Hey future university students. We all know that university is not cheap; most students who receive a partial scholarship will likely need a part-time job and/or a student loan or line of credit to meet their financial needs while a student.
Let’s take a look at the steps to apply for a Canadian student loan:
Fill out the Application:
Apply through your province or territory’s student aid office. For example, Nova Scotians seeking a student loan apply via Nova Scotia Student Assistance. You will need to create an account through My Path by filling out a form and submitting your Tax Form. Have your social insurance number ready.
Assessment of Application:
About two weeks later, your application information will be assessed. You will be able to see the details of how your financial needs were calculated by logging into your My Path account (Nova Scotia).
Review Assessment and Ensure Info is Up-to-Date:
While reviewing the assessment of your application, ensure that any forms listed underneath your tasks (such as the master student financial assistance agreement, MSFAA) in My Path are completed. Check to make sure that all of your information remains up-to-date to avoid any delays in receiving your loan.
Communicate with University Financial Aid Office:
Ask your university to send a confirmation of enrollment form to your provincial student aid office, along with an updated financial breakdown of tuition and/or residence fees.
Lastly, the university sometimes receives payment directly from the student aid office. Alternatively, the student aid office may deposit the loan money into your bank account directly and then you will make the tuition/residence payments at your university’s financial services department.
*You should apply for your student loan early (6-8 weeks prior to your program start) to ensure you receive your funding in time for the tuition payment due date.
*A student loan is an annual application. Therefore, if you are enrolled in a four year program, you would begin a new loan application 6-8 weeks prior to the start date of your second year of university.
*To be qualified for a loan in Canada, you must be a permanent resident or a Canadian citizen.
Hope you found this helpful!
Government of Nova Scotia. (2023, n.d.). Nova scotia student assistance:50 years of helping Nova Scotians reach their academic, personal, and financial goals. Nova Scotia. https://novascotia.ca/studentassistance/About/
Mount Saint Vincent University. (2023, n.d.). Canada student loans: Frequently asked questions. Mount Saint Vincent University. https://www.msvu.ca/future-students/money-matters/government-student-loans/canada-student-loans/frequently-asked-questions/