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US Loans

 

 

 

IMPORTANT TAX INFORMATION

If you have received a US student loan you may need the following codes specific to Kwantlen Polytechnic University when you are filing your income taxes.

OPE ID: 03332500
DUNS Number: 243095809
Federal School Code: G33325
Tax Number: 00-3332500

Direct Loans are low-interest loans for students, and parents where applicable, to help pay for the cost of a student's education after high school. The lender is the US Department for Education rather than a bank or private lender.

Kwantlen Polytechnic University is recognized for funding through the US government and participates in the Title IV program known as the William D. Ford Direct Loan Program. Our US Federal Title IV code is 03332500 (also known as our OPE ID).

Applying for US Loans at KPU is different for students attending schools in the US. When you complete your Free Application for Federal Student Aid (FAFSA) online, you will be notified that the US Department of Education will notify your university of your application. As a foreign school, KPU does not receive these notifications. Students must contact a KPU Financial Aid Officer once you have completed your FAFSA.

 

Who can apply?

US citizens or permanent residents of the US attending Kwantlen Polytechnic University and enrolled full time in a bachelor or associate degree program.

Who can NOT apply?
  • Students registered in Nursing degree programs
  • Students registered in certificate, diploma or Continuing Studies programs
  • Students registered in Distance Studies courses
Types of loans

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.

PLUS Loans - available to parents borrowing on behalf of a dependent child. Borrowers are responsible for the interest that accrues while the student is 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, 2013

  Dependent Student Independent Student
Undergraduate Funding Limits    
Subsidized
Unsubsidized
Maximum First-Year Total
$3,500
$2,000
$5,500
$3,500
$6,000
$9,500
Subsidized
Unsubsidized
Maximum Second-Year Total
$4,500
$2,000
$6,500
$4,500
$6,000
$10,500
Subsidized
Unsubsidized
Maximum Third-Year Total
$5,500
$2,000
$7,500
$5,500
$7,000
$12,500
     
Graduate Funding Limits    
Subsidized
Unsubsidized
Maximum Graduate Total
N/A
N/A
N/A
$8,500
$12,000
$20,500
     
Federal Stafford Loan Aggregate Limits    
Total Amount Cumulative
(Maximum $23,000 subsidized)
$31,000 $57,500
Interest Rates

For "New" Direct Loans First Disbursed between July 1 and June 30 the following year, please see the following link for the most current interest rates: 

https://studentaid.ed.gov/sa/types/loans/interest-rates

*Note: Effective July 1, 2010, the only loans that can be made are Direct Loans.

 

Important Note: US grant funding is not available to students attending Kwantlen Polytechnic University or other foreign schools.

How to Apply for the Direct Loan Program

Step 1:    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.

Step 2:    Get a Federal Student Aid (FSA) ID, a personal identification number. An FSA ID lets you apply, "sign" your online Free Application for Federal Student Aid (FAFSA), make corrections to your application information and more - so keep it safe. To get your FSA ID, visit studentaid.ed.gov/sa/fafsa/filling-out/fsaid 

Step 3:   Collect the documents needed to apply, including income tax returns and W-2 forms (and other records of income). A full list of what you need is at www.fafsa.gov

Tax return not completed at the time you apply? Estimate the tax information, apply, and correct the information later.

Step 4:   Complete the FAFSA by applying as soon as possible after January 1 to meet the deadline.

Step 5:  Within a few days, the US Department of Education will send you your Student Aid Report (SAR) - the result of your FAFSA. Review your SAR and, if necessary, make changes or corrections and submit your SAR for reprocessing.

Your complete, correct SAR will contain your Expected Family Contribution (EFC) - the number used to determine your federal student aid eligibility.

Step 6:   Applicants must sign a Direct Loan Master Promissory Note (MPN). To sign a MPN, log on to https://studentloans.gov. You will need your PIN to access and e-sign the electronic MPN. This PIN is the same one used for your FAFSA. Select "Complete New MPN for student loans."

Step 7:   All Direct 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 MPN.  Students should be aware that only high school graduates qualify for the Stafford Loan Program.

Applicants who are eligible to receive loan funding will receive a confirmation letter from KPU's Student Awards & Financial Assistance office which outlines the details of the Direct Loans package. If eligible for loan funding, KPU will originate and disburse all Direct Loan funds electronically.

When the above steps are completed, please email awards@kpu.ca to arrange for a Financial Aid Officer to contact you.

 

Consumer Information Disclosure for US Direct Loans

As a participant in the US Direct Loan program, KPU maintains a Consumer Information Disclosure document to provide information about our campuses, facilities and policies. To access the document, click here.