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Financial Aid FAQ's

I need help in financing for my college education. Do you offer financial assistance?

Yes we do but the financial assistance program applicable to you will depend on your eligibility. Each program has a different set of eligibility requirements. We can help you with applying for grants, scholarships, bursaries, government student loans, private student loans, part-time jobs and much more. There are many options available to you and we are happy to assist you. Feel free to visit our college campus Finance office or talk to our Financial Advisor to discuss your financing needs further.

 

Can you suggest places where I can read more about scholarship opportunities?

Do you know that there is a huge amount of scholarship money that goes unclaimed each year? Scholarship opportunities are everywhere around you, you just have to know where to look. We suggest that you visit StudentAwards.com and Scholarships Canada. These are great sites to learn more about scholarship opportunities in Canada. Further, you can also talk to your teachers or guidance counselors to help point you in the right direction.

 

If I get a student loan, will it cover all my education expenses?

The coverage of the student loan will highly depend on your program of study. Government student loan programs will help in covering the cost of tuition and student fees, but it is based on financial need only. Student Loan does not provide for living expenses, so you need to keep this in mind when applying for post-secondary education. Most students in post-secondary require other sources of funding such as obtaining a part-time job or RESP’s, (Registered Education Savings Plan), to help cover the additional expenses related to their schooling. Some students obtain a combination of Student Loan Funding and Student Line of Credit to assist them while attending a post-secondary institution.


For more information on grants and bursaries in your province of residence, visit the Student Financial Assistance office where you can also complete your loan application.

The good news is that when you apply for a Canada student loan, you are automatically assessed for Canada Student Grants.  If eligible, grants are included when student loan funds are disbursed.

 

Can you tell the difference between a government student loan and a private student loan?

Government student loans help in covering education costs for students who exhibit financial need. These loans do not accrue interest until the borrower has graduated or left their program of study. Although the loans are interest bearing at the end of your study period, repayment does not begin until 6 months after your study period end date.


Private student loans are also referred to as a Student Line of Credit from financial institutions. While this loan is interest bearing immediately, you only pay interest on the portion you use. While you are in school the payments are very minimal and scheduled on a monthly basis.  Once you come to the end of your study period, the student line of credit will typically be flipped to a Personal Line of Credit and you will make monthly payments based on the regulations of your particular lending institution.


See also: Understanding the difference between government and non-government student loans.

Can you teach me how to apply for a government student loan?

The best time to apply for a government student loan is while you are still  in high school. This gives you time to prepare everything you need for the loan before the college term begins. You can start by acquiring a student loan application form from your high school or from the financial assistance office in your province. You can also fill out an application form online through the Provincial and Territorial Student Financial Assistance offices.

 

I’ve submitted my application, when can I expect the results?

After submitting your online loan application, you can expect a letter of assessment after two to three weeks. The letter will state the amount of loan you can receive. If the amount does not suffice, you may be eligible to appeal the decision.  Visit your Campus Finance Office for assistance.

 

I plan to enroll in a school outside my province, what provincial student loan should I apply for?

In this case, you must apply for the provincial student loan where you permanently reside—not in the province of your school. Your province of residence is the last province you resided for 12 consecutive months without being a student.

 

How can I go about paying back my student loan?

National Student Loan Service Centre and any applicable provincial student loan centres will follow up with you by letter approximately four months after you exit or graduate from school. All of your repayment details will be outlined at this time. However, if you would like to make payments immediately after leaving school or need info about repayment, please contact the National Student Loan Service Centre at 1.888.815.4514 and your provincial loan provider. If you are in repayment and returning to school, visit the Financial Office and have them complete a Schedule 2, (confirmation of enrolment), to send to the National Student Loan Service Centre.  This will put you back into student status and your payments will cease until your new study period end date. Six months after your end date you will be required to start repaying your loan. Repayment of private loans, (Student Lines of Credit), will be determined through individual lending institutions and you must abide by the terms of agreement entered at the time you negotiated your loan.

The good news is that there are provincial and federal level programs available that assist with repayment of student loan debts. The Repayment Assistance Plan offers help to aid graduates in paying back their loans, by deferring or making payments more affordable based on the income level of the graduate.

See also:  Student Loan Repayment Calculator.

If you have any questions about your student loan repayment, please contact a financial aid representative at the school at 250.860.2787 or 1.866.860.2787.