Disclose all Sources of Financial Assistance
Complete the Estimated Financial Assistance (EFA) Disclosure form. The information on this form is considered when determining the level of eligibility for Direct Loan funding. The form must be completed prior to Direct Loan funding assessment and/or release.
Please note: failure to disclose additional financial assistance may adversely affect funding eligibility and may necessitate a return of funds.
Accepting a Loan
When you have been approved for Direct Loan funding, you will receive email correspondence to your Brock email address from usfinancialaid@brocku.ca with the details of the funding summary. If you accept the Direct Loan as calculated, you are required to confirm this in writing. If you wish to accept less than the calculated loan amount(s), you must also advise in writing.
Parent PLUS/Grad PLUS Loan Applicants
If you have applied for a Parent PLUS Loan, you must arrange for the parent borrower to review and sign the Parent PLUS/Grad PLUS Loan Fund Application/Release form. Federal regulations specify that Brock University requires the parent borrower’s authorization to issue a refund directly to the dependent student should a credit balance result after tuition and fees are paid. Graduate students applying for Grad PLUS funding should also complete this form, as the student, not a parent.
Cancelling a Loan
The student (or parent if it is a parent PLUS loan) must inform Brock if he or she wishes to cancel all or a portion of a loan.
If the institution, prior to crediting the student’s account, obtains from the student a written confirmation of the type and amount of Direct Loans that the student wants to receive for the award year, the institution is required to return the loan proceeds, cancel the loan, or do both, only if it receives the cancellation request by the later of the first day of the payment period or 14 days after it notified the student or parent of the right to cancel all or a portion of the loan.
If the institution did not obtain such a written confirmation prior to crediting the student’s account, the institution is required to return the loan proceeds, cancel the loan, or do both, only if it receives the cancellation request within 30 days of the date the institution notified the student or parent of the right to cancel all or a portion of the loan. If an institution receives a student’s or parent’s request for cancellation after the periods specified, the institution is not required to honour the cancellation request.
Enrollment Status Change
If a student drops from Full-time (minimum 80% of a full course load) to Half-time (60% of a full course load) enrollment, the student’s Direct Loan eligibility must be reassessed, taking into consideration any changes to tuition and fees charged. If it is determined that an overaward exists, the student may be required to return a portion of Direct Loan funding to the Department of Education. If your enrollment status changes after receiving your Direct Loan funds, please email usfinancialaid@brocku.ca.
Exit Counselling
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 must be sent to Brock University upon completion (usfinancialaid@brocku.ca). If you withdraw from Brock, you are obligated to fulfill this requirement.
