U.S. Student Loans

 

Federal Stafford Loan

Am I eligible?
University college and seminary students who are enrolled in at least three courses per semester are eligible. Subsidized loans are based on financial need. Unsubsidized loans are available for students who do not qualify for subsidized loans.

How do I apply?
We use the lender IEFC for all Stafford Loans. If you have any questions regarding the application process, please contact refer to their website studentloans.gov or contact the student inquires line at
1-888-296-4332.

  1. Complete a Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. For this application, you will need to enter Tyndale’s school code: 022164. Because we are not an American institution, this website will unfortunately not recognize our school code. Therefore an electronic copy will NOT be submitted to Tyndale.
  2. You will need to request a copy of the SAR from the website or from the U.S. Student Loan National Processing Centre by calling 1-800-433-3243 (in the U.S.) or 319-337-5665 (from Canada). It will take approximately 10 days to arrive. Once you receive this 8-page form, send it to the Financial Aid Office at Tyndale.
  3. Contact the Tyndale Financial Aid office to inform them that you will be applying for a Stafford Loan at financialaid@tyndale.ca. You will be sent the appropriate forms to complete.
  4. Complete the Master Promissory Note, you may obtain a MPN at studentloans.gov and the School Certification Form. Fill in only the sections that have been highlighted. Do not separate the copies at this point. The non-highlighted sections are to be filled out by the educational institution. Also complete the budget sheet and submit to the FA office.
  5. Complete online loan counseling session at mapping-your-future.org. Please note that you must complete an entrance interview prior to receiving your Federal Stafford & PLUS funding.
  6. Return all forms, (SAR, Master Promissory Note, School Cert. Form and budget sheet) to the Financial Aid office at Tyndale.
  7. Tyndale will assess and certify your loan application once you have been accepted to Tyndale and we have received all above items.
  8. The lender or loan guarantor will notify you directly regarding your loan amounts. This process, from the time you file your FAFSA until you receive the cheque (which is mailed directly to you), takes about 8 weeks, so apply early if funds are needed by September.

How much will I receive?

University College Students:
Dependent Students Subsidized and Unsubsidized Maximum Limit
1st Year: $3,500
2nd Year: $4,500
3rd & 4th Year: $5,500

Independent Students Subsidized and Unsubsidized Maximum Limit
1st Year: $4,000
2nd Year: $4,000
3rd & 4th Year: $5,000

Seminary Students:
For all graduate levels:
$8,500 Subsidized
$12,000 Unsubsidized

When do I repay the loan?
Repayment begins six months after the student leaves school or drops below a half-time course load. It is a varied interest rate, capped at 8.25%.




Federal Parents Loan (PLUS)

Am I eligible?
Parents of dependent students enrolled in at least three classes per semester in a degree program may apply. This loan is not based on financial need.

How much will I receive?
You will receive up to the cost of attendance, minus any other financial assistance (including Stafford loans).

How do I apply?
Send a completed and signed PLUS loan application to the Tyndale Financial Aid office (you may request a form through IEFC at 1-888-296-4332.

Other info:
PLUS, in combination with other financial aid, cannot exceed the total cost of education. Repayment of the loan begins 60 days after the loan is disbursed unless it is deferred. It is a varied interest rate, capped at 9%.