Loan applications


Step-by-step loan applications

Calculating financial needs



To be eligible for the Direct Loan Program (DLP) you must

  • Be a U.S. citizen or permanent resident and have a valid U.S. Social Security Number (SSN)
  • Be accepted in a Université Laval degree program (bachelor’s, master’s, or doctorate)
  • Be registered for at least 6 credits of coursework delivered in the classroom (distance education and second-language-French courses are not eligible)
  • Have enough room under your annual or lifetime debt limit
  • Continue to make satisfactory academic progress at Université Laval

Step-by-step loan applications

A) Afin que nous puissions ouvrir votre demande de prêt, vous devez avoir préalablement effectué les démarches suivantes:

  1. Apply for admission to a Université Laval degree program (bachelor’s, master’s, or doctorate) and be accepted
  2. Complete your Free Application for Federal Student Aid (FAFSA), giving Université Laval as your educational institution (code: G06837). If you plan to start in the fall semester, we recommend you complete your FAFSA by the end of June. The online form is available as of January 1 each year.

Once you’ve completed your FAFSA and been accepted into your program, contact BBAF and we’ll open a file for you to officially start the loan application process.

B) At this point we’ll email you the following forms to complete:

  1. Student’s annual declaration
  2. Confirmation of enrolment for the academic year

The forms are to collect information on you and your academic program (level, program name, number of credits, expected graduation date) as well as your anticipated sources of income (scholarships, bursaries, grants, other loans, and so forth).

C) Next go to and complete the following:

  1. If this is your first loan application, you are required to complete Entrance Counselling. This is to ensure you understand the responsibilities and obligations that come with your loan.
  2. A Master Promissory Note (MPN), a legal document in which you promise to repay your loan(s) and any accrued interest. An MPN must be filled out every year.

Calculating financial needs

When all your application materials are in, we will process your application and notify you of the loan amount you’ve been approved for.

This is calculated as follows:

Loan Type Formula
Direct Subsidized Loan = COA – EFC – EFA
Direct Unsubsidized Loan = COA – EFA
(including the Direct Subsidized Loan)
Direct PLUS Loan = COA – EFA
(including the Direct Subsidized and Unsubsidized Loans)

The Cost of Attendance (COA) is the total amount it will cost you to go to school. It includes tuition and fees, room and board (or a housing and food allowance), and allowances for books, supplies, transportation, loan fees, and dependent care. It also includes miscellaneous and personal expenses, including an allowance for the rental or purchase of a personal computer, costs related to a disability, and reasonable costs for eligible study-abroad programs.

L’Expected Family Contribution (EFC) is the number that’s used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your FAFSA, the application for federal student aid. Your EFC is reported to you on your Student Aid Report (SAR). The EFC is calculated based on your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security). Also considered are your family size and the number of family members who will attend college or career school during the year.

L’Estimated Financial Assistance (EFA) includes aid from all sources, such as the school, private scholarship providers, etc.

We suggest that you work out your living and studying expenses in Québec City are likely to be before you arrive. We provide a sample student budget to help you with this.


Confirmation of your loan

The amount calculated by BBAF represents a maximum. You have the option of taking less, given that the money is a loan that must be paid back in full, with interest.

You will receive a Disclosure Statement from the U.S. government confirming the amount you qualify for when we have finished processing your application and have entered the information in your file.


Payments are made once per session, after the deadline for course withdrawal with tuition refund (about a month after the beginning of term).

Your loans are paid directly into your Université Laval account in Canadian currency converted at the current exchange rate. Part of your loan goes to pay your tuition fees, and the remainder if any is deposited in your personal account. We email you a detailed notification of deposit at that time.