– Nova Scotia Student Loan –
Nova Scotia Student Loan: The Assistance Program is a loan program intended to assist students in financing their post-secondary education. The student loan is meant to complement your resources and not replace them.
Nova Scotia Student Loan Application Guide
This article entails all you need to know about the Nova Scotian students Loan and its required guidelines and procedures for acquiring a student loan.
Eligibility:
In order to apply for financial assistance with the province of Nova Scotia, you must meet the following four criteria:
1. Foremost, you must be either considered a Canadian citizen or a landed immigrant.
2. They must consider you a Nova Scotia resident as dictated by the Nova Scotia Student Assistance Program. Please note that residency requirements in Nova Scotia differ from those suggested by Revenue Canada.
3. You must be a full-time student attending an approved post-secondary institution. An approved school is one that is certified by the Department of Education and has been approved for Student Assistance funding.
A full-time student is someone attending for at least 12 weeks and enrolled in at least 60% of a full course load. For disabled students full-time is considered at least 40% of a full course load.
4. You must establish a need for Student help. This involves an assessment of your financial situation.
When determining if a student qualifies for a student loan, the assesses a student’s financial situation. Other resources, which they have available to them offset the costs.
When an assessment is finalized the student will receive an Explanation of Assessment in the mail. This assessment outlines expected costs, resources, and your calculated need. If your calculated need is high enough, you will receive 60% of it as a first disbursement.
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Additional Information
This first disbursement will comprise both Canada Student Loan and Nova Scotia Student Loan. The actual breakdown is 60% Student Loan and 40% Nova Scotia Student Loan.
The maximum student loan you can receive depends on the number of weeks in your academic year. The maximum Canada Student Loan is $165/wk and the maximum Nova Scotia Student Loan is $150/wk.
For a student attending university from September to April, the maximum is typical $10,710.
Keep in mind that you only receive 60% of your calculated need for the beginning of your school year. To receive additional student loan funding for the rest of the school year, the student must submit a Pre-study report as soon as classes start.
Documents Needed to Apply
1. Information about your school program, including how many class hours/credits you’ll be taking.
2. Your bank account information – for an account in your name.
3. Information about any RESP’s or other investments in your name
4. Custody/Separation/Divorce agreements or other court or similar records that explain your family’s living and financial support arrangements
5. Receipts for any exceptional, unavoidable expenses to your family.
6. about your permanent disability, if you have one.
7. Income tax returns for you and your parents/step-parents (if you are a dependent student) or your spouse (if you have one – independent students only).
8. Scholarship information/amounts, or submit these as soon as you know them.
9. An estimate of the money you expect to earn during the weeks after you leave high school and/or before you start your program (i.e. your pre-study period income)
10. An estimate of what you expect to earn while at college or university if any.
11. Documents/statements to validate any other sources of funding you will receive while studying (government pensions/payments, any disability income, EI, retraining program funding, spousal/child support payments, etc.)
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Frequently Asked Questions
Most frequently asked questions about the Nova Scotia Student Loan Includes
Ques: How Much Money Will I Save?
The exact amount you’ll save will depend on how much you owe and your interest rate.
If you owe the average balance of $5600 today, you will save approximately $800 in interest over the lifetime of your loan.
Ques: Will My Monthly Payments Go Down?
The 0% Interest change doesn’t adjust your monthly payments.
Once you apply and qualify, they will immediately apply the zero interest calculation to your account.
That means all the monthly payment you’re making right now will go directly toward paying on the principal amount, and you’ll pay your loan down faster.
Ques: When Should I Apply for My Student Loan?
Apply early! All students should apply for their government student at least 6-8 weeks before the first day of classes.
Most provinces will have their annual loan application available on, or short, after May 1st for classes that start in the upcoming September.
Remember, students must apply annually for loan funding!
Ques: Will My Student Loan Money be Sent to Me or to the School?
Most provinces electronically transmit loan money to the school.
Nova Scotia, New Brunswick, Newfoundland, and Ontario use electronic loan communication.
The Province of Prince Edward Island is transmitting the federal loan electronically; however, the provincial loan is still in paper form.
Other FAQs
Other frequently questions include
Ques: I am Going to Take a Year Off from My Studies. What Will Happen to My Loan?
Students go into repayment following their last day of full-time study. You will receive a six month, non-payment period called your Grace Period; however, during this time, interest will build on your Federal (aka. Canada) loan.
Following these six months, you must begin paying monthly on any existing student loans that you have borrowed.
Ques: What Happens if I Move out of Nova Scotia?
You must be a resident of Nova Scotia to remain eligible.
Ques: I Just Finished Repaying my Student Loans, and/or I Paid it Off Early. Do I Qualify?
The zero interest benefit applies to qualify students who are still in active repayment, and those who are starting repayment in the future.
Ques: How long can you delay student loans?
Three years
Ques: How much is a student loan in Nova Scotia?
The weekly amount of Nova Scotia Student Assistance is $200 ($120 in loan and $80 in grant).
Ques: Which province is best for student loans?
Newfoundland and Labrador, Quebec, and Manitoba Student Loans
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StudentsandScholarship Team.
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