Canada Student Loan Plan

Start the process early! Applications should be started in May to ensure the receipt of loan documents prior to the start of classes. It will also allow you to make corrections, adjustments, and create a plan to finance your education. Full Time Student Loan applications may be completed if you are enrolled in at least 9 credit hours per semester. Part Time Student Loan applications may be completed if you are enrolled in 1-8 credit hours per semester. Applications can be completed online at the following websites:

• New Brunswick
• Nova Scotia
• Prince Edward Island
• Newfoundland
• Quebec
• Ontario

• Manitoba
• Saskatchewan
• Alberta
• British Columbia
• Northwest Territories
• Yukon

USA Student Loans

American citizens and permanent residents studying full-time can apply for subsidized and unsubsidized Direct Loans, Parent Plus Loans and/or Signature Private Loans. Students are expected to have their applications to the Vice-President for Administration and Finance by August 1^st

See also: Consumer Information & Required Disclosures

A. To apply for a Direct Loan, please complete the following steps every year requesting funds:

1. All US students begin the process by completing a Free Application for Federal Student Assistance (FAFSA) online at https://studentaid.gov/h/apply-for-aid/fafsa
   Applications can also be obtained from your local high school.
2. The next step is to complete your Master Promissory Note and Entrance Counselling at studentaid.gov
3. Download the Request Letter for US Direct Loans, complete and fax it to 506-863-6460 to the attention of Heather Burke, or email it to heather.burke@crandallu.ca.

B. Parent Plus Loan

Loan for educational costs of a dependent student for which parents may apply.

Disbursement of Loans

Loans come in two disbursements via direct deposit to the University from the US government, mid to late September and late January.  The funds will be posted directly to your student account once converted to Canadian funds.

Satisfactory Academic Progress

All students applying for or receiving US Federal Aid (subsidized/unsubsidized Direct Loans and Parent Plus Loans) at Crandall University must make satisfactory academic progress towards completion of their chosen academic program.

Crandall is required by US Federal Law to define and enforce standards of Satisfactory Academic Progress (SAP). These guidelines have been established to encourage students to successfully complete their academic programs for which aid is received.

A student is considered to be making satisfactory academic progress when they:

• successfully complete 75% of attempted credit hours each semester
• meet minimum grade point average requirements each semester
• complete their program of study within the maximum allowable time frame

Minimum Requirements for Degree Students

Maximum Allowable Time Frame for Full-Time Students

A student is entitled to receive aid for 150% of the length of their academic program.

· 4 year degree = 6 years of eligibility

Evaluation and Notification

Satisfactory Academic Progress (SAP) will be assessed for each student by the Vice-President for Administration and Finance at the end of each academic semester to determine their eligibility for continued Financial Aid. Students will be notified in writing or by email within ten business days of the semester grades being released if they are placed on Financial Aid probation or if their Financial Aid eligibility has been suspended.

Financial Aid Probation and Suspension

Students who fail to achieve the required minimum standards of academic progress will be placed on Financial Aid Probation for one semester. If, during that semester, students meet the required minimum standards of academic progress and meet with the Vice-President for Administration and Finance, they will be removed from probation and be eligible for US Federal Aid.

Students on probation who do not meet the required minimum standards during that semester will be place on Financial Aid Suspension. They will be ineligible for any further US Federal Aid until such time as they achieve the required minimum standards of academic progress. When suspended students achieve the required minimum standards they must notify the Vice President for Administration and Finance and they will be eligible again for US Federal Aid.

Students who have exceeded their Timeframe Eligibility will be ineligible for any further US Federal Aid. 

Financial Aid Appeals

In certain circumstances, students whose US Federal Aid eligibility has been suspended may appeal the suspension if at least one of the following criteria is met:

• Death of an immediate family member (parent, caregiver, spouse, sibling, dependant child etc.).
• The extended illness of the student – documented chronic or recurring medical or emotional illness that causes the student to be absent from class at least 15 days or more.
• Family difficulties, such as divorce or illness.
• Mitigating circumstances as determined by the Vice-President for Administration and Finance.

Appeal Process:

1. Submit a written appeal letter to the Vice-President for Administration and Finance within five business days of the receipt of the notification of suspension. This letter must outline the reasons for the failure to meet SAP requirements and include all documentation supporting the appeal.
2. The appeal will be reviewed by the Vice-President for Administration and Finance and Registrar who together will decide to uphold or reverse the suspension.
3. A written response to the appeal will be provided to the student within ten business days. 

Title IV Refund Policy

If a student withdraws or is expelled during the semester (payment period), US law specifies that Crandall University must recalculate the student’s Title IV (Direct Loan) funding to determine what amount he/she has “earned”.

Calculation of Title IV Funding Earned

To earn 100% of Title IV funding a student must complete 60% or more of the semester. If a student has not completed 60% of the semester, the amount earned will be determined by the number of calendar days completed divided by the number of days in the semester. Therefore, a student who has completed 25 days of the 103 day semester, will be eligible for 24.27% (25 divided by 103 equals 24.27%) of their previous Title IV eligibility.

If the student received (or Crandall received on the student’s behalf) less assistance than the amount that was earned, the student may be eligible to receive those additional funds. If the student received more assistance than was earned, the excess funds must be returned by Crandall and/or the student.

Returning Excess Title IV Funding

Crandall is required to return a portion of the excess funds equal to the lesser of:

1. Crandall’s charges multiplied by the unearned percentage of the funds, or
2. The entire amount of excess funds.

If Crandall is not required to return all of the excess funds, the student must return the remaining amount.

Title IV funds will be returned to the lender in the following order:

1. Unsubsidized Direct Loans
2. Subsidized Direct  Loans

Crandall will return all excess funds to the lender within 30 days of the last date of attendance.

Withdrawal Date

When a student withdraws during a semester, the withdrawal date for Title IV refund purposes will be established as the earlier of the following dates:

• The date the student notifies the Registrar of their intent to withdraw.
• The date the student submits a withdrawal form.

If a student does not submit a withdrawal form or notify the Registrar of their intent to withdraw, their withdrawal date will be established as the last date of their class attendance.

If a student receives all failing grades for a semester and it is determined that this is a result of lack of class attendance, their last date of attendance will be established and used to calculate the amount of Title IV funding earned for the semester.