US Federal Direct Loans: Receiving

Cost of Attendance (COA)

Your Cost of Attendance (COA) is an estimate of the school-related expenses that students can expect to have for the loan period requested. The COA is composed of the following categories: tuition and fees, books and supplies, room and board, transportation, loan fees and personal expenses.

Educational Costs + Loan Fees + Living Expenses = COA

Upon receipt of a complete application, your COA is calculated by SFU Financial Aid and Awards.

Your assessment for US Federal Direct Loan funding is based on your COA minus your Expected Financial Assistance (EFA).  Your EFA will include financial resources such as yearly based athletic and merit-based scholarships, bursaries, and awards.

After your complete application has been processed, you will receive an assessment email that includes your COA and your Statement of Borrower Loan Confirmation.  Your Statement of Borrower Confirmation form must be received by Financial Aid and Awards by July 23, 2021 to guarantee the receipt of your funding during the first week of classes (Fall 2021). We cannot provide assurance that we can disburse your loan by the first week of classes in Fall if your Statement of Borrower Loan Confirmation is received after this date.  

The actual loan amounts that you may be eligible for are based on your academic level, dependency status, cost of attendance, Expected Family Contribution, other financial aid you receive, and remaining eligibility under the annual and aggregate loan limits. For more information: How Aid Is Calculated.

You can submit your completed Statement of Borrower Confirmation to SFU Financial Aid and Awards by email at

Reviewing your Assessment, including your US Direct Loan funding determination

Before you accept the US Federal Direct Loan we encourage you to review the Accept Aid and Plan Ahead and Graduate with Less Debt publications from the U.S. Department of Education.

Before deciding how much you wish to borrow, you are encouraged the review the Financial Awareness Counselling Tool provided by Federal Student Aid. This educates borrowers about current indebtedness, assists you in managing your student loans, as well as private debt (if any). It also assists you in making informed decisions about your funding, education, and finances in general. This counselling is not mandatory.

Statement of Borrower Loan Confirmation

Students confirm the amount of Subsidized, Unsubsidized, and/or PLUS funding that they choose to borrow by submitting their Statement of Borrower Loan Confirmation.

You can submit your completed Statement of Borrower Confirmation to SFU Financial Aid and Awards by email at

Award Letter

  • An Award Letter will be provided to you outlining how much overall funding that you are expected to receive. 
  • Your Award Letter will also include your expected disbursement dates and the amount of funding you will receive at each disbursement.  
  • You can use your Award Letter for visa purposes. 
  • As a borrower, you have the right to cancel all or part of these loans within a prescribed timeframe (as outlined in the Award Letter).

Receiving US Direct Loan Funding through SFU

  • Once you return your Statement of Borrower Confirmation to SFU acknowledging the amount of funding you are requesting to receive, SFU will originate your US Federal Direct Loan.  
  • Students can normally expect to have their US Federal Direct Loan funding deposited to their SFU Student Account during the first week of classes.
  • If students have remaining funds after all of their outstanding tuition and fees have been paid, they will receive a refund. All students are encouraged to sign for Direct Deposit in order to receive their refund in a timely manner. Student refunds for US Federal Direct Loan funds are approximately 2-3 business days after funds are applied to your SFU Student Account.