Program Overview

Student Financial Services DivisionStudent Financial Services Division

Department of EducationDepartment of Education

Making the right choices• planning and research

Paying for post secondary• who pays?

It is a loan• debt

Key Messages

• Online or paper- 10 days versus 20 days

• Supporting documentation will be required

• Determines if you qualify and the amount available

• Apply early - why?• Volume• Informed before the start of post secondary

Applying for a loan

What happens when I apply?

Rob applies online on June 10th

Rob downloads 4 forms the same day

Rob mails the original forms the same day

Rob finds out his loan amount on June 22

Loan papers are at school on the first day of classes

Canada Revenue Agency Authorization

Student’s Declaration

Parent’s Declaration

Consent to Release Information

Online or by mail

What money do I need? What money do I have?

COSTS RESOURCES

This is where Student Financial Services begins

Rob’s application

COSTS• Tuition $3,500• Books/Computer

$750• Other Fees $400• Living Allowance

– (17 weeks x $200) $3,400• Transportation $180

RESOURCES

$8,230

How it works

COSTS• Tuition $ 3,500• Books/Computer

$750• Other Fees $400• Living Allowance

– (17 weeks x $200) $3,400• Transportation $180

RESOURCES• Parental Contribution

$8,230

Example

COSTS• Tuition $3,500• Books/Computer

$750• Other Fees $400• Living Allowance

– (17 weeks x $200) $3,400• Transportation $180

RESOURCES• Parental Contribution $799• Pre-study Period

$8,230

Example

Pre-study PeriodRob works for the 9 weeks that he’s off for the summer.

Gross income ($240 per week) $2,160Less taxes -$146Less weekly living allowance ($92 x 9 weeks) -$828Total $1,186

Pre-study contribution: $1,186x 80% = $949

How it works

COSTS• Tuition $3,500• Books/Computer

$750• Other Fees $400• Living Allowance

– (17 weeks x $200) $3,400• Transportation $180

RESOURCES• Parental Contribution $799• Pre-study Period $949• Study Period $0• Scholarship

$8,230

Example

ScholarshipsRob has been awarded a $1,900 scholarship for the first semester.

Scholarship amount $1,900 Less yearly exemption ($1,800) -$1,800 Amount left over $100

Scholarship Contribution = $100

How it works

COSTS• Tuition $3,500• Books/Computer

$750• Other Fees $400• Living Allowance

– (17 weeks x $200) $3,400• Transportation $180

RESOURCES• Parental Contribution $799• Pre-study Period $949• Study Period $0• Scholarship

$100• RESP $0

$8,230 $1,848

Example

Costs – Resources = Need

$8,230 - $1,848 = $6,382

– If negative - does not qualify– If positive - does qualify (up to maximum limits)

How it works

Federal Grants

– Canada Student Grant Program• Grant for Low-Income ($58 per week)• Grant for Middle-Income ($23 per week)• Grant for Students with Dependants ($47 per week per dependant)• Grant for Students with Permanent Disabilities ($2000 per year)• Grant for Services and Equipment for Students with Permanent

Disabilities (separate application required)

Available Assistance

Canada Student Loan (CSL)

Newfoundland and Labrador Student Loan (PSL)

Up-Front Provincial Grant

(ICF must be submitted)

$210 per week

$60 per week

$80 per week

Maximum assistance is $350 per week

Available Assistance

Costs $8,230(minus) Resources $1,878(equals) Need $6,352Loans/Grant = $350 x 17weeks $5,950

Total Unmet Need $402

Rob still needs $402

Available Assistance

Photo I.D.

S.I.N. Card

Banking Information

Student needs:

Getting your money

Course Load Requirements:– 60% for federal portion– 80 % for provincial portion– Exceptional circumstances considered

If unsuccessful: – first time - probation– second time - suspended for 12 months – third time - suspended for 36 months

Other things to consider

Questions?

Call (709)729-5849

1-888-657-0800(toll free)

Fax 709-729-2298

Email studentaid@gov.nl.caWebsite www.gov.nl.ca/studentaid