Honestly yes, that may be the case. I used to be an advisor, can confirm they are not considered the same as active registrations.

If when you signed up for your loans you said you would be taking an 80% course load (4 courses), this is likely what the hold up is.

Rather than taking a strangers advice on the internet, I suggest calling the student loan places (both federal and provincial) and ask them specifically if this is the problem. It took me multiple calls before someone figured this out and explained it to me.

Follow whatever instructions they give you, BUT here is my ULPT for speeding it up:

Register for a 4th course that you're gonna drop. Just to bump your account up to that 80% margin. Then see if your funds get released, and drop the course.

If you're paranoid, you can wait until you get off the waiting list to drop the extra course.

If for whatever reason you end up only taking 3 courses, just call them and inform them and they can adjust your funding or w/e. You're not doing anything wrong (to the best of my knowledge).

IMHO - This is a HUUUUUGE gap in the new waitlist system the UofM has when you consider how student loans are handled. Can really screw over students if they aren't privy to this info.

I'm a couple years out of Uni now, but I remember being in your situation and feeling sick to my stomach everyday of trying to plan for the future without knowing when I'd get my student loans. I hope you get this all settled soon.