your income and assets (and your family's income and assets, if applicable), as reported when applying for the Free Application for Federal Student Aid (FAFSA) (external link) . The EFC is reported on the Student Aid Report (SAR) and the Institutional Student Information Record (ISIR). It's based on an 8-month period of enrolment
• Estimated Financial Assistance (EFA) includes scholarships, grants, loans or work that's awarded on the basis of post-secondary enrolment

Alternative and private loans provide supplemental funding above the federal Direct Loans. You must have a satisfactory credit history to qualify. You may borrow up to your cost of attendance minus any financial aid that you receive for that year. Alternative loans have different interest rates, fees and repayment options than U.S. government loans.

If you have loans from previous study periods, they may be deferred while you're studying full-time. For details on deferment, review the Get Temporary Relief: Deferment and Forbearance (external link)  page on the Federal Student Aid website.

Study Abroad Students

If you're participating in a study abroad program, you are not eligible to receive U.S. financial aid or alternative loans through TMU. Since you'll be paying your tuition fees to the other school (abroad), you must make arrangements with that school for financial aid.

Exchange Students

As a U.S. student studying on an official TMU exchange, you're considered to be a TMU student for U.S. financial aid. This means that:

• You pay tuition and fees to TMU
• You apply for U.S. loans following TMU procedures

Important: U.S. Department of Education regulations stipulate that you can receive U.S. Direct Loans while on exchange only if:

• You attend a school that participates in U.S. Direct Loans
• The school attended is located outside of the U.S.

The U.S. Federal School Code List (updated quarterly) will determine whether your intended international exchange school participates in Title IV Federal Student Aid Programs.

If you're not eligible to receive subsidized/unsubsidized/PLUS loans while on exchange, you may wish to explore a Sallie Mae loan (external link)  (a private loan used to pay for education).

According to U.S. government regulation, TMU students are not eligible for U.S. Direct Loans if research, work, internship, externship or special study is performed in the U.S.

If you intend to complete any part of your program in the U.S. or a foreign country, please contact the Student Financial Assistance team for out-of-province and U.S. students via email at funding@torontomu.ca.

As per U.S. government regulations, students must maintain certain academic standards in order to remain eligible for all types of U.S. Direct Loans (Code of Federal Regulation - 34 CFR 668.34 (external link) ).

The SAP Policy is for all students applying for U.S. Direct Loans under Title IV of the U.S. Higher Education Act. These types of loans include Direct Loans (Subsidized and Unsubsidized), Direct Parent PLUS and Direct Grad PLUS loans.

If you haven't met SAP, you'll be notified within 30 days of academic results becoming available (typically in May or August).

We understand that life happens, and sometimes things beyond your control can affect your education. The SAP Appeals process has been designed to help you navigate these situations.

What Happens If I Haven’t Fulfilled My SAP Requirements?

You'll receive an email to your TMU email address only. You'll have 10 business days to appeal from the date of the email. The appeal submission must include:

1. A letter from you
   • Full name, the date and your TMU Student Number
   • Your circumstances/reasons for not meeting SAP requirements (for example, illness or injury, death of a relative or other special circumstances)
   • What will change that will allow you to satisfy SAP requirements in the future
   • Any other relevant information
2. Supporting documentation relevant to the appeal

Where to Submit Your Appeal

The appeal must be submitted to the TMU Student Financial Assistance office via email at funding@torontomu.ca. The subject heading should read “U.S. Direct Loan SAP Appeal.”

Only complete files will be reviewed. The decision made by TMU will be sent to your TMU email address. The appeal decision may be:

• Reinstatement of eligibility for U.S. Direct Loans
• Financial probationary period with conditions
• Denial of U.S. Direct Loans

Conditions

If you're put on a financial probationary period, the decision you receive from TMU will also include any conditions you need to follow or implement. Examples of conditions may include:

• Raising your CGPA by the end of the next semester
• Meeting with an academic program advisor to develop a plan to ensure future academic success

At the end of the following semester, SAP will be re-evaluated according to the SAP Policy and any conditions stipulated in the appeal decision. Failure to meet the SAP requirements or any appeal conditions will result in denial of U.S. Direct Loans.

It's important to remember that:

• You can't appeal SAP in the same year on different grounds if eligibility wasn't re-established after the first appeal
• You may submit an appeal each time you're notified that you've lost eligibility for U.S. Direct Loans for reasons of SAP

If you're denied U.S. Direct Loans after an appeal, but in later years meets SAP requirements, it's your responsibility to notify TMU Student Financial Assistance via email at funding@torontomu.ca. 

You must explain that SAP requirements have been met and that you wish to apply for U.S. Direct Loans. The TMU Student Financial Assistance office will verify SAP requirements have been met prior to starting and releasing any U.S. Direct Loans.

You're responsible for meeting SAP requirements. A big part of that is maintaining a Cumulative Grade Point Average (CGPA) of at least 2.0. If you don’t meet SAP requirements, you may become ineligible for continued U.S. Direct Loan funding.

What Happens If I Have an Incomplete Grade?

Incomplete grades are considered attempted but aren't included in the CGPA calculation until they're replaced by a final grade.

A single incomplete grade on its own won't result in the loss of your Direct Loan eligibility. However, the following may negatively affect your SAP standing and future funding eligibility:

• Multiple incomplete grades
• Incomplete grades that are later converted to failing grades

This is because incomplete and failing grades impact your pace.

Pace Calculation

Pace measures whether you're successfully progressing toward degree completion within the maximum time frame (external link)  for your program. This is similar to a university’s timespan policy.

You must successfully complete a sufficient percentage of your attempted credits to demonstrate SAP.

What Happens If I Withdraw from a Course?

Withdrawals aren't considered attempted credits and are excluded from the pace calculation.

What Happens If I Need to Repeat a Course?

Repeated course grades are included in the CGPA as per TMU grade regulations and are included in the pace calculation. The grade earned for the repeated course is substituted for the earlier grade in calculating your CGPA even if the newer grade is lower.

Can I Use Transfer Credits Towards My CGPA?

Transfer Credits will be used to calculate the quantitative component (pace) of your eligibility, but won't count towards CGPA as per TMU transfer student regulations.

To be eligible for U.S. Direct Loans at TMU, you must complete your degree within a certain time frame, which we’ve outlined below. If you’re unable to complete your degree during the maximum time frame, that means you haven’t maintained SAP and are no longer eligible for U.S. Direct Loans.

• Undergraduate students: You must not use more than 150% of the published length of your program to complete your degree requirements
• Graduate students: TMU defines the maximum time frame based on the length of the program

Maximum Time Allotted to Receive U.S. Direct Loans

Please review the chart below to determine the maximum time allotted to receive U.S. Direct Loans, based on the published length of your program:

Completed Rate = (Total credits completed in an academic year) ÷ (Total credits attempted in an academic year)

You must maintain a 67% completion rate for successful progression toward a degree. Once it’s been identified that it’s mathematically impossible for you to complete your program within the maximum time frame, you'll lose U.S. Direct Loan eligibility. Please refer to the chart below to ensure you’re on track for completing within the allowed time frame:

Students Who Are Not Meeting SAP Requirements

We’ve prepared some examples below to help you better understand what can happen if or when you don’t meet the SAP requirements.

The U.S. Code of Conduct relating to Education Loans is required by the Higher Education Opportunity Act (HEOA) of 2008 (external link) . It specifies that to prohibit a conflict of interest regarding private education loans, employees with responsibility for U.S. loans are prohibited from the following activities:

• Participating in revenue-sharing arrangements with any lender
• Receiving gifts from a lender, a guarantor or loan servicer
• Contracting arrangement providing financial benefit from any lender or affiliate of a lender
• Directing borrowers to particular lenders or refusing or delaying loan certifications
  
• Offerings of funds for private loans
• Call centre or financial aid office staffing assistance from lenders
• Advisory Board compensation

TMU is committed to objectivity and impartiality with respect to federal and private education loans. We’re also committed to:

• Communicating with students in a timely manner
• Processing students’ requests within 2-4 weeks, depending on the academic life cycle

U.S. federal aid regulations mandate a Return to Title IV Funds (R2T4) calculation when a student receiving Title IV financial aid withdraws from the university. If a student never attends, ceases enrolment or withdraws from all courses in the term and the student received U.S. federal financial aid, the university must determine if these funds are required to be returned to the U.S. government within 45 days of the date of withdrawal.

The R2T4 calculation may result in a reduction of the student’s U.S. federal loan if the student attended less than 60% of the term. The R2T4 calculation is based on the following:

• The number of days the student attended
• The number of days in the term
• The institutional charges assessed
• The total amount of U.S. Direct Loan aid awarded accepted and/or disbursed.

The amount of assistance earned is determined on a proportional basis. For example, if 30% of the semester is completed, 30% of the assistance originally scheduled to be received will be earned.

As a result, TMU and you may be required to return any "unearned" U.S. federal aid received. TMU may be obligated to return funds on your behalf.

If the amount of the loan funds returned exceeds any existing credit on your account, you will owe the funds to the university. You should make arrangements with TMU's Collection Services to repay the outstanding amount to the university as soon as possible.

A letter from Student Financial Assistance will be sent to your TMU email address indicating the type and amount of aid returned to the U.S. Department of Education on your behalf.

Funds returned to the U.S. Department of Education on behalf of a student are used to repay the current year’s loans in the following order:

1. Unsubsidized U.S. Direct Loan
2. Subsidized U.S. Direct Loan
3. Parent PLUS for undergraduate students
4. Grad PLUS for graduate students

Withdrawal Date

The withdrawal date is the date the student withdraws from school, as determined by the school.

For a student who ceases attendance at an institution that isn't required to take attendance, the student's withdrawal date is any of the following:

• The date, as determined by the institution, that the student began the withdrawal process prescribed by the institution
• The date, as determined by the institution, that the student otherwise provided official notification to the institution, in writing or orally, of their intent to withdraw
• If the student ceases attendance without providing official notification to the institution of their withdrawal, the midpoint of the payment period
  

A school that isn't required to take attendance is always permitted to use the last date of an academically related activity that the student participated in as the student’s withdrawal date.

Date of Determination

The date of determination is the date the school determined that the student withdrew completely or ceased attendance from school. This may be the date the student begins the official withdrawal process at the school, or the date the institution becomes aware that the student has ceased attendance.

For a school that isn't required to take attendance, and for a student who hasn't notified the school of their intent to withdraw, the last possible date of withdrawal for the student is the date the school terminates the student’s enrolment. This is unless the school can document that the student continued their attendance after the midpoint.

Once your tuition and ancillary fees are paid, you may log into your MyServiceHub account and request a refund of remaining funds for payment of book and living expenses.

U.S. Department of Education regulations state that a school must return loan funds if a student has not completed a minimum of 60% of the payment/enrolment period.

If you received more loan funding than was "earned," the excess funds must be returned by the school and/or you. The amount of money to be returned is determined by a calculation that includes the number of school days completed and the amount of institutional charges fees paid (Return to Title IV calculation).

If you withdraw from TMU, you may be required to:

• Repay the school any "unearned" U.S. Direct Loan funds that the university returned on your behalf (as stipulated by U.S. Department of Education regulations)
• Repay part or all of your loans to the designated servicer

If you didn't receive all of the funds that were earned, you may be eligible for a post-withdrawal disbursement. Loans must be offered to you within 30 days, allowing you at least 14 days to respond. You may choose to decline some or all of the loan funds.

Exit counselling provides you with information about repayment plans. It's mandatory for all graduating students with subsidized, unsubsidized and PLUS loans.

Online Exit Counselling (external link)  must be completed during the final term of studies and prior to graduation. An acknowledgment will be sent to the university upon completion. If you withdraw from TMU, you're obligated to fulfill this requirement.

Earnest is a private lender offering private student loans, student loan refinancing and scholarships. With Earnest, you may be considered for:

• Low interest rates
• Your choice of payment and loan term 
• A 50% longer grace period for repayment of your loan
• Annual “skip a payment” benefits
• Competitor rate matching (if you find a lower rate with one of their competitors, they may match it)

How to Apply for Earnest Student Loans

1. Complete the Earnest loan application (external link)  on the Earnest website.
2. Afterwards, please complete the Earnest Loans Google Form (external link)  to notify our Student Financial Assistance office that you applied. You'll also need to confirm some details that we need to complete your Earnest loan assessment.
3. The Earnest office will generate your Earnest loan assessment. They'll be in touch with you via your university email or the email address you provide on your Earnest Loans Google Form (external link)  submission to confirm your Earnest loan assessment.
4. At the beginning of each semester where you apply for funding (September for fall, January for winter and May for spring/summer), funds will be posted to your MyServiceHub 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.

If your Earnest loan funding is more than the fees owed on MyServiceHub, you can request a refund.

If you have any questions about the TMU process, please email funding@torontomu.ca. Visit Earnest (external link)  to learn more about this lender option.

U.S. students studying at TMU can apply for Sallie Mae loans. If you decide to apply for both Free Application for Federal Student Aid (FAFSA) Direct Loans and Sallie Mae, your Sallie Mae loans will impact your FAFSA Direct Loan assessment. This is because your Sallie Mae funding is counted as a resource toward your financial need calculation. To apply for Sallie Mae loans:

1. Complete the Sallie Mae application (external link)  on the Sallie Mae website.
2. Once your application is submitted to Sallie Mae, please complete the Sallie Mae Loans Google Form (external link)  to notify our Student Financial Assistance office that you applied. You'll also need to confirm some details that we need to complete your Sallie Mae assessment.
3. Our office will generate your Sallie Mae loan assessment. We'll be in touch with you via your university email or the email address you provide on your Sallie Mae Loans Google Form (external link)  submission to confirm your Sallie Mae loan assessment.
4. At the beginning of each semester where you apply for funding (September for fall, January for winter, and May for spring/summer), funds will be posted to your MyServiceHub 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.

If your Sallie Mae funding is more than the fees owed on MyServiceHub, you can request a refund. 

If you have any questions about the TMU process, please email funding@torontomu.ca. Visit Sallie Mae (external link)  to learn more about this lender option.

Students may qualify for financial aid through the U.S. Department of Veterans Affairs (external link) .

• You can find out about eligibility requirements and explore the FAQ section by visiting Veterans Affairs: Education Benefits Eligibility (external link) 
• To apply, please visit Veterans Affairs: How to Apply (external link) 

If you have any questions, please email funding@torontomu.ca for further assistance.