Canada Student Loans Program ANZFAA Conference September 2010 Sydney Mona Kazoun Financial Aid & Sponsorship Officer Griffith University
Quick Overview • Canada Student Loans Program • Snapshot of Provincial Loans • Counselling students about repaying their loan • The Repayment Assistance Plan (RAP) • Initiatives Being Introducedthe Canadian Government • Master Student Financial Aid Agreement (MSFAA) • Electronic Confirmation of Enrolment (ECE) • Single Online Application for Repayment Assistance Measures (SOARAM) • Question?
So Who Does What? • The Canada Student Loan Program is a Federal Provincial-Territorial Partnership • The Canada Student Loans Program: • 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 • The National Student Loans Service Centre: • 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: • 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 • The federal government provides financial assistance directly to post-secondary education students. • 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) • The CSLP provides grants and in-study interest free loans • Available to Canadian citizens, permanent residents and protected persons • They must apply in the province where they reside • Students must be qualified for enrolment or enrolled at designated post-secondary institutions • Interest free for duration of studies (Interest paid by government) • Managed by the National Student Loans Service Centre • Website: www.canlearn.ca
Canada Student Loans Program – Forms and Timelines • Certificate of Loan/Grant Approval and Eligibility • Must not be signed prior to Disbursement date listed on form • Financial Aid Office (FAO) signs the form in Section 3 • This form has a 30 days expiration from date the FAO has signed • Not valid if received after End of Study date • Address to be forwarded to in Canada: The National Student Loans Service CentrePublic Institutions Division#2 Robert Speck Parkway,14th Floor Mississauga, ON L4Z 1H8Telephone number: (905) 306-2950 • Student’s must sign in all student signature areas
Canada Student Loans Program – Forms and Timelines • Certificate of Loan/Grant Approval and Eligibility • The student must provide and submit supporting documentation with this form in order to receive funds • Photocopy of Social Insurance Number card as well as Government issued photo ID (e.g. passport or driver’s license) • 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 • Integrated Loan • Ontario www.osap.gov.on.ca • Saskatchewan www.aeel.gov.sk.ca • New Brunswick www.studentaid.gnb.ca • Newfoundland and Labrador firstname.lastname@example.org • Non Integrated Loan • 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 • Quebec www.afe.gouv.qc.ca • Northwest Territories www.nwtsfa.gov.nt.ca • Nunavut • Federal Loan Only • Yukon www.education.gov.yk.ca/advanceded
Provincial Loans • 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 • 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 • 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 • 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 • Borrowers who are eligible for RAP make Affordable Payments that are based on income and family size • RAP is provided in two stages: • 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 • Initiatives Being Introducedthe Canadian Government • 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) • 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. • BC and Alberta already have Master Agreements, several provinces are working on them • This requires regulatory change to allow for the loan agreement to be for a ‘period of study’.
A Look at The Future • Electronic Confirmation of Enrolment (ECE) • 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. • 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. • CSLP proposes to develop an inclusive portal at the NSLSC that would be available to all
A Look at The Future • Single Online Application for Repayment Assistance Measures (SOARAM) • 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. • The CSLP has developed two online interactive modules to help borrowers learn more about the repayment process. • Entrance Counselling • Exit Counselling
QUESTIONS? • Thank you for your time and attention