The Canada Student Loans Program was created by the Government of Canada to make postsecondary education accessible to students with a financial need. In addition to loans, the Canada Student Loans Program offers non-repayable financial assistance in the form of Canada Study Grants and Canada Access Grants. The Government of Canada also provides scholarships and bursaries through the Canada Millennium Scholarship Program.

Eligibility

Canada Student Loans are available for full-time and part-time study at designated schools (including certain postsecondary institutions outside of Canada). You must meet all of the following conditions in order to qualify:

• be a Canadian citizen, permanent resident of Canada or a designated protected person;
• be a resident of a province or territory that issues Canada Student Loans (this includes all provinces and territories except Québec, the Northwest Territories and Nunavut, which operate their own programs);
• demonstrate financial need;
• be enrolled in at least 60% of a full course load if a full-time student (40% for students with permanent disabilities), or 20-59% of a full course load if a part-time student (20-39% for students with permanent disabilities);
• be enrolled in a degree, diploma or certificate program with a duration of at least 12 weeks (within a period of 15 consecutive weeks) at a designated postsecondary institution;
• pass a credit check if you are 22 years of age or older and applying for the first time; and
• maintain a satisfactory scholastic standard.

Application Process

You must apply for the Canada Student Loan through your provincial or territorial student financial assistance office. Applications can be completed online in most provinces. Canada Student Loan application forms can also be obtained at high schools, postsecondary institutions, and provincial and territorial student financial assistance offices. A separate form may be required for other types of financial assistance such as some grants and bursaries.

Your provincial or territorial student financial assistance office will assess your completed application and confirm eligibility. The office will also determine the amount of financial assistance you may receive in the form of: a Canada Student Loan; provincial or territorial student loan; Canada Access Grant for Students from Low-Income Families; Canada Study Grant for Students with Dependants; Canada Millennium Bursary; and Canada Access Grant for Students with Permanent Disabilities, if applicable.

Receiving Financial Assistance

It will take approximately four to six weeks for your application to be processed, and you will receive a letter of assessment from the provincial or territorial student financial assistance office. If your application is successful, you will be provided with a Certificate of Eligibility and a loan agreement, along with instructions and information about the funding amount.

The amount of funding is calculated on the basis of assessed financial need. The assessed need is calculated as the difference between the allowable costs and your financial resources. For full-time students, the Canada Student Loans Program provides 60% of the assessed need, up to $210 per week of study; the remaining 40% may be provided through provincial or territorial student loans. Part-time students may receive up to $4,000 (in combined principal and interest) in Canada Student Loans over the period of studies.

If your loan application is not approved, you may file an appeal. You can contact your provincial or territorial student financial assistance office to find out why the application was not approved. Appeals can be filed in writing, or by using a provincial or territorial appeal form, along with supporting documents. It takes four to six weeks for the appeal to be processed.

Loan Maintenance

Your Canada Student Loan will be serviced by the National Student Loans Service Centre (NSLSC) on behalf of the Government of Canada. The NSLSC will be the point of contact once your loan application has been approved. Depending on your situation, you may be required to provide additional documentation to the NSLSC to maintain or change your loan status.

If you are a full-time student, the Government of Canada will pay the interest on your Canada Student Loan while you are in school. Part-time students are not subsidized and must make the interest payments, unless they qualify for interest relief due to low family income.

Loan Repayment

Your Canada Student Loan becomes repayable when you graduate, leave school or exceed the maximum lifetime limit. The National Student Loans Service Centre will send you an agreement covering matters such as the repayment schedule, amount of each payment and the applicable interest rate.

Full-time students are entitled to a six-month grace period before the first payment, but interest will continue to add up during this period. For part-time students, the six-month grace period applies to repayment of principal but not interest.

It is important to make timely repayments on your Canada Student Loan. Failure to do so can have serious financial consequences, including the risk of default and a negative impact on your credit rating. If you have difficulty repaying the loan, contact the National Student Loans Service Centre to learn about debt repayment options offered by the Government of Canada.

Contact Information

National Student Loans Service Centre

Alberta - Student Funding Contact Centre

British Columbia - Student Services Branch

Manitoba - Student Aid Branch

New Brunswick - Student Financial Services

Newfoundland and Labrador - Student Aid Division

Northwest Territories - Student Financial Assistance

Nova Scotia - Student Assistance Office

Nunavut - Student Assistance Office

Ontario - Student Support Branch

Prince Edward Island - Student Financial Services

Québec - Aide financière aux études

Saskatchewan - Student Financial Assistance Branch

Yukon - Student Financial Services