Canada Student Loans and Grants are provided by the Government of Canada alongside Yukon student financial assistance to help students pay for post-secondary education.
Visit www.canlearn.ca for more information including tools and eligibility requirements.
LOANS FOR FULL TIME STUDENTS
How am I categorized for a student loan?
You are considered to be a single dependent student unless you meet one of the other categories explained below. Single dependent students are considered to be financially dependent on their parent, guardian, sponsor or other supporting relative.
You are a single independent student if you have been out of high school for four years; or, if you have been in the labour force full-time for two twelve consecutive month periods; or, you have no parent, guardian, sponsor, or supporting relative; or you were previously identified as a married or single parent student.
You are a married student if you are either married, or in a common-law relationship (residing together for at least one year).
You are a single parent student if you have separated, divorced, widowed or never married; and you have legal, physical custody and responsibility for supporting a child(ren).
Am I eligible?
To be eligible for a Canada student Loan, you must:
• be a Canadian citizen, permanent resident or protected person;
• be a permanent resident of a province or territory that issues Canada Student Loans;
• demonstrate financial need;
• be enrolled in a degree, diploma or certificate program of at least
12 weeks at a designated post-secondary educational institution.
Are there any conditions?
• If you are 22 years of age or older and applying for a Canada Student Loan for the first time, a credit check is required.
• If you have already applied for and received a Canada student Loan, you must be maintaining satisfactory grades;
• You must not have already exceeded the maximum lifetime limit, which is 340 weeks of assistance for full-time studies. (Some exceptions apply).
What must accompany my loan application?
Several documents may be required with your application. Please refer to the summary page listed in the application to ensure that any of the documents that apply to you are attached or have been requested to be submitted to the Yukon Education.
Is there a deadline date for applications?
Students may apply at any time during the academic year, however, your loan must be negotiated prior to your program end date.
How do I find out if my application is approved?
Once your application has been approved, a Master Student Financial Assistance Agreement will be mailed to you for your signature.
How much loan funding can I receive?
The amount of student loan you may be eligible to receive is based on your assessed financial need. It is different for each student.
The Government of Canada provides 60% of your assessed need up to a maximum of $210 per week of study. Students can use other resources including earnings, personal savings, and assets to fund the remainder of their post-secondary education.
The Student Financial Assistance Estimator is an on-line tool available at www.canlearn.ca to provide you with an early estimate of your eligibility for federal student financial assistance.
When will I receive my money?
Once the National Canada Student Loans Service Centre receives your signed Master Student Financial Assistance Agreement, your loan will be disbursed.
What happens if my situation changes from the date of my original assessment?
If your situation changes, you should inform us as soon as possible. At that time, Yukon Education will do a review of your original assessment. If we determine that you are eligible for additional funding, we will issue an additional certificate (minimum $250). If your need is decreased, you will be assessed an over-award which will be applied against your next loan application.
How long can I receive student financial assistance?
• For Canada Student Loans, you can apply for up to 340 weeks of eligible assistance (including interest-free status), and up to 400 weeks if you are a student in doctoral studies. Students with permanent disabilities and students who have obtained a Guaranteed loan (a loan prior to August 1, 1995) can apply for up to 520 weeks of eligible assistance
• If you reach your maximum number of weeks of eligible assistance and are still attending full-time studies, no payments are required until six months after you complete or withdraw from studies. Interest will begin to accumulate once you reach your maximum number of weeks of eligible assistance.
When is my first loan payment due?
After you graduate or leave school, you have a period of time before you have to begin repaying your student loan. This six-month “grace period” begins the first day of the month after you graduate or leave school. No payments will be required, but interest will accumulate during this period.
Your first loan payment is due on the last day of the seventh month following the date your period of study ends, or the date you withdraw from your studies.
• Date of completion of studies: April 30, 2011
• First loan payment due date: November 30, 2011
Contact the National Student Loans Service Centre (NSLSC) to arrange repayment: 1- 888-815-4514 (within North America); TTY: 888-815-4556
What is the interest rate on my loan?
During the six-month “grace period” starting the month you graduate or leave school, no payments will be required, but interest will start to accumulate during this time.
You can choose between a fixed or floating interest rate:
• If you select a fixed rate, your interest rate will be locked in at prime plus 5% for the duration of the repayment schedule.
• If you select a floating rate, you will pay prime plus 2.5% and you will have the option to change to a fixed rate at any time.
Use the Loan Repayment Calculator in www.canlearn.ca Online Tools section to find out which option is best for you.
What if I have difficulty repaying my loan?
If you have difficulty repaying your Canada Student Loan, the Government of Canada can help.
The following measures are available to help you keep your loan in good standing:
• Revision of Terms: If you are unable to repay your student Loans, Revision of Terms helps decrease your monthly payment by extending the amount of time over which you pay back your loan. However, as you are paying over a longer period, you will accumulate more interest on your loan.
• Repayment Assistance Plan(RAP): As of August 1, 2009, RAP makes it easier for student loan borrowers to manage their debt by paying back what they can reasonably afford based on their family income and family size. Under the Plan, monthly payments will be limited to less than 20% of a borrower’s income, and no borrower will have a repayment period of more than 15 years.
• Repayment Assistance Plan for Borrowers with a Permanent Disability (RAP-PD): The new RAP-PD helps borrowers with a permanent disability who are having difficulty paying their student loans. Under this Plan, loan payments are based on income, ability to pay and disability accommodation costs (uninsured medical expenses, special care and other expenses). Monthly payments will be limited to less than 20% of a borrower’s income, and no borrower will have a repayment period of more than 10 years.
Visit: www.canlearn.ca or contact the National Student Loans Service Centre(NSLSC) for more information about your repayment options.
How do I contact the National Student Loans Service Centre (NSLSC)?
National Student Loans Service Centre (NSLSC)
Mississauga, Ontario L5A 4M4
888-815-4514 (within North America) TTY: 888-815-4556
800-2-225-2501 (outside North America)
Visit www.canlearn.ca to access the NSLSC Web site.
How do I contact the Canada Student Loans Program?
Canada Student Loans Program
Human Resources and Skills Development Canada
Box 2090, Station D
Ottawa, Ontario K1P 6C6
Web Site: www.canlearn.ca
GRANTS FOR FULL TIME STUDENTS
Canada Student Grants provide consistent, up-front funding for low and middle-income students to help pay for post-secondary education. Remember that grants are money that you do not pay back, and you may be eligible to receive more than one grant at the same time.
Grant for students from low-income families:
Students who qualify for a Canada Student Loan and meet the grant eligibility requirements can receive $250 per month of full-time studies. This grant is available for all years of a university undergraduate, college, or trade school program that is at least two years (60 weeks) in duration.
Grant for students from middle-income families:
Students who qualify for a Canada Student Loan and meet the grant eligibility requirements can receive $100 per month of full-time studies. This grant is available for all years of a university undergraduate, college or trade school program that is at least two years (60 weeks) in duration.
Grant for students with dependents:
Students from low-income families who qualify for a Canada Student Loan and meet the eligibility requirements can receive $200 per month of full-time studies, per child under 12 years of age.
Grant for students with permanent disabilities:
Students with permanent disabilities can receive $2,000 per academic year to help cover the costs of accommodation, tuition, and books. A Canada Student Loan Application for Students with Permanent DisabilitiesSchedule D is required.
Grant for services and equipment for students with permanent disabilities:
Under this grant, students with permanent disabilities who have exceptional education-related costs such as tutors, note-takers, interpreters, braillers or technical aids receive up to $8,000 pr academic year. Once your application is processed, you will receive written notification of your eligibility. A separate application form is required for this grant. Schedule D is required.
If you withdraw from studies or change from full to part-time status within thirty calendar days of the first day of classes you may be required to pay back all or part of any of the above grants.
Getting a university, college, or trade school education has never been more important. Canada Student Loans and Grants make getting an education more affordable for part-time students.
LOANS FOR PART-TIME STUDENTS
How much loan funding can I receive?
Part-time students may receive up to $10,000 in Canada Student Loans. You apply for your part-time loan in the province/territory you are studying in.
Am I eligible?
To be eligible for a Canada Student Loan for Part-Time Studies you must
• Be a Canadian citizen, permanent resident or a protected person;
• Be a permanent resident of a province or territory that issues
Canada Student Loans;
• Demonstrate financial need;
• Be enrolled in a degree, diploma, or technical program of at least 12 weeks of study at a designated educational institution; and
• Be enrolled in a course load that is between 20 and 60% of a full course load (less than 40% for students with permanent disabilities).
Visit www.canlearn.ca Getting a Student Loan section for more information on Canada Student Loans for Part-time Students.
Students may qualify for one or more of the Canada Student Grants, which include new grants for part-time students. Grants do not have to be paid back, and you may be eligible to receive more than one grant at the same time.
Eligibility for most Canada Student Grants is automatically assessed when you qualify for a Canada Student Loan.
Grant for part-time students:
Part-time students from low-income families may qualify for up to $1,200 per year in grants.
Grant for part-time students with dependents:
Under this grant, part-time students with up to 2 children under 12 years of age may be eligible for $40 per week of study, and part-time students with 3 or more children may be eligible for $60 per week of study.
All Canada Student Grants can be combined with those available for students with permanent disabilities.
Student Financial Assistance
Government of Yukon
Canada Y1A 2C6
Phone: (867) 667-5929
Toll free (In Yukon): 1-800-661-0408, local 5929
Fax: (867) 667-8555