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Canadian Government Student Aid Regulatory Update Presented by Cara Piperni ANZFAA Melbourne, Vic. October, 2014

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Context Founded in 1821 Located in Montreal, Quebec, Canada 13 Faculties, 2 campuses 11,000 employees 29,000 full-time degree students, with 20 % international 1/3 of FT degree students on government aid Every province and territory is represented.

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Agenda Canadian context Key references Regulations by jurisdiction, highlighting any key changes or differentiators Additional available resources

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A FEW FACTS ABOUT CANADA Federation of 10 provinces and 3 territories Multicultural society with population of over 34 million Two major linguistic groups and two official languages: English (57%) and French (22%) One of the highest rates of PSE completion in the world Provincial governments have exclusive responsibility of all levels of education

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FINANCIAL AID: A PROVINCIAL JURISDICTION Great variability in the type, quantity and availability of resources for students = inequities based on province of residence Evolution of programs due to individual (and independent) provincial priorities Combined with federal portion, and varying degrees of integration with provincial programs, makes it very complex

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Key References From the Canadian Association of Student Financial Aid Administrators (CASFAA): Out of Province Student Aid Summary 2014-15 (provided in your handouts) Cross Country Panel at each annual conference Its Complicated: An Interprovincial Comparison of Student Financial Aid by Jordan MacLaren for CCPA (July 2014)

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Canada Student Loans Program Maximum of $210/week, with up to $3000 allowance for books and supplies. Special grants Part Time Canada Study Grant (CSG) Grant for Part-Time students with dependents CSG for Students with Dependents CSG for Students with Permanent Disabilities Grant for Services & Equipment for Students with Permanent Disabilities CSG for Students from Low-Income Families CSG for Students from Middle-Income Families

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Key Terms HRSDC Human Resources & Social (Skills) Development Canada NSLSC National Student Loan Service Center Administers CSL, contracted by HRSDC CanLearn Website with interactive tools MSFAA Master Student Financial Assistance Agreement (MSFAA) Signed by student only once as a student unless they have a break for more than 2 years. RAP Repayment Assistance Program

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HIGHLIGHTS BY PROVINCE

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Application Deadline60 days before end of study period, doc deadline 40 days before end of study period. Maximum AvailableCombined with CSL to max of $360/w, or $560/w if with dependents But out of country : just CSL max of $210/w. Eligibility full-time funding 60% of full course load Study Outside of Canada Only federal funding, no provincial portion Pre-study period savings$2803 for 16-week period, or $1402 for 8 week period Interest RatesCSL Prime + 2.5% variable; fixed 5% Repayment AssistanceOpportunity grants only for in-province studies RAP Exemptions$3500 for merit-based scholarships All need-based bursaries are exempt TipFAO Inquiries osapfao.inquiry@Ontario.ca osapfao.inquiry@Ontario.ca

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Application Deadline60 days after last day of recognized studies Maximum Available Outside Quebec : $6000/study period Eligibility full-time funding Full-time Study Outside of Canada Schools outside of Canada and France are recognized for the purposes of LOANS only Pre-study period savingsComplicated! Interest RatesPrime + 0.5% Repayment AssistanceLoan Remission forgives 15% if completes on time and received bursary each year Deferred payment can apply any time during 10 years following end of 6 month partial exemption period. Exemptions$5000 bursaries per calendar year TipsPDF booklet Student Financial Assistance on http://www.mesrs.gouv.qc.ca/en/aide-financiere-aux- etudes/publications/student-financial-assistance/ http://www.mesrs.gouv.qc.ca/en/aide-financiere-aux- etudes/publications/student-financial-assistance/

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Application DeadlineSix weeks before classes end Maximum AvailableCombined with CSL to max of $320/w, or $510/w if with dependents; $50K BCSL lifetime max. Eligibility full-time funding 60% of full course load (40% w/disability) Study Outside of Canada Yes, both provincial and federal Pre-study period savings$2880 ($687/month) Interest RatesPrime plus 2.5% floating, or 5% fixed Repayment AssistanceBC loan reduction and remission programs Award Exemptions$1800 per program year (scholarships & bursaries)

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Application DeadlineAt least 30 days before end of study year; July is recommended; separate Summer app Maximum Available$13,300 ASL & CSL combined (8 months) $19,950 for 3 semester study period Eligibility for full-time funding 60% of full course load (40% w/disability) 12-months of open studies allowed Study Outside of Canada Yes, both provincial and federal Pre-study period savingsFlat rate of $1500 is assumed Interest RatesNo interest first 6 months before repayment Form B for interest-free status continuing studies; prime Repayment AssistanceYes, mirrors federal RAP Award Exemptions$1,800 applied to CSL, full exemption ASL

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Application Deadline14 business days prior to end of study period Maximum AvailableFor 34 week program: $13,872 $7140 repayable for low income $8330 repayable for middle income $9112 repayable for above-mid income Max lifetime $47,600 for 10 years UG Eligibility full-time funding 60% of full time courseload Study Outside of Canada Pre-study period savingsMinimum $120/week Interest RatesFloating at prime; fixed prime + 2.5% Repayment AssistanceForgiveness for Nurses working in small communities Exemptions$1800/yr scholarships & awards $100/week earnings

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Application DeadlineTwo months before end of study period Maximum AvailableCSL $210/week, MSL $140/week Eligibility full-time funding 60% of a full course load Max of 340 weeks (10 years) to $47,600 Study Outside of Canada Pre-study period savings$140/week living at home Interest RatesPrime Repayment AssistanceIf loan is written off, can never be entitled for receive loans again (e.g. medical forgiveness) RAP 2 staged process Exemptions$1800 scholarships and bursaries $100/wk earnings

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Application Deadline6 weeks before end of study period Maximum AvailableCombined with CSL to max of $350/week Lifetime of 340 weeks Eligibility full-time funding 60% course load Study Outside of Canada Yes, both federal and provincial Pre-study period savingsExpected to work FT and contribute 80% after living allowance Interest RatesFloating Prime + 2.5%; Fixed Prime + 5% Repayment AssistanceTimely Completion Benefit for loan debt in excess of $26,000 forgiven. Apply within 7 months of graduation. Exemptions$1800 of scholarships and bursaries $100/week study period income

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A brief introduction PSE institutions administering Canadian government aid Dedicated advocates in helping Canadian students achieve financial wellness and success National profile with federal and provincial governments www.casfaa.ca www.casfaa.ca Next conference June 14-16 Quebec City

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THANK YOU! Cara Piperni Director, Scholarships & Student Aid McGill University cara.piperni@mcgill.ca cara.piperni@mcgill.ca