US Federal Student Aid

When and How Will the Loans be Disbursed?

Loans will be disbursed by the end of September for Fall Term and the end of January for the Winter Term granted you have:

• Completed all the paperwork

• Completed the Master Promissory Agreement and

• Completed the Exit Counselling

The funds indicated on your Burman University Financial Aid Award Letter will be electronically drawn down from the US Federal Reserve and deposited into the Burman bank account in US Dollars. Burman will then convert the funds into Canadian Dollars and deduct your tuition fees and other expenses as indicated on your Spending Plan. The remaining funds will then be available for the student to access for other living and education expenses not covered on the Spending Plan.

Exchange Rates

The CoA (Cost of Attendance) is calculated in Canadian dollars and then converted to US dollars. The calculations and conversion can be found on the Burman Financial Aid Award Letter.

The conversion between Canadian and US dollars occurs twice during the application process:

1. On application the CoA is calculated in Canadian and then converted to USD to calculate the eligible US Loan amount. These amounts can be found on your Burman Financial Aid Award Letter.

2. The US Federal Government transfers the loan amounts to the University bank account and the funds are converted again from USD to CAD on the date the funds are deposited into the University bank.

The two conversion points as explained above may result in variances to the loan amount due to exchange rate fluctuations between the USD and CAD.

As the conversions occur at different times during the year, each conversion can result in a rate risk due to movement in the USD/CAD exchange rate. It is the borrower’s responsibility to understand and accept this risk as part of studying at Burman University and borrowing US Financial Aid. Burman is unable to set any exchange rates.

Origination Fees

The US Department of Education will deduct origination fees from each disbursement. The fees will vary depending on the type of loan. Information on fees and rebates are noted in your Entrance Counselling and additional information can also be found in the Disclosure Statement sent to you when your loan is disbursed.

Loan Servicer

When your loan is first disbursed you will receive communications from your Loan Servicer to the US address listed on your Master Promissory Notes (MPNs). If you have not received any information from your Loan Servicer, you can visit www.studentloans.gov.