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McGill Loans

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/awards.

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.

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 applcation (in some cases, the applicant may be required to meet with a Counselor at the Scholarships and Student Aid Office).

If you are not returning to McGill University, please send an email to loansadmin [dot] finserv [at] mcgill [dot] ca to arrange a payment plan.  For more information on how to make a payment, please see: http://www.mcgill.ca/student-accounts/your-account/payment. If you do make a loan payment through telephone/internet banking or by using the pre-authorized debit (e-cheque) option, please confirm your payment by sending an email 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.  (Otherwise payments may pay off tuition and fees, which may not be your intention.) If you have any questions about managing your McGill loan account(s), you can contact Loans Administrator at (514) 398-3902.