Typically, Canadian students need or want to borrow more than the amount they receive from the government programs. There are two main resources available in these situations: Canadian student lines of credit through a Canadian bank, and the Harvard University Employee’s Credit Union Education Loan program which is open to all Harvard students without the need for a co-applicant. There are several other choices for international students who have a U.S. co-applicant.
For Canadian students who choose to borrow through a Canadian Student Line of Credit through a bank, we will require a copy of the approved application with the approved amount on it before we list the loan on your award screen. Additionally, we will require documentation of the withdrawals three times a year; mid August, early January and the beginning of May. A PDF of your statement in non-jpeg format will suffice.
We use one conversion rate for the entire academic year. The rate we use in 2016-17 is $1 Canadian dollar to $0.71 U.S. dollar in consideration of transaction fees and conversion rates. We will not anticipate these funds to your student account because we will not receive the funding from the bank. You will be the only one who can access the money and make a payment by the due date.
You may use both the Canadian government and Canadian bank loans to replace the HLS base loans offered to you on your initial HLS financial aid award, or you can choose to keep any portion of the HLS loans and use the Canadian loans as additional funding as long as the total amount of your funding, from all sources, does not exceed the maximum student budget of $88,600 (or $85,970 if waiving health insurance) for 2016-17 academic year. For HLS grant recipients a minimum borrowing amount of $48,000 is required in order to receive your HLS grant.