Transcript Canada Student Loans Program

Canada Student Loans
Program
ANZFAA Conference
September 2010
Sydney
Mona Kazoun
Financial Aid & Sponsorship Officer
Griffith University
Quick Overview
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Canada Student Loans Program
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Snapshot of Provincial Loans
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Counselling students about repaying their
loan
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Initiatives Being Introduced the Canadian
Government
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2.
3.
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The Repayment Assistance Plan (RAP)
Master Student Financial Aid Agreement (MSFAA)
Electronic Confirmation of Enrolment (ECE)
Single Online Application for Repayment Assistance
Measures (SOARAM)
Question?
So Who Does What?
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The Canada Student Loan Program is a Federal Provincial-Territorial
Partnership
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The Canada Student Loans Program:
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The National Student Loans Service Centre:
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Manages the student financial assistance program
Works with participating provinces and territories to develop policies and
programs
Provides guidance and direction on how student assistance is to be delivered
is the service provider guided and directed by the Canada Student Loans
Program
Assumes responsibility for managing the loans once the loan agreement is
signed and submitted for processing.
The Participating Provinces and Territories:
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Receive students application from residents of their jurisdiction for both federal
and provincial student financial assistance
Assess a borrower’s eligibility for federal student financial assistance (both loans
and grants)
Assess students' financial needs based on federal criteria
Issue certificates of eligibility for loans and grants
Administer and deliver federal grants
Designate educational institutions that students may attend within their
jurisdiction with Canada Student Loans Program assistance (all jurisdictions
share this responsibility for international institutions). Only programs of study
offered in designated institutions are considered eligible.
Canada Student Loans
Program – What’s available
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The federal government provides financial assistance directly to
post-secondary education students.
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The Canada Student Loan Program (CSLP) is the federal
government’s major instrument to financially assist Canadian
students in accessing post-secondary education (or tertiary
education)
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The CSLP provides grants and in-study interest free loans
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Available to Canadian citizens, permanent residents and
protected persons
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They must apply in the province where they reside
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Students must be qualified for enrolment or enrolled at
designated post-secondary institutions
Interest free for duration of studies (Interest paid by government)
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Managed by the National Student Loans Service Centre
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Website: www.canlearn.ca
Canada Student Loans Program –
Forms and Timelines
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Certificate of Loan/Grant Approval and Eligibility
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Must not be signed prior to Disbursement date listed on form
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Financial Aid Office (FAO) signs the form in Section 3
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This form has a 30 days expiration from date the FAO has
signed
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Not valid if received after End of Study date
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Address to be forwarded to in Canada:
The National Student Loans Service Centre
Public Institutions Division
#2 Robert Speck Parkway,14th Floor
Mississauga, ON L4Z 1H8
Telephone number: (905) 306-2950
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Student’s must sign in all student signature areas
Canada Student Loans Program –
Forms and Timelines
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Certificate of Loan/Grant Approval and Eligibility
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The student must provide and submit supporting
documentation with this form in order to receive
funds
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Photocopy of Social Insurance Number card as
well as Government issued photo ID (e.g. passport
or driver’s license)
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Student must provide and submit a VOID cheque or
banking details to a Canadian Bank account
Canada Student Loans Program Certificate of Loan/Grant Approval and Eligibility
(Ontario example)
Provincial Loans
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Integrated Loan
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Non Integrated Loan
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British Columbia www.aved.gov.bc.ca
Alberta www.advancededucation.gov.ab.ca
Manitoba www.manitobastudentaid.ca
Prince Edward Island www.gov.pe.ca
Nova Scotia www.studentloans.ednet.ns.ca
Provincial and Territorial Loans Only
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Ontario www.osap.gov.on.ca
Saskatchewan www.aeel.gov.sk.ca
New Brunswick www.studentaid.gnb.ca
Newfoundland and Labrador [email protected]
Quebec www.afe.gouv.qc.ca
Northwest Territories www.nwtsfa.gov.nt.ca
Nunavut
Federal Loan Only
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Yukon www.education.gov.yk.ca/advanceded
Provincial Loans
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Most Provinces will ask for Confirmation of Enrolment for
provincial portion of the loan
Ontario will always send the COE with the Certificate of
Loan
Interest-free Status
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Students that are not taking out loans whilst studying at
your institution are entitled to be in Interest-free Status for
the duration of their studies for loans previously disbursed
For Ontario students FAO
should complete a:
Continuation of Interest-Free
Status/Confirmation of
Enrolment (Schedule 2) form
Interest-free Status
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Students that are not taking out loans whilst studying at
your institution are entitled to be in Interest-free Status for
the duration of their studies for loans previously disbursed
For Students Outside of
Ontario FAO should
Complete a:
Confirmation of Enrolment
(Schedule 2) form
Repayment Assistance Plan
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Students have a 6 months “grace”
period from the last day of study
listed
Consolidation of Loan forms will be
mailed by NSLSC to student with all
repayment details
Repayment Assistance Plan (RAP)
is available for students who cannot
meet the full repayment option
Interest Relief Program is no longer
offered
Repayment Assistance Plan
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Borrowers who are eligible for RAP make
Affordable Payments that are based on
income and family size
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RAP is provided in two stages:
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Stage 1: The government covers all or a portion
of the interest and applies payments toward
principal first for up to 60 months.
Stage 2: The government covers all or a portion
of interest and also writes down the principal so
that no student debt remains after 15 years (10
years for students with permanent disability).
Website to visit for more information on
RAP: www.canlearn.ca
A Look at The Future
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Initiatives Being Introduced the
Canadian Government
1.
2.
3.
Master Student Financial Aid
Agreement (MSFAA)
Electronic Confirmation of Enrolment
(ECE)
Single Online Application for
Repayment Assistance Measures
(SOARAM)
A Look at The Future
Master Student Financial Aid
Agreement (MSFAA)
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The Master Student Financial Aid Agreement
simplifies the delivery of student aid by
allowing for multi-year financial assistance,
removing the need to sign loan documents
annually.
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BC and Alberta already have Master
Agreements, several provinces are working
on them
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This requires regulatory change to allow for
the loan agreement to be for a ‘period of
study’.
A Look at The Future
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Electronic Confirmation of Enrolment (ECE)
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Electronic confirmation of enrolment simplifies
delivery for students by eradicating the need for
students to go on site to have their enrolment
confirmed, then submit their forms by mail.
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ECE is beneficial to educational institutions by
eradicating student line-ups at registration, and
simplifying the COE process by offering on online
means of sending and receiving registration and
funding information.
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CSLP proposes to develop an inclusive portal at the
NSLSC that would be available to all
A Look at The Future
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Single Online Application for Repayment
Assistance Measures (SOARAM)
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The CSLP and the National Student Loans Service
Centre (NSLSC) are continually working to improve
the repayment experience for borrowers and to
ensure borrowers are informed of their repayment
options.
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The CSLP has developed two online interactive
modules to help borrowers learn more about the
repayment process.
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2.
Entrance Counselling
Exit Counselling
QUESTIONS?
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Thank you for your time and
attention