Education

Canada Student Loans and Grants FAQs

Topics 

When can I apply? 

How much can I borrow? 

What is the interest rate on a Canada Student Loan? 

What types of programs qualify? 

Is my institution designated?   

How will I find out if my application is approved? 

How will I receive the loan? 

When do I start paying back the loan? 

I don’t want to take out a loan. Can I apply only for Canada Student Grants? 

What types of grants can I apply for? 

Do I have to pay the grants back? 

What is the pre-study period?


When can I apply?

You can apply for a loan before your school year begins or during your school year if you wish. We recommend you send in your completed application form and required documents no later than 8 weeks before the end of your school year. If your classes end before your loan has been confirmed and deposited to your bank account, your loan may be cancelled.

Back to top >>> 

How much can I borrow?

If you qualify for a loan, you may be eligible for up to $210 per week for each week that you are in school full-time. $210.00 is the maximum amount available; depending on your situation, you may not qualify for the maximum amount. Use the Student Financial Assistance Estimator tool at www.canlearn.ca to estimate the amount of loan for which you may qualify.

Back to top >>> 

What is the interest rate on a Canada Student Loan?

For information regarding interest rates and loan repayment, please visit www.canlearn.ca

Back to top >>> 

What types of programs qualify?

Your program of study must meet the following criteria:

  • Be a minimum of 12 weeks in length
  • Lead to a post-secondary certificate, diploma or degree
  • Be at a designated post-secondary institution

Back to top >>> 

Is my institution designated?

You can find a list of designated institutions at http://www.canlearn.ca/eng/tools/designated/index.shtml. If your institution is not on this list, contact the Student Financial Assistance office for more information regarding the designation process.

Back to top >>> 

How will I find out if my application is approved?

Once your application has been processed, you will be notified by mail whether or not you have qualified for a loan.

Back to top >>> 

How will I receive the loan?

Once you have been approved for a loan, and you have sent in any required documentation to the National Student Loans Service Centre (NSLSC), the NSLSC will confirm your full-time enrolment with your institution.Your loan will then be deposited into your bank account, either on the first day of your study period, or once your full-time enrolment has been confirmed, whichever happens later. If your institution requests that some or all of your loan amount go directly toward fees owing, a lesser amount may be deposited into your bank account.

Back to top >>> 

When do I start paying back the loan?

You do not have to make payments on your loan as long as you are in full-time studies. Once you are no longer in full-time studies, you have six months before you are required to begin making student loan payments. This six-month period begins the first day of the month after you leave school. While no payments are required during the six months, interest will accumulate during this period.

Note that if you have received a Canada Student Loan in a previous year, you must notify the National Student Loans Service Centre (NSLSC) each year that you continue to be enrolled in full-time studies, or you will be expected to begin making payments. For more information, please contact the NSLSC at 1-888-815-4514, or contact the Student Financial Assistance office.

Back to top >>> 

I don’t want to take out a loan. Can I apply only for Canada Student Grants?

Yes, you can apply for only Canada Student Grants; however, you must first qualify for a loan. If you qualify for a loan of at least one dollar, then you can choose not to take any loan and receive only the grant(s) for which you qualify.

Back to top >>> 

What types of grants can I apply for?

There are several types of grants available to full-time students. To be eligible for any of the grants below, you must first qualify for a loan, even if you choose not to take it. 

  • Grant for Students from Low-Income Families - $375 per month of study

To be eligible for this grant, your program must be a minimum of 60 weeks in length and your family income for the previous year must be below the low-income threshold for Yukon students. Find more information, including the low-income threshold for your family size at www.canlearn.ca/eng/loans_grants/grants/low.shtml. If you have questions regarding your family size and income, please contact the Student Financial Assistance office.

  • Grant for Students from Middle-Income Families - $150 per month of study

To be eligible for this grant, your program must be a minimum of 60 weeks in length and your family income for the previous year must be below the middle-income threshold for Yukon students. Find more information, including the middle-income threshold for your family size at www.canlearn.ca/eng/loans_grants/grants/middle.shtml. If you have questions regarding your family size and income, please contact the Student Financial Assistance office.

  • Grant for Students with Dependants - $200 per dependant per month of study

To be eligible for this grant, your family income for the previous year must be below the low-income threshold for Yukon students. If eligible for this grant, you can receive $200.00 per month for each child who is under the age of 12 when your classes start, as well as $200 for each dependant over the age of 12 that has a permanent disability.  Find more information, including the low-income threshold for your family size at www.canlearn.ca/eng/loans_grants/grants/low.shtml. If you have questions regarding your family size and income, please contact the Student Financial Assistance office.

  • Grant for Students with Permanent Disabilities - $2000 per loan year

To be eligible for this grant, you must meet the criteria for students with permanent disabilities, as outlined in the Canada Student Financial Assistance Regulations. Under the regulations, permanent disability means “a functional limitation caused by a physical or mental impairment that restricts the ability of a person to perform the daily activities necessary to participate in studies at a post-secondary school level or the labour force; and is expected to remain with the person for the person’s expected life.”

You will be required to provide proof of your permanent disability by providing one of the following:

  • a medical certificate or
  • a psycho-educational assessment or
  • documentation proving receipt of federal or provincial permanent disability assistance
  • Grant for Services and Equipment for Students with Permanent Disabilities – up to $8000 per loan year

To be eligible for this grant, you must meet all of the criteria for the Grant for Students with Permanent Disabilities, described above. This grant is intended to assist with exceptional education-related services or equipment costs, such as specialized tutors, note takers, Braille products, voice recognition software, etc. You must provide written confirmation from a representative at your institution or from your doctor or other medical professional, indicating that you are in need of specific services and/or equipment. At the end of your school year you will be required to provide receipts for all approved costs.

Back to top >>> 

Do I have to pay the grants back?

Canada Student Grants do not have to be paid back unless it is determined that you received the grant in error. In addition, in some cases if you withdraw from full-time studies or drop to part-time status, you may be required to pay back any grant you have received. For more information, please contact the Student Financial Assistance office.

Back to top >>> 

What is the pre-study period?

Your pre-study period is usually the four-month period prior to the month that your classes start. See below:

If your classes start in the first half of the month, your pre-study period is the four full months before that month. (i.e. If your start date is between September 1-15, then your pre-study period is May 1 to August 31)

If your classes start in the second half of the month, your pre-study period includes part of the month in which you start classes. (i.e. If your start date is August 22, then your pre-study period is May 1 to August 21)

If you were in full-time studies, including high school, for a portion of the four months before your classes start, then your pre-study period will begin later and be for a shorter period of time.

For example, if you were studying full-time (high school or other) until mid-June (finishing June 16 or later), and your start date is in the first half of September (September 1-15), your pre-study period is July 1 to August 31.

In some cases, you may not have a pre-study period at all.

If you study full-time partway into a month, and your start date falls in the month immediately following, you are not considered to have a pre-study period. (ie. If you were studying full-time until August 8, and your classes begin on September 3, you do not have a pre-study period.)

Back to top >>> 

Contact - Student Financial Assistance

Advanced Education
Yukon Education

Mail:
Box 2703, Whitehorse, Yukon, Canada Y1A 2C6

In person:
1000 Lewes Blvd, Whitehorse, Yukon

Phone: 867-667-5929 Fax: 867-667-8555
Toll free (In Yukon): 1-800-661-0408, local 5929
Email: sfa@gov.yk.ca

Yukon government directory >>>