Canada Student Loans, Eligibility, Contact Details & How To Apply. Government student loans are based on your assessed financial need.
Canada Student Loans are offered by the Government of Canada to help students pay for post-secondary education at a designated college, university, or other post-secondary institution.
Table Of Contents
- 1 Canada Student Loans Contact Details
- 2 Canada Student Loans Eligibility
- 3 How to Maintain your Loan
- 4 Additional Information
- 5 Additional Information
- 6 Repayment Process
- 7 Applying for a Loan
Canada Student Loans Contact Details
Canadian citizens, permanent residents of Canada living in any province for over a year, and protected persons are normally eligible for loans provided by the federal government. This is through the CSLP, besides loans provided by their province of residence.
They created the CSLP in 1964. The Program has supplemented the financial resources available to eligible students. Between 1964 and 1995, financial institutions to post-secondary students were approved to receive financial help provided loans.
The financial institutions also administered the loan repayment process. The Government of Canada guaranteed each Canada Student Loan that was issued. This was done by reimbursing the financial institution the full amount of loans that went into default.
Canada Student Loans Eligibility
To qualify, you must:
1. Be a Canadian citizen, a permanent resident of Canada or designated as a protected person.
2. Be a permanent resident of a province or territory that issues Canada Student Loans.
(Note: The Northwest Territories, Nunavut, and Quebec operate their own student loan programs. Contact your provincial or territorial student financial help office for more information);
3. Demonstrate financial need.
4. Be enrolled in at least 60 percent of a full course load if you are a full-time student.
5. Be enrolled in 20-59 percent of a full course load if you are a part-time student. If you are a student with permanent disabilities and you are studying between 40-59 percent of a full course load, you can choose to be considered a student in full or part-time studies.
6. Be enrolled in a degree, diploma or certificate program offered by a designated post-secondary school.
7. Pass a credit check if you are 22 or older and are applying for your first Canada Student Loan. Also not have exhausted your maximum lifetime limit for financial assistance.
How to Maintain your Loan
Ways to maintain your loan include the following;
1. Stay in touch with your loan provider
Contact your loan provider (s) when you go back to school to check on the status of your loan. This is to update your contact information if necessary.
For Integrated Student Loans (from Saskatchewan, British Columbia or Newfoundland and Labrador). Full-time Canada Student Loans (from Yukon, Alberta, and Prince Edward Island) or part-time Canada Student Loans:
i. Log in to the National Student Loans Service Centre (NSLSC). On-Line Services to check on the status of your loan and update your contact information if necessary.
ii. Contact the NSLSC.
For provincial student loans, contact your provincial or territorial student assistance office directly.
For loans held by financial institutions, contact your financial institution for more information.
Inform your loan provider so they can keep your loan from having to be repaid before you finish school.
Provide proof of your ongoing studies
The NSLSC, provincial and territorial student financial assistance offices, and financial institutions use the period of study end date to calculate a six month non-payment period before your repayment starts.
If you return to school but don’t receive any additional loans, they have no way of knowing you have gone back to school. Therefore, it is important to keep all your loan providers up-to-date with your enrolment status.
Submit your Confirmation of Enrolment (Schedule 2) as proof that you are enrolled in school. All your lenders must receive Confirmation of Enrolment information. Your school should complete this within six months of your last confirmed period of the study end date.
This ensures your loan remains in interest-free status. Also, that you do not have to begin repayment while you are still studying. If you are not taking out a new loan, you must still provide a Confirmation of Enrolment to your loan holders.
If you are taking out a new loan, your school will provide Confirmation of Enrolment as part of the process for full-time students.
The Certificate of Eligibility Part-time Student Loans and Grants contains a Confirmation of Enrolment section to be completed by your school.
The Repayment Assistance Plan (RAP) for Borrowers with a Permanent Disability (RAP-PD) makes it easier for you to manage your student loan debt by reducing your monthly payment.
1. Your monthly student loan payments would be reduced. You would not have to make any payments, depending on your financial situation. If you have a permanent disability, it could also depend on your permanent disability-related expenses.
This will include allowable uninsured medical expenses, special care and other expenses directly related to your permanent disability.
2. Enrolment is not automatic and you must re-apply for this plan every six months.
You may qualify for repayment assistance if:
1. You live in Canada (or are on an international internship or are a reservist deployed abroad);
2. At least six months have passed since you graduated or left school
3. Your loans are up to date.
If you have a permanent disability, you may qualify for RAP-PD if:
1. The Canada Student Loans Program have assessed and recognized your permanent disability
2. You are eligible for the Repayment Assistance Plan.
Applying for a Loan
To apply for repayment assistance:
1. Complete an online application through your National Student Loans Service Centre Online Services account. You must register for an online account first if you do not have one already.
2. Download and complete a RAP application and mail or fax it to the NSLSC.
3. If you are applying for RAP-PD and would like your disability-related expenses or exceptional expenses to be considered, you can complete and submit a RAP-PD Expense Form with your application.
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