s tudent f inancial s ervices student loans 2015-2016 academic year
TRANSCRIPT
STUDENT FINANCIAL SERVICES
Student Loans 2015-2016 Academic Year
LEARNING OUTCOMES - GOALS Demonstrate an understanding of the
processes to obtain a student loan;
Contrast the differences between federal (CSL) and provincial (PSL) loans;
Recall eligibility criteria for George Coles and Island Student Awards;
Identify the differences between full-time and part-time student loans;
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SEEDS OF SUCCESS Goals Set both short and long term
Celebrate accomplishments Change
Constant -need to be flexible – life long learning
People /Team /Collaborative work skills Debt Management– Personal Finance
Exercise caution – Anxiety -Fiscal Realities Empowerment
Explore, Examine and Experience
Don’t be afraid to ASK for Assistance
Like the person you are - overcome fear
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HOW MUCH DO YOU NEED?
Costs - Resources = Need
www.studentloan.pe.ca
TuitionFeesBooksLiving AllowanceTravel AllowanceComputer ($300)
Summer EarningsSavingsParent’s ContributionScholarshipsPart-time Income
You may or may not receive what you ask for.
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Canada Student Grant for Students With Permanent Disabilities
$2,000 in Grant in two disbursements - $1,000 in September and $1,000 in January
$8,000 for services and equipment (separate application required)
Tutors / Note Takers Computer Software
UPEI AND HOLLAND COLLEGE TUITION FEES
Each UPEI Course $552
Tuition UPEI 1Year $5,552(5 Courses Per Semester)
Fees UPEI 1 Year $1,026-1,500 TOTAL UPEI (approx.) $6,578-$7,052
Holland College 1 Year (approx.) $3,700 - $5,900Plus applicable fees
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LIVING ALLOWANCES – PER MONTHPE NL NS NB QC ON MB SK AB BC
Single Student Living at Home $467 $425 $460 $446 $464 $476 $483 $477 $515 $491
Single Student Living away from Home
$936 $928 $988 $930 $988$1145
$1048
$1100
$1079
$1178
Single Parent(not including dependent)
$1212
$1242
$1308
$1245
$1254
$1483
$1233
$1479
$1338
$1500
Married Student and Spouse(not including dependent)
$1861
$1851
$1979
$1853
$1798
$2192
$1950
$2143
$2079
$2328
Each Dependent $483 $428 $510 $468 $509 $609 $565 $508 $566 $629
• If your home address is within 40km of school you will be assessed as living at home
OTHER COSTS
Books and Supplies $1,300
Computer Costs $300
Travel Allowance $250 (in PEI)
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STUDY PERIOD INFORMATION
Wages ($110 per week is forgiven)
Scholarships (the first $1,800 doesn’t count)
RESP/Trust Fund (divide by the length of program upon request)
Pension (if receiving parent’s CPP or other)
Investments (line 120 and 121 of taxes)
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PRE-STUDY PERIOD CONTRIBUTION
Most of you should make approximately $3,000 this summer
$10 per hour X 30 hours = $300 per week $300 X 10 weeks = $3,000
The Minimum Student Contribution is $1,100.
Basically you have to save HALF of what you make.
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LET’S WORK THIS OUT TOGETHER
Wages @ $110 x weeks of study
UPEI is 34 weeks $3,740 HC is 36 weeks $3,960
Anything over this is considered extra and should be almost entirely used for educational expenses.
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...STILL WORKING IT OUT
Scholarships First $1,800 doesn’t count. The rest is dollar for
dollar.
Trust Fund - divide total in fund by number of years of study. (Substituted dollar for dollar for the Parental Contribution)
CPP approximately $230 a month
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PARENTAL CONTRIBUTION
Contribution is based on family size, income level, and number of children attending post-secondary institutions (see handout).
RESP/Trust Fund is substituted for all or a portion of the parental contribution (depending on amount).
www.studentloan.pe.ca
OTHER RESOURCES
GEORGE COLES BURSARY
$2,200 for UPEI students
$1,200 - $2,200 for Holland College Students (depending on tuition)
Must be an Island student
Must be attending classes full-time in both semesters
No application
www.studentloan.pe.ca
ISLAND SKILLS AWARD HOLLAND COLLEGE
$1,000 for the Island Skills Award
Must be full time in both semesters
Must be an Island student
No application
www.studentloan.pe.ca
FIGURING IT OUT COSTS:
Tuition and Fees $ ________
Books and Supplies $ ________
Living Allowance (from worksheet) $ ________
Return Travel (PEI $250) $ ________
Other Costs $ ________
TOTAL COSTS $ ________
(Use these figures to complete section 1200 page A-5)
RESOURCES:
Student Contribution (from worksheet page G-10) $ _______
Parent Contribution (from worksheet page G-11) $ _______
Part-Time Income while studying $ _______
Other Income (CPP, Pension, EI) $ _______
Savings $ _______
Investments or Educational Trust Fund $ _______
Awards, Scholarships, Bursaries $ _______
TOTAL RESOURCES $ ________
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HOW MUCH TO REQUEST? Total Educational Costs $
Minus Total Financial Resources $
Total Amount of Student Loan Requested $_________________
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IMPORTANT DEADLINE DATE
Completed applications must be submitted byJuly 15th
To ensure processing for September.It can take up to 4-6 weeks to process your
application
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HOW DO I APPLY? Online starting June 1st. The earlier the
better! July 15th is the magic date to ensure you loan
is processed for your Fall start.
www.studentloan.pe.ca
www.studentloan.pe.ca
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IMPORTANT INFORMATION
Make sure the information you give us is as accurate as possible (avoid over-awards)
If your student status, address, or employment situation changes, YOU MUST NOTIFY US
It is up to the student to keep informed of changes to our grants and loan programs
Provide your complete mailing address and current email address
www.studentloan.pe.ca
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Master Student Financial Assistance Agreement (MSFAA)
Effective for the ‘13/14 school year all students are required to complete the MSFAA. For most students it will be a one time task.
The MSFAA is a federal requirement in order to receive Canada Student Loans and Grants.
Upon a positive student aid assessment, the student will be notified by email to login to their student aid account and print off the MSFAA. The form must be signed in pen and presented to a Designated Canada Postal Outlet with two pieces of government ID’s one being Social Insurance Card the other being a government photo ID.
Federal loans are electronic and are confirmed by post secondary schools in their E-Cert Portal.
WEBSITES AND CONTACTS
National Student Loan Service Centre:
Phone 1-888-815-4514
Canada Student Loan Webpage
http://www.canlearn.ca/eng/index.shtml
RPAP Information on website
________________________________________________________
Edulinx –PEI:
Phone 1-877-560-1389
Website
https://pei.edulinx.ca/Eng/index.aspx
COE and Interest Relief Forms
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HOW TO REACH US
In Person:
Atlantic Technology Center 2nd Floor, Suite 212
Above HOT 105.5 and Ocean 100.3
By Mail:
Student Financial Services
PO Box 2000
Charlottetown, PE
C1A 7N8
Email: [email protected]
Phone (902) 368-4640 Fax (902) 368-6144
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PART-TIME LOANS - GRANTS
Part-time (CSL) contain only federal grants and loan. No provincial funds.
Students who qualify may receive $1,200 per school year in Canada Study Grants.
Courses undertaken part-time must count towards Degree or Diploma.
Students regardless of age are treated independent from parents for PT CSL.
Paper Application required to be signed by school.
Need Notice of Assessment from CRA. Need transcript of marks showing successful
completion of courses if had prior part-time loans.
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Provincial Student Loans (PSL)
PEI Student Financial Services oversees two separate and distinct loans; Canada Student Loans (CSL) and Provincial Student Loans (PSL).
PSL is only issued to eligible students based upon need and only after the receipt of a Pre-Study Report (PSR) which includes ROE or letter from employer and must be received by the deadline, six weeks prior to end date of studies.
PSL is currently a paper based loan and must be completed timely and in good form to be received and processed by Edulinx-PEI (Service provider hired by PEI to manage provincial loans).
GEORGE COLES BURSARY – AWARDS
2014 the Province funded 2,626 students George Coles, Island Student and Island Skills awards for a total of $3.3 Million.
Discussion re purpose and intention of this bursary? Eligibility Rules.
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UPEI GEORGE COLES & ISLAND STUDENT AWARDS
George Coles Bursary $2,200 First Year Island Student Award Bursary $400 Second Year Island Student Award Bursary $600 Third YearGeorge Coles Graduation Bursary $2,000 in Graduation Year
Total $5,200 __________________________________ Must not be 3rd party sponsored e.g. Skills Must be an Island student Must be attending classes full-time in both semesters Previous PSE may create ineligibility
No application – School provide a list to SFSStudents rejected for Awards can appeal!
www.studentloan.pe.ca
GEORGE COLES & ISLAND SKILLS AWARDS
George Coles Bursary $1,200 - $2,200 for Holland College Students and College Acadie
(depending on tuition)
Island Skills Award Bursary $1,000 for Holland College Students for each year of program for
a maximum of two years.__________________________________ Must not be 3rd party sponsored e.g. Skills Must be an Island student Must be attending classes full-time in both semesters Previous PSE may create ineligibility
No application – School provide a list to SFSStudents rejected for Awards can appeal!
www.studentloan.pe.ca
PROVINCIAL STUDENT LOAN CHANGES 2015 / 2016
Electronic Pre-study Report. Including Banking Information.
Electronic Provincial Loans.
Students will be able to upload documents in MyPath.
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FEDERAL STUDENT LOAN CHANGES 2016 / 2017 RE FEDERAL GOVERNMENT ANNOUNCEMENT APRIL 21, 2015
Reduced Parental Contribution Requirements. No penalty for students who work in their
Study Period. Canada Study Grants for Low and Middle
Income will be extended to programs that are less than 60 weeks with the minimum being 34 weeks.
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