U.S. Private Loans
If you are a U.S. student, you may also consider alternative or private loans as another source of funding.
Please be advised that Title IV/US Direct Loans financial aid may be available in place of, or in addition to, alternative/private loans. We encourage you to pursue this option, if you have not already considered it. Alternative/private loans may reduce eligibility for federal or state student aid.
Maximum Loan Amount: Loan amounts requested in U.S. dollars must be equal to or less than the cost of attendance.
How to Apply
The University of Toronto is set up for processing with two different lenders. You will need to begin by applying directly through one of these two lenders.
Step 1 – After applying through either Sallie Mae or Earnest, request that U of T certify your approved loan. To do so, please complete the Certification Request for Alternative or Private Loan Form (PDF) use the same link here as you currently have.
Step 2 – Login to the Out of Province Request Portal to submit the Certification Request form. Depending on the loan you applied for, choose ‘Request Type’ = Sallie Mae Student Loans; or Earnest; or Other alternative/private loans.
Please note: this is a yearly process. That means that you must submit this application/form for each year that you wish to receive alternative or private loans.
If you require a letter for study permit purposes (which can be used to apply for a study permit/student visa), you can request this while completing the Certification Request for Alternative Loan or Private Loan. When the loan is certified, instructions will be provided regarding this letter.
After Applying
After you have submitted your application and Certification Request Form, the next step is to wait for tuition fees to be finalized in mid-July. You will be able to login to your ACORN account to view your invoice at that time.
Our office will go through your certification form within three weeks of it being received (after the mid-July invoices are posted). We process these requests in order that are received.
Once the loan has been certified, we will notify you (the student) via email to your UTOR email address.
Paying Your Fees
- Payments will be made in Canadian dollars to your ACORN account and will first be applied toward any outstanding tuition fees.
- Any remaining amount, after outstanding fees have been paid, will be refunded to you.
Ready to pay your fees? Keep in mind the payment deadlines, along with the different options to move forward with paying your fees.
Deferring Your Fees
If you have submitted your certification request through the Out of Province Request Portal, you are eligible to apply for a tuition fee deferral. During the tuition fee deferral period (starting in mid-July for the fall term, and in mid-April for the summer term), apply for a tuition fee deferral on ACORN five business days after submitting the Alternative/Private Loans certification request to the Out of Province Request Portal.
Service Charges and Exchange Rates
Service charges are applied to unpaid student tuition fees. Service charges cannot be waived because of fluctuations in exchange rates or because loans are issued in multiple installments. Students are responsible to fund any shortfall due to exchange rate conversion. The exchange rate applied by the University of Toronto is based on the date of each transaction to/from U.S. currency.
In-School Loan Deferment
Students who have previous alternative/private loans such as Sallie Mae or Earnest Loans may request in-school loan deferment so their loans do not enter repayment during the current academic year. Students are responsible for meeting their lender’s loan conditions and registration requirements.
The University of Toronto completes in-school deferment forms submitted by students via the process listed below. Students must follow this process in each academic year they are requesting for in-school deferment. Completed forms are returned to students, who are responsible for submitting them to their loan provider.
- Fill out the University of Toronto U.S. In-School Deferment Form (PDF).
- Obtain an In-School Deferment Form from your lender; complete the student portion appropriately.
- Log into the Out of Province Request Portal and upload documents from steps 1 and 2 above, as required. Choose Request Type = In-school loan deferment (US).
Important Information
- Processing Time: Once the University Registrar’s Office receives both forms, the In-School Deferment form will be processed within 5 to 8 business days.
- Ineligible Students: Students currently registered at St. Michael’s College, Trinity College, Victoria University, and the Toronto School of Theology (and its member institutions) are not eligible to maintain interest-free status on their previous years’ U.S. Direct Loans.
Resources
If you require further assistance, you can contact us by submitting a ticket to the University Registrar’s Office Service Portal by either logging in with your UTORID or as a guest.