Education
Education
Canada Student Loans Program
The basic principle of the Canada Student Loan Program is that the responsibility for the costs of post-secondary education rests primarily with the student and his/her spouse or parents (where applicable). You must apply for the assistance every year.
Once you sign a Certificate of Eligibility, you are responsible for paying the loan back in the prescribed time.
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 as 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).
Are There Any Conditions To Be Met?
To apply for this loan:
- You must be a Canadian citizen or permanent resident or protected person of a province or territory that issues Canada Student Loans;
- You must demonstrate financial need;
- You must be enrolled in at least 60% of full post-secondary course load (students with permanent disabilities enroll in at least 40% of full course load)
- Your program must be at least 12 weeks long within a time frame of 15 consecutive weeks;
- You must be attending an approved institution;
- Your program must lead towards a degree, diploma,or certificate;
- You must maintain a satisfactory scholastic standing;
- You can not receive Canada Student Loan funding from another Province or Territory.
What Must Accompany My Loan Application?
Several documents may be required with your application. Please refer to the summary listed in the application form and ensure that any of the documents that apply to you are attached or have been requested to be submitted to our Department.
Canada Student Loans Application for Full Time Students 
Canada Student Loans Application for Part Time Students
Paper forms are available from the Student Financial Assistance office.
Is There A Deadline Date For Applications?
No, students may apply at any time during the 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 Certificate of Eligibility will be mailed to you.
How Much Will I Receive?
You are allowed 60% of your assessed need to a maximum of $210 per week of your program. You are responsible for funding the remainder of your costs as the Canada Student Loans Program will only supplement students' resources, where needed. The costs of post-secondary study include both education and living costs, based on a moderate standard of living. Students are expected to draw from their resources, which include financial and vehicle assets, to meet the assessed costs and their expected contribution.
When Will I Get My Money?
Canada Student Loan Certification of Eligibility is done in one disbursement. Once you receive your Certificate of Eligibility, you must take it to the admissions office of the institution you are attending to fill out the Confirmation of Enrolment section. Please read the instructions included in your package: they indicate how to proceed to receive your money.
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 the Department 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 overaward which will be used as a resource against your next loan application.
How Many Years Can I Receive A Loan?
340 weeks of study, if you received your first loan after August 1, 1995. (Canada Financial Assistance Act).
520 weeks of study, if you received your first loan before August 1, 1995 (Canada Financial Assistance Act).
400 weeks for students in doctoral studies.
To continue to be eligible for a full-time Canada Student Loan in subsequent years:
- Your previous loan must be audited to ensure that the amount of Canada Student Loan issued was not in excess of what you were entitled to. This is done by providing a copy of your income tax return for the year in which you last received assistance. If it has been determined that you have an overaward from a previous loan it will be deducted from any subsequent loan(s);
- You must successfully complete at least 60% of a full-time post-secondary course load for which you have received a Canada Student Loan;
- You must complete the program within the number of periods of study normally specified by the school for completion of that program, plus an additional period. For example, for a program which normally takes four years to complete, loans may be available for the first four years of the program, plus one extra year; and
- You can't have been denied further assistance for reasons such as failing to make payments on your Canada Student Loan for 60 days or more, or because your previous student loan was included in bankruptcy proceedings.
When Does The Loan Have To Be Paid Back?
Students must start paying back their loans 6 months after completion of their program of studies. It is your responsibility to contact the financial service provider within this 6 month period to arrange repayment, otherwise you will default on your loan.
National Student Loans Service Centre:
- (888) 815-4514 (within North America)
- (888) 815-4556 (TTY)
Do I Pay Interest On My Loan?
Yes, interest starts to accrue the month after you are finished your program of studies. For example, if you are taking a 2 year diploma program, interest will start to accrue the month after you finish the second year of your program.
What Is The Interest Rate?
Students must choose either of the following:
- A maximum fixed interest rate equal to the financial institution's prevailing unsecured consumer loan rate, not to exceed prime + 5%, or
- A maximum floating interest rate of prime +2.5%, with the option to change to fixed rate at any time.
Students are also responsible for interest payments during the 6 month period following completion of studies.
What If I Can't Make Payments?
If you are having trouble finding employment or find it difficult to repay your Canada Student Loan because of financial hardships, the Government of Canada can help. The following repayment measures have been designed to make repaying your Canada Student Loan more manageable:
- Interest Relief/Extended Interest Relief
- Revision of Terms
- Debt Reduction in Repayment
These repayment measures are intended to help you maintain good standing, fulfill repayment responsibilities and keep your loans out of default. For complete details on these repayment measures, visit the NSLSC at http://www.canlearn.ca/eng/index.shtml
How Do I Contact the National Student Loans Service Centre?
National Student Loans Service Centre
Box 4030
Mississauga, Ont. L5A 4M4
- (888) 815-4514 (within North America)
- (888) 815-4556 (TTY)
- International Access Code 1 (800) 2 225-2507 (outside North America with country code)
- (800) 0 800 096-0634 then call collect (905) 306-2950 (outside North America without country code)
Canada Student Loan and Grant Programs - Full Time
Grant - Low-income Families:
A Grant for students from low-income families is available to a student whose parental income falls below established income thresholds, must be attending a program of a minimum of 2 years and have a demonstrated need of at least $1. This grant provides a student with $250 per month of study and will automatically be assessed when applying for a full-time Canada Student Loan.
Grant – Middle-income Families:
A Grant for students from middle-income families is available to a student whose parental income falls below established income thresholds, must be attending a program of a minimum of 2 years and have a demonstrated need of at least $1. This grant provides a student with $100 per month of study and will automatically be assessed when applying for a full time Canada Student Loan.
Grant – Dependents:
A Grant is available for students with dependent(s). At the start of your classes dependents must be under the age of 12 years and/or are permanently disabled. Full-time students whose family income falls below established thresholds who have demonstrated need of at least $1 may receive $200 per month of study per dependent. This will automatically be assessed when applying for a full time Canada Student Loan.
Grant - Permanent Disabilities:
A Grant for students with permanent disabilities is available to students who have demonstrated need of $1. The amount of the grant is $2,000 per loan year. Students must provide proof of their permanent disability along with the application. A Schedule A is required with your full-time Canada Student Loan application.
Grant - Permanent Disabilities – Services & Equipment:
A Grant for services and equipment is available to assist with exceptional education related costs that are associated with certain disabilities to a maximum of $8,000 per year. This Grant is available to a student with permanent disabilities in full-time studies (minimum of 40% course load) or in part-time studies. If you are unable to repay your loan due to your disability the Federal Government may pay it back on your behalf. A Schedule A is required with your full-time Canada Student Loan application.
Canada Student Loan and Grant Programs - Part-Time
Students studying 50% and under of a full course load may be eligible for a part-time loan. The life time maximum part-time loan available to a student is $10,000.
Canada Student Loans Application for Part Time Students
Paper forms are available from the Student Financial Assistance office.
Grant – Part-time:
Students studying 50% and under of a full course load may be eligible for a grant up to $1,250 per loan year. This grant will automatically be assessed when applying for a part-time Canada Student Loan.
Grant – Dependents - Part-time:
Part-time students must have been assessed the maximum financial need and my receive the lesser of their assessed need, $40 per week of study for one or two dependents, $60 per week of study for three or more dependents to a maximum of $1,920. At the start of classes Dependents must be under the age of 12 years and/or permanently disabled. This grant is automatically assessed when applying for a part-time Canada Student Loan.
Grant - Permanent Disabilities – Services & Equipment – Part-time:
A Grant for services and equipment is available to assist with exceptional education related costs that are associated with certain disabilities to a maximum of $8,000 per year. This Grant is available to a student with permanent disabilities in part-time studies (20-39% course load). If you are unable to repay your loan due to your disability the Federal Government may pay it back on your behalf. A Schedule A is required with your part-time Canada Student Loan application.
How Do I Contact the Canada Student Loan Program?
Canada Student Loans Program
Human Resources Development Canada
Box 2090, Postal Station 'D'
Ottawa, Ont. K1P 6C6
http://www.canlearn.ca/
eng/postsec/money/grants/lif.shtml
Contact - SFA
Student Financial Assistance
Advanced Education
Department of Education
Government of Yukon
Box 2703
Whitehorse, Yukon
Canada Y1A 2C6
Phone: (867) 667-5929
Toll free (In Yukon): 1-800-661-0408, local 5929
Fax: (867) 667-8555