Direct Loans for American Students
American students can apply to the William D. Ford Federal Direct Loan (Direct Loan) Program, and parents of dependent students can apply for Direct PLUS Loans.
The U.S. Department of Education (the Department) lends the money directly to you through Acadia (OPE ID School # 00844900, FAFSA school code # G08449).
Applying for a Direct Loan
You will need to complete the Free Application for Federal Student Aid (FAFSA). We will use the information from your FAFSA to assist in determining your eligibility for a Direct Subsidized Loan and/or a Direct Unsubsidized Loan. You need to include our FAFSA School code (G08449) on your file in order for us to access your information.
- To complete the FAFSA, you must have a Federal Student Aid ID. To apply for a ID if you do not already have one, or for customer service regarding a previously assigned ID, visit the Federal Student Aid ID website.
- After the Department processes your FAFSA, you will receive a Student Aid Report (SAR). Please review the SAR, including the "COMMENTS ABOUT YOUR INFORMATION" section and "WHAT YOU MUST DO NOW".
Requirements and Exceptions
- Pell Grants are not applicable outside the US.
- You will need to be accepted in a degree-granting program (or otherwise eligible program) at Acadia on at least a half-time basis. As per regulation #34 CFR 600.51(d), students taking online courses are not eligible to receive US Direct Loans through Acadia.
- You need to be within the borrowing limits for Direct Subsidized Loans and Direct Unsubsidized Loans.
- You must meet the Satisfactory Academic Progress requirements for US William D Ford Direct Loan. You are evaluated for satisfactory academic progress at the end of each academic year of study.
Students applying for Direct Loans
Parents applying for Direct PLUS Loans
Students & Parents applying for Direct & Direct PLUS Loans
Benefits and Consumer Information
Students applying for Direct Loans
You must complete a Direct Loan Master Promissory Note (MPN). Although you may have previously signed an MPN to receive FFEL or Direct Loan Program loans for another institution, these MPNs cannot be used to make Direct Loans at our school.
The MPN is the legal document through which you promise to repay your Direct Loans and any accrued interest and fees to the Department. It also explains the terms and conditions of your loans. You will need to complete a new Direct Loan MPN each academic year that you receive a Direct Subsidized Loan and/or a Direct Unsubsidized Loan at our school.
- You may complete a Direct Loan MPN electronically via the StudentAid.gov website
- To complete a Direct Loan MPN electronically, you must have a Federal Student Aid ID. This is the same ID used to complete the FAFSA.
- After you complete your MPN, you will be able to print and retain it for your records. You do not need to provide us with a copy as we can access the MPN electronically.
Note: You also have the option to complete a paper Direct Loan MPN. To do so, call the Department's Applicant Services staff at 800/557-7394 and then return the completed paper MPN to the Department at the address included in the instructions that will be provided to you. You will need to notify us that you are completing the MPN by paper.
If you are an undergraduate or graduate/professional student and have not previously received a FFEL Stafford Loan, Direct Subsidized Loan, or Direct Unsubsidized Loan, you must complete Direct Loan Entrance Counseling before you can receive a Direct Loan.
- You may complete Direct Loan Entrance Counseling electronically via the StudentAid.gov website
- To complete Direct Loan Entrance Counseling electronically, you must have a Federal Student Aid PIN. This is the same PIN used to complete the FAFSA.
- After you complete entrance counseling, we can access the information electronically.
- You need to ensure you are completing the counseling for the same loan period as your academic period.
Please email financial.aid@acadiau.ca the following information. Indicate whether these costs are US or Canadian dollars.
- Any financial aid that you are receiving for the academic year, including but not limited to grants, scholarships, fellowships, other loans, etc. (amount and source)
- Laptop make, model and total purchase cost (if you are purchasing one for this academic year and wish the cost to be included in your estimated cost of attendance)
- The amount of the Direct Loan you are requesting
Annual Loan Limits
| Dependent Undergraduate Students (except students whose parents cannot obtain Direct PLUS Loans) | |
| First Year Total (maximum $3,500 subsidized) | $5,500 |
| Second Year Total (maximum $4,500 subsidized) | $6,500 |
| Third Year & Beyond (Total Each Year) (maximum $5,500 subsidized) | $7,500 |
| Independent Undergraduate Students (and dependent students whose parents cannot obtain Direct PLUS Loans) | |
| First Year Total (maximum $3,500 subsidized) | $9,500 |
| Second Year Total (maximum $4,500 subsidized) | $10,500 |
| Third Year & Beyond (Total Each Year) (maximum $5,500 subsidized) | $12,500 |
| Graduate and Professional Students | |
| Total Amount (Each Year) (unsubsidized only) | $20,500 |
Parents applying for Direct PLUS Loans
To qualify for a Direct PLUS Loan, you must not have an adverse credit history, as defined in the Department's regulations. If you have an adverse credit history, you may still be eligible for the loan:
1) By obtaining an endorser who does not have an adverse credit history and agrees to repay the loan if you do not, or
2) By documenting extenuating circumstances that meet the Department's requirements.
The Department conducts a credit check once you provide your consent. The Federal Direct PLUS Request for Supplemental Information (Direct PLUS Request) provides us with your authorization to conduct the credit check and other necessary information, in one streamlined, up‑front process.
- You may complete a Direct PLUS Request electronically via the StudentAid.gov website
- To complete a Direct PLUS Request electronically, you must have a Federal Student Aid PIN. This is the same PIN used to complete the FAFSA.
- After you complete your Direct PLUS Request, the Department will conduct the credit check and notify you and us of the results.
- You need to ensure you are completing the loan request for the same loan period as the academic period.
Note: If your credit check results in an adverse credit history determination, you will receive information from the Department about the endorser and extenuating circumstance options. If you are a parent and neither of these is a viable option, your dependent student may be eligible to receive additional Direct Unsubsidized Loan funds.
Please email financial.aid@acadiau.ca the following information. Indicate whether these costs are US or Canadian dollars.
- Any financial aid that the student is receiving for the academic year, including but not limited to grants, scholarships, fellowships, other loans, etc. (amount and source)
- Laptop make, model and total purchase cost (if the student is purchasing one for this academic year and you wish for the cost to be included in your estimated cost of attendance)
- The amount of the Direct PLUS Loan you are requesting
Taxes
You must complete a Direct Loan Master Promissory Note (MPN). Although you may have previously signed an MPN to receive FFEL or Direct Loan Program loans for another institution, these MPNs cannot be used to make Direct Loans at our school.
The MPN is the legal document through which you promise to repay your Direct Loans and any accrued interest and fees to the Department. It also explains the terms and conditions of your loans. You will need to complete a new Direct Loan MPN each academic year that you receive a Direct Subsidized Loan and/or a Direct Unsubsidized Loan at our school.
- You may complete a Direct Loan MPN electronically via the StudentAid.gov website
- To complete a Direct Loan MPN electronically, you must have a Federal Student Aid ID. This is the same ID used to complete the FAFSA.
- After you complete your MPN, you will be able to print and retain it for your records. You do not need to provide us with a copy as we can access the MPN electronically.
Note: You also have the option to complete a paper Direct Loan MPN. To do so, call the Department's Applicant Services staff at 800/557-7394 and then return the completed paper MPN to the Department at the address included in the instructions that will be provided to you. You will need to notify us that you are completing the MPN by paper.
If you are an undergraduate or graduate/professional student and have not previously received a FFEL Stafford Loan, Direct Subsidized Loan, or Direct Unsubsidized Loan, you must complete Direct Loan Entrance Counseling before you can receive a Direct Loan.
- You may complete Direct Loan Entrance Counseling electronically via the StudentAid.gov website
- To complete Direct Loan Entrance Counseling electronically, you must have a Federal Student Aid PIN. This is the same PIN used to complete the FAFSA.
- After you complete entrance counseling, we can access the information electronically.
- You need to ensure you are completing the counseling for the same loan period as your academic period.
To qualify for a Direct PLUS Loan, you must not have an adverse credit history, as defined in the Department's regulations. If you have an adverse credit history, you may still be eligible for the loan:
1) By obtaining an endorser who does not have an adverse credit history and agrees to repay the loan if you do not, or
2) By documenting extenuating circumstances that meet the Department's requirements.
The Department conducts a credit check once you provide your consent. The Federal Direct PLUS Request for Supplemental Information (Direct PLUS Request) provides us with your authorization to conduct the credit check and other necessary information, in one streamlined, up‑front process.
- You may complete a Direct PLUS Request electronically via the StudentAid.gov website
- To complete a Direct PLUS Request electronically, you must have a Federal Student Aid PIN. This is the same PIN used to complete the FAFSA.
- After you complete your Direct PLUS Request, the Department will conduct the credit check and notify you and us of the results.
- You need to ensure you are completing the loan request for the same loan period as the academic period.
Note: If your credit check results in an adverse credit history determination, you will receive information from the Department about the endorser and extenuating circumstance options. If you are a parent and neither of these is a viable option, your dependent student may be eligible to receive additional Direct Unsubsidized Loan funds.
Please email financial.aid@acadiau.ca the following information. Indicate whether these costs are US or Canadian dollars.
- Any financial aid that you are receiving for the academic year, including but not limited to grants, scholarships, fellowships, other loans, etc. (amount and source)
- Laptop make, model and total purchase cost (if you are purchasing one for this academic year and wish the cost to be included in your estimated cost of attendance)
- The amount of the Direct Loan you are requesting
Annual Loan Limits
| Dependent Undergraduate Students (except students whose parents cannot obtain Direct PLUS Loans) | |
| First Year Total (maximum $3,500 subsidized) | $5,500 |
| Second Year Total (maximum $4,500 subsidized) | $6,500 |
| Third Year & Beyond (Total Each Year) (maximum $5,500 subsidized) | $7,500 |
| Independent Undergraduate Students (and dependent students whose parents cannot obtain Direct PLUS Loans) | |
| First Year Total (maximum $3,500 subsidized) | $9,500 |
| Second Year Total (maximum $4,500 subsidized) | $10,500 |
| Third Year & Beyond (Total Each Year) (maximum $5,500 subsidized) | $12,500 |
| Graduate and Professional Students | |
| Total Amount (Each Year) (unsubsidized only) | $20,500 |
Consumer Information for Direct Loan Students
If you already have FFEL Program loans and will now be receiving Direct Loans, consolidating your FFEL and Direct Loan program loans together into a Direct Consolidation loan may make loan repayment easier. If you consolidate, you will have just a single monthly payment.
Consolidating your FFEL Program loans into a Direct Consolidation Loan may also allow you to take advantage of certain benefits that are offered only in the Direct Loan Program, such as Public Service Loan Forgiveness and the Income Contingent Repayment Plan.
To learn more about when you may consolidate, the pros and cons of doing so, and the application process, visit Federal Student Aid or call 1 (800) 557-7392 (TDD/TTY: 1 (800) 557-7395).
Direct Loans and FFEL Program loans have the same annual and aggregate loan limits, the same deferment and cancellation provisions, and most of the same repayment plans (Standard, Graduated, Extended, Income-Based). The interest rates for FFEL Program Stafford Loans and Direct Subsidized Loans/Direct Unsubsidized Loans are also the same.
However, Direct Loans also have some benefits that are available only in the Direct Loan Program:
- Up-Front Interest Rebate
- Income Contingent Repayment Plan (in addition to the Income-Based Repayment Plan)
- Public Service Loan Forgiveness Program
- No interest charged (for up to 60 months) during qualifying periods of active duty military service (for loans first disbursed on or after October 1, 2008)
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A student’s enrolment in a program of study abroad approved for credit by Acadia University may be considered enrolment at the home institution for the purpose of applying for assistance under Title IV.