US Federal Direct Loans

An FSA ID is a username and password that gives you access to Federal Student Aid’s online systems and can serve as your legal signature. Only create an FSA ID using your own personal information and for your own exclusive use. You are not authorized to create an FSA ID on behalf of someone else, including a family member.

Your FSA ID is used to confirm your identity and electronically sign your federal student aid documents. We encourage you to visit Creating and Using your FSA ID.

A Master Promissory Note (MPN) is a binding legal document you sign in order to receive US Federal Direct student loans. The MPN contains the terms and conditions of your loan under which you are borrowing and the terms under which you agree to pay back the loan. As SFU is an international school, students are required to complete and submit a new Master Promissory Note (MPN) every academic year. You can complete your MPN online here.

If you will be applying for Grad PLUS funding, you also need a PLUS MPN.

We start to assess applications for the upcoming year starting in mid May.  It will take approximately two weeks to assess your application. 

We encourage students to apply by the end of May, to make sure that any outstanding items have been addressed and that you will have funds available in September.

US Federal Direct Loan funds will be used to pay off your outstanding SFU Tuition and Fees first. 

Any refunds will be electronically deposited to your account.

After your FASFA has been submitted, you will need to follow this up with your Undergraduate Application or your Graduate Application to Financial Aid and Awards for processing.  Without your SFU-based application for US Federal Direct Loan funding, Financial Aid and Awards will not begin to assess your funding.

You can apply for US Federal Direct Loan funding up until the last month of classes in your academic study period.  Please reach out to usloans@sfu.ca for more information.

You have the right to cancel all or part of any disbursement of a Federal Direct Loan without being charged interest and other loan fees. Your request must be received by our office within 14 days of either receiving your Award Letter or a disbursement*, whichever date is later. Your disbursement date is the date the funds were applied to your SFU student account during the funded term

To request a cancellation, you must make your request through SFU Financial Aid & Awards by email at usloans@sfu.ca.

A credit check will be performed during the application process. If you (i.e. the PLUS Loan borrower) have an adverse credit history, you may still receive a Parent/Grad PLUS loan through one of these two options:

1. Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Parent/Grad PLUS loan if you do not repay it. Note for Parent PLUS Loan: The endorser cannot be the child on whose behalf you are borrowing.
2. Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history.

With either option 1 or option 2, you also must complete credit counseling for Parent/Grad PLUS loan borrowers.

In this case, the dependent student may be eligible for additional Unsubsidized funding. For more information, contact SFU Financial Aid and Awards at usloans@sfu.ca.

The parent borrower is to complete the MPN, not the endorser. Even if your parent borrower has had to obtain an endorser for their Federal Direct PLUS Loan, they are still the borrower on the loan so they have to complete the MPN.

Yes. In addition to interest, you pay a loan fee that is a percentage of the principal amount of each loan. We deduct the fee before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay. See the current fees by loan type.

Yes, you can receive financial aid for attending school in the summer if you are meet all the eligibility requirements and you have not already reached your annual and/or aggregate loan maximum.

Visit “My Aid” to view information about all of the federal student loans and other financial aid you have received and to get contact information for your loan servicer. You can also see your total US Federal Direct Loan when you complete your Annual Student Loan Acknowledgment for each funding year.

Typically, assessment can be reviewed if your family’s financial situation has changed significantly since you applied for aid, or if there is additional information that was not included on your original FAFSA. For example, a family may be experiencing extended unemployment or extraordinary uninsured medical expenses which may qualify for an adjustment. Please be prepared to provide documentation that supports your request. We are unable to consider appeals for all circumstances, for example high consumer debt or personal expenses. Contact SFU Financial Aid & Awards at usloans@sfu.ca for further assistance

If you made a mistake in what you reported on the FAFSA form, you will need to make a correction. Here is how you can make a correction to your FAFSA information. Make sure you notify SFU Financial Aid & Awards at usloans@sfu.ca so we are aware of the correction(s).

MyFinances101 is an online financial literacy course that is available for free to help you understand your personal finances. Consisting of 7 modules, filled with insightful resources and helpful tools, MyFinances101 will provide you with a good level of foundational knowledge for your financial future.