McGill student loans are available to full time degree students in good academic standing who have demonstrated financial need. Students should apply for, and accept the maximum government aid available before seeking aid from the Scholarships and Student Aid Office. To apply for financial aid, go to Minerva: select the Financial Aid/Awards tab > Financial Aid Menu > Apply for McGill Financial Aid > Apply for In-Course Financial Aid > Update your financial aid profile > Submit your application. Once the completed application has been submitted, you will need to schedule an appointment with a Counselor at the Scholarships and Student Aid Office, who reviews all aspects of your financial situation. For more information about McGill Financial Aid programs, please see: http://www.mcgill.ca/studentaid/scholarships-aid.
Once a McGill loan is offered by the Scholarships and Student Aid Office, you must accept and sign the loan contract(s) via My Financial Aid & Awards on Minerva. McGill loan(s) can be deposited to your McGill students’ fee account, or your bank account. It can also be issued as a cheque or it can pay off your existing McGill loan (as a loan extension). If you have provided the Direct Deposit information and your loan is issued to you, it will be paid directly to your bank account. If your loan is paid by cheque, the cheque will be received by Student Accounts after you have electronically signed the contract on Minerva. You would be able to pick up your loan cheque at Service Point the next business day after your contract has been signed.
Loans are usually issued for a 1-year period. If you are a full time degree student, remain in satisfactory academic standing, demonstrate financial need and you are unable to repay your McGill loan at the due date, you may apply for an extension of the due date of your McGill loan(s) from the Scholarships and Student Aid Office.
Frequently Asked Questions about McGill loans
How can I make payments to my McGill loan account?
The easiest and most efficient way to pay your McGill student loan is through telephone/internet banking. Should you wish to set up payment through on-line banking, you can do it in 4 easy steps:
- Log-on to your own on-line banking site (not Minerva);
- Select “Pay bills”; Select McGill University from the list of possible payees;
- Enter your own McGill ID number as the account number;
- Send an email confirming that you have made this payment to loansadmin [dot] finserv [at] mcgill [dot] ca with “McGill Loan Payment” in the subject line so that we may transfer the payment to your loan.
Can I arrange a payment plan?
To make a payment arrangement, you can contact the Loans Administrator at (514) 398-3902 or send an email to loansadmin [dot] finserv [at] mcgill [dot] ca.
What is the minimum payment amount?
There is no minimum payment amount. The Student Loan Calculator can help you, taking your personal situation into consideration, estimate the monthly payments you'll need to make to repay your McGill loan. To calculate your payment amounts, please click at studentloancalculator.xls.
What is the interest rate and how is it calculated?
Your McGill student loan is Interest-free until due date specified on the McGill Loan contract. Once your loan becomes due, interest will be charged at the rate indicated on your contract. The interest rate is an annual amount that is calculated on the number of days since the last payment.
Is there a penalty if I pay off the balance sooner than planned?
No, there is no penalty.
Can I apply for a McGill loan extension?
If you are a McGill full time degree student, remain in satisfactory academic standing, demonstrate financial need and you are unable to repay your McGill loan at the due date, you may apply for an extension of the due date of your McGill loan(s) from the Scholarships and Student Aid Office.
To apply for a loan extension, go to Minerva, select the Financial Aid/Awards tab > Financial Aid Menu > Apply for McGill Financial Aid > Apply for McGill Loan Extension > Update your financial aid profile > Submit your application. Your application will be reviewed and a decision will be made within a few days. Check View status under the Apply for McGill Financial Aid link for the results of your application (in some cases, the applicant may be required to meet with a Counselor at the Scholarships and Student Aid Office).
What are the consequences if I don’t pay back my loan?
A financial hold will be placed on your student fee account after the McGill loan comes due. This hold will prevent you from obtaining official academic transcripts, diploma, accessing Minerva for any registration functions, topping up a meal plan as well as using uPrint services on campus. If you have arranged a payment plan and make regular monthly payments, the hold can be lifted temporarily for transcripts.
If you fail to reach a suitable payment arrangement or provide the Student Accounts Office with up-to-date contact information, you will be referred to an external collection agency. Where neither the University nor the collection agency is able to collect on the account, the University reserves the right to report you to a credit bureau which will likely affect your credit rating.