Book and Course Material Loans

For many different reasons, you may find that you do not have access to funds when it is time to purchase your books and course materials to begin your studies. This could be due to late disbursement of your student loans, planned payment from bi-weekly paycheques, delayed support from parents or many other reasons. Mount Allison wants to provide financial support to get you started with your studies so that you do not begin to fall behind. Mount Allison offers small loans to students that will provide funds to purchase your books and other course-related materials directly from the MtA Bookstore.

Book loan borrowing limits
Loan limits are approved in set increments of $250 to a maximum of $1,250 (increments available: $250, $500, $750, $1,000, $1,250).

What it covers
Books and course material loans can be used to purchase text books and other course-related materials (i.e. Fine Arts course packs).

Book and course material loan account charges
Once your purchase has been made, the value of the receipt for your books and course materials purchased (up to the maximum pre-approved loan limit) will be applied to your student account. For example: if you request a loan limit of $500, but your course material and books total cost is only $395, only $395 will be charged to your account. This maximum loan limit provides flexibility to purchase and exchange books should you change your course registration.

Book and course materials loan borrow period
Book and course material loans are approved for the term in which they are requested. Should you need another book loan the following term, you will need to re-apply.


How it works  

If approved:    

  • Step 3: If approved, go to the Bookstore (virtually or in-person), select your books and go to the counter for purchase.
  • Step 4: Notify Bookstore staff that you have been approved for a book loan. They will take it from there, and you can walk out with your books and course materials! 
  • Step 5: The total cost of the books will be applied to your MtA student financial account. 
  • Step 6: Make payment to your account via method planned and outlined on your loan application.

If denied:
Should your loan application be denied, details regarding this decision will be outlined in your notification email. You can book a virtual or in-person appointment with the financial aid and awards counsellor to discuss further.


Loan Repayment

Terms and Conditions
Book and course material loan values must be repaid in the term in which they were approved, unless a payment plan has been approved through accounts receivable (see section below). For example: an approved loan for fall term must be repaid by the end of December.

Interest
In accordance with the payment policies section 4.4.3 – Interest Charges and section 4.4.5 – Late Payment Fee as outlined in the academic calendar your loan is subject to interest charges.

  • Interest charges: Once your bookstore charges are applied to your account and should your account hold an outstanding balance you will be subject to interest charges (1% per month, 12.69% per annum compounded)

Unable to make payment as planned
If you find that you are not able to make a loan payment as planned, please contact our Accounts Receivable team to discuss payment plan options: accountsreceivable@mta.ca.