– Saskatchewan Student Loans –
Saskatchewan Student Loans: The Government of Canada and the Government of Saskatchewan work together to provide student financial assistance (referred to as “assistance”) in Saskatchewan.
The Saskatchewan Student Loans Review
Loans and grants are available to help full time and part-time students access and afford post-secondary education.
When you apply for a Canada-Saskatchewan Integrated Student Loan, someone will automatically consider you for student loans and grants. This is from both the Government of Canada and the Government of Saskatchewan. They calculated grant amounts based on your number of weeks of study.
The amount of help you can receive, including any grants, depends on your situation. Loans are available to higher-income students. The loans are interest free while you are in school. You don’t have to repay them until six months after you complete your studies. Keep in mind, interest accrues during that six-month period.
Canada Student/ Saskatchewan Loans for Part-Time Studies
The Government of Canada offers and grants for part-time studies. This is for students taking between 20 and 59 percent of a full course load. As a part-time student, you may be eligible to borrow up to $10,000 in Canada Student Loans.
You do not have to repay your loan until six months after you graduate or leave school. However, interest will accrue during those six months. There is no maximum length of help for part-time students. Loan applications for part-time students are available from the Student Service Centre.
Student Categories
When you apply for full-time help, they will classify you as belonging to one of the following four categories. This category will help to determine how your financial need is calculated: A Single Dependent Student:
1. Has no children
2. Has been out of high school for less than four years before the first day of class of the current study period
3. Has been in the workforce for at least two years (two periods of 12 consecutive months) before the first day of class of the current study period.
4. Is legally married
5. It is a common-law relationship (i.e., living with the person you are in a relationship with for a minimum of 12 consecutive months before the first day of class of the current study period).
6. A Single Parent Student: Has custody of one or more children at least 50 percent of the time; and
7. Is not married or common-law.
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Eligibility
You may be eligible for a Canada Student Loan for Part-Time Studies if you are:
1. From a low- or middle-income family as defined by the Canada Student Loans Program;
2. Enrolled in 20 to 59 percent of a full course load
3. A student with a permanent disability, and you are taking 40 to 59 percent of a full course load. You can choose to be full-time or part-time.
4. Enrolled in a degree, diploma, or certificate program (minimum 12 weeks within a 15-week period) at a designated post-secondary institution;
5. Successfully complete all courses for which they provided funding
6. Pass a credit check if you are 22 or older and applying for a Canada Student Loan and Grant for the first time.
Your First Student Loan Application
Once they have assessed your application, first-time applicants will receive an information package posted to your online account including:
1. A Notice of Assessment with information on the amount of your assistance including the payment schedule for your student loan and grants.
2. Your 10-digit Master Student Financial Assistance Agreement (MSFAA) number;
3. Instructions on what to do with the MSFAA number to get your assistance.
Additional Information
Within two to three business days of receiving your Notice of Assessment and 10-digit MSFAA number, you will receive a “Welcome Email” from the National Student Loans Service Centre (NSLSC).
A secure URL in the email will invite you to use your MSFAA number to:
i. Verify your identity by registering your account with the NSLSC.
ii. Complete your MSFAA where you will be asked to Accept the Terms and Conditions of the agreement.
Repaying Your Student Loan
Six months after you have completed a full-time study, you will need to repay your student loan. This is called student loan consolidation. Prior to your loan (s) entering the repayment phase, the National Student Loans Service Centre will send you a Consolidation Letter.
You also can negotiate your monthly payment amounts with the National Student Loans Service Centre. Pay in lump sum or pay out your loan early. Contact the National Student Loans Service Centre if you have not received your repayment information one month before your loans consolidate.
Additional Information
Even though you are not required to make a payment for six months after completing your studies, interest will accumulate during this time. Any unpaid interest accumulated during this six-month period will be capitalized and included in your principal balance at the time of consolidation.
Your first loan payment is due:
i. On the first day of the seventh month, following the date your period of study ends, or
ii. The end date you withdraw from studies
Interest on Saskatchewan Student Loans
i. Fixed Interest Rate (Prime plus 2.5%)
ii. Floating Interest Rate (Prime). They will automatically merge your loans with the floating rate of interest. You will have a onetime option of switching to the fixed rate of interest during your repayment period.
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Frequently Asked Questions About Student Loans
Here are some answers to common questions about student loans:
Ques: When is the best time to apply?
The online application usually becomes available in early June.
We strongly encourage you to apply before the start of August to ensure you receive your funding in time for when tuition and fees are due.
Ques: Do I have to apply for a loan each school year?
Yes, you will need to apply at the start of each academic year. We encourage students to apply each year.
Your financial situation can change each year. A new assessment is done based on the information you provide for that specific academic year.
Ques: Why would I apply for a government student loan as opposed to a bank loan?
Government student loans are interest and payment free as long as you are a full-time student.
Also, you do not need to have any collateral or a co-signor to secure your loan.
Ques: I live outside of Saskatchewan, can I apply for a student loan?
Yes, if you have not lived in Saskatchewan for 12 consecutive months prior to the start of your study pe
riod, you would apply for a student loan in your home province or territory.
Ques: I’m halfway through the semester and I haven’t applied for a student loan, can I still apply
Yes.
Typically, you can apply until the 2nd last month of your studies. The process can take a few weeks so don’t leave it until the last minute.
Someone will still assess you for the entire semester, not just from the date you apply. You will also receive the full amount based on the same time period.
Ques: How do I apply for a loan?
You can find information on who is eligible and how to apply for a loan on the section of our website.
Ques: How long will it take to get my loan?
Processing times will vary depending on the time of year and the type of application you submit. Filling out the application online will produce results much quicker than the paper application.
For Saskatchewan applicants: once they have reviewed your application, you will receive an assessment letter and a Master Loan Agreement. You are required to sign and send in the Master Loan Agreement to the loans office.
Your loan will then be sent to our office electronically for us to confirm your status as a student. If they confirmed the loan, expect to receive your funds within 10 business days.
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StudentsandScholarship Team.
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