Funding Your Education
OCAD University has obtained eligibility for US students to secure private student loans through Sallie Mae.
OCAD U does not participate in the disbursement of Direct Loans. FFEL Loans, or Perkins Loans under the Federal Family Education Program Loans and Federal Direct Student Loans.
Sallie Mae Smart Option Student Loan
With the Smart Option Student Loan, students can choose one of three repayment options: variable or fixed interest rates, and a suite of other choices let them customize their borrowing experience. Disbursement of these loans will be available through Western Union Global Pay.
Process & Timeline:
- Apply directly to Sallie Mae
- Tuition fees for the upcoming academic year are available in July of each year
- Maximum Loan Amounts: loan amounts must be less than the cost of attendance (tuition + living expenses)
- OCAD U will certify Sallie Mae loan requests starting four week(s) prior to the start date of classes for each semester
- Loan amounts will be issued in equal disbursements at the beginning of each academic term
- Undergraduate students will have loans disbursed in two installments (Sept/Jan)
- Graduate students will have loans disbursed in three installments (Sep/Jan/May)
- Loans are disbursed in Canadian dollars to the student's tuition fees account and will first pay any outstanding tuition fees.
- Students can request refunds for any remaining amount. To speed up the process, students can contact the Senior Student Accounts Clerk at studentaccounts@ocadu.ca to request an electronic transfer of funds.
It is recommended that students have enough upfront funding to cover living expenses, such as first and last month's rent, as Sallie Mae funding may not be available prior to the start of the school year.