Regulations for US loan recipients
Refunds—all US loans (government and alternative)
Once a student's tuition and ancillary fees are paid, refunds of remaining funds are available for payment of book and living expenses.
To request a refund, please visit the Student Accounts website.
Maintaining your eligibility
Students must be registered full-time (12-15 credits per semester) to maintain loan eligibility. A student may drop to a minimum half-time status (7.5 credits) and still maintain eligibility, however for immigration purposes, international students are expected to maintain full-time status.
If you will be registered less than full-time, contact International Student Services to ensure there will be no difficulties with your immigration status.
Satisfactory academic progress
All students are expected to achieve satisfactory academic progress as determined by the University to maintain eligibility for their loans. Failure to do so may result in suspension of financial aid.
Withdrawal from studies and repayment of Direct Loans
US Department of Education regulations state that a school must return loan funds if a student has not completed a minimum of 60% of the payment/enrollment period. If a student received more loan funding than was "earned," the excess funds must be returned by the school and/or the student. The amount of money to be returned is determined by a calculation that includes the number of school days completed and the amount of institutional charges fees paid ("Return to Title IV" Calculation).
If you withdraw from McGill, you may be required to:
- Repay McGill any "unearned" US Direct Loan funds that the University returned on your behalf (as stipulated by US Department of Education regulations), and/or
- Repay part or all of your loan(s) to the designated servicer
If the student did not receive all of the funds that were earned, the student may be eligible for a post-withdrawal disbursement.
Exit Counselling provides students with information about repayment plans. It is mandatory for all graduating students with subsidized, unsubsidized and GRAD PLUS loans. Online Exit Counselling must be completed during the final semester of studies and prior to graduation. An acknowledgement will be sent to the University upon completion. If you withdraw from the University, you are obligated to fulfill this requirement.
Study Abroad and Exchange
Students studying on an official McGill exchange are considered to be McGill students for the subsidized/unsubsidized/PLUS and alternative loans. This means that:
- You pay tuition and fees to McGill
- You apply for US loans following McGill procedures
Study Abroad students
Students participating in a Study Abroad Program are NOT eligible to receive subsidized/unsubsidized/PLUS or alternative loans through McGill. You will be paying your tuition fees to the other school (abroad). You must therefore make arrangements with that school (not McGill) for financial aid. Please note: McGill does NOT participate in consortium agreements.