Frequently Asked Questions

Canada Student Loans

If you’re contemplating making use of for a Canada Student Loan, this overview will offer you some common info relating to the method.

Following are the important thing steps within the annual Canada Student Loan Process for the autumn/winter time period:

  • Not from NS? Please click on right here to seek out your native loan workplace with the intention to apply for loan and grant funding!
  • Important Note! You can’t apply for a Nova Scotia loan simply since you go to highschool in NS. Students should apply for a loan by the province that they’ve final lived in for 12 consecutive months with out attending any post-secondary (e.g. college/faculty).

Usually you’ll obtain a bigger portion of your student loan within the fall time period. In some circumstances, you might not be receiving any provincial loan within the winter time period. Therefore, it is very important funds your funds fastidiously in order that you should have adequate funding to pay your winter tuition charges and dwelling bills. It could also be smart to pay greater than the minimal quantity in your student account within the fall time period to scale back the quantity owing for the winter time period.

Not all students obtain sufficient loan cash to pay for all that’s due; students are chargeable for paying their excellent stability, in full, and on time . If you obtained much less funding than you anticipated out of your student loan and are uncertain methods to fund your training, please contact our monetary support coordinator at [email protected] .

READ:   How to Avoid a Tax Offset From Your Student Loans

When you’re awarded your first student loan, you can be required to finish a Master Student Financial Assistance Agreement (MSFAA) earlier than any additional processing happens in your student loan. The kind solely must be accomplished as soon as and can cowl any subsequent student loan purposes and awards.

This ensures that your loan, when processed, might be correct and primarily based in your full tuition prices. You ought to advise Financial Services at this level ([email protected]), if you want your full 12 months charges paid out of your loan.

We will start receiving student loans for affirmation in mid-August. We will affirm your course info together with program of research, registration load and tuition quantity. We may also request the quantity as a result of University for the autumn price instalment which is calculated at least of the autumn charges owing plus 10% of the excellent winter charges or, at your request, the complete 12 months charges. It is vital that you’re registered for your entire programs earlier than we affirm registration and tuition info to the student loan businesses to restrict any surprising reassessment of award quantity.

Once your loan has been processed electronically by the above processes, funds must be obtained inside 7-10 enterprise days. Receipt of funds by way of paper loan will take longer as a result of time allotted for mailing the kinds and the time for the receiving division to course of the loan. Closer to 10 to 14 enterprise days appears the norm.

It might take a number of weeks on your cost to seem in your student account as soon as it has been despatched for processing (or processed in individual). You will be capable to evaluate your account in myMount to make sure that the cost does get obtained and utilized to your student account.

READ:   Great Basin College: Student Financial Services

Your pre-study, or Confirmation of Earnings, report have to be accomplished by the date in your discover of evaluation or there might be no provincial installment of your loan within the winter time period, in case you are as a result of obtain one. Early completion of those kinds will higher be sure that you obtain your provincial loan on time.

We will affirm your course info together with program of research, registration load and tuition quantity. We may also request the quantity as a result of University, which might be your remaining stability in your student account. It is vital that you’re registered for your entire programs earlier than we affirm registration and tuition info to the student loan businesses to restrict any surprising reassessment of award quantity.

Since authorities student loans are sometimes a mix of each Federal and Provincial funding, virtually all students can have Canada Student Loans and will join an internet NSLSC loan account to trace your loan knowledge. You are strongly inspired to arrange an account on the outset of processing your student loan. Through this handy account, you may:

If you haven’t obtained your loan by the cost deadline, you have to fill out a student loan settlement and that will provide you with an interest-free extension of the deadline to October 1st. You can full the shape on-line. Please observe that you’ll want to fill out one other payment-extension request in January for those who haven’t obtained your winter funds by the January twelfth, 2022 cost deadline however please observe that there isn’t a interest-free interval for the winter time period.