Student Financial Services
Student Loan Presentation for
Morell High School
May 2, 2017
Steps to Student PSE Planning
Determine
Program of
Studies
What are my
resources?
Is there any other
bursaries or
sources of loans?
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Where do I go
to Study?
What are my
costs?
Do I need a
student loan?
How much can
I receive in
student loans
and grants?
What happens
when I finish my
studies?
If I am unable to
pay my student
loans what can I
do?
Two Loans – One Application
Canada Student Loan (CSL)
&Canada Study Grants if Entitled
Provincial Student Loan (PSL)
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General Information
 Who Can Apply?
 A Canadian citizen or landed immigrant / permanent resident
 A resident of Prince Edward Island
 A full-time student at a designated post-secondary institution.
 Full-time applications
 Online applications open early June.
 It can take 4-6 weeks to process an application.
 For classes starting in September, students must apply before July 14th to guarantee an
assessment prior to September 1st.
 Awards cannot be issued after the end of a student’s study period
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Canada Student Grants
Canada Student Grants are available in addition to student loans based on student category, family size,
income level, and program length.
Each applicant it automatically assessed for eligibility for the following Canada Student Grants:
 Canada Study Grants - up to $375/ mo – based upon income and qualifying program of
full-time studies
 Students With Dependents - $200/ mo for students with children under 12 yrs of age.
 Students With Permanent Disabilities - $2,000 per year
 Special Services and Equipment for Students with Permanent Disabilities – Max $8,000 / yr
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Canada Student Loan
 Funding of up to $210 per week of study
 Disbursed during the 1st semester of your program
 Repayment begins 6 months after your end date of study
 Interest charged on balance beginning the day after your end
date of study (currently 5.2%)
 Funding provided by the Canada Student Loans Program
(CSLP)
 Note - Provincial loans are interest free and have 12 month
grace period before beginning repayment.
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Student Loans
 Maximum Federal





Student loans are based on financial need. The
maximum amount a student can borrow is:
loan per traditional
university/college
school year:
 Canada Student Loan - $210 per week of study
 CSL funding is issued at the beginning of a study period.
$7,140
Maximum
 Provincial Student Loan - $177 per week of study
Provincial Loan per
 PSL funding is issued mid-way through a study period.
traditional
university/college
Repayment
school year:
 Canada Student Loan repayment begins 6 months after your
$6,018
last day of school.
 Provincial Student Loan repayment will being up to 1 year after
MAX LOAN:
your last day of school.
$13,158
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Full-Time Grant Income phase out amounts
Table 1
Income for grant thresholds and phase-out slope by family size
(b)
(c)
(d) = (b)+($375/(c))
(a)
Previous year’s gross
Monthly
rounded to nearest dollar
Family size annual family income for phase-out Previous year’s gross annual
maximum grant
rates
family income with no
grants (i.e. grant cut-off)
1
2
3
4
5
6
7+
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$30,000
$42,426
$51,962
$60,000
$67,082
$73,485
$79,373
1.19%
0.86%
0.74%
0.71%
0.68%
0.65%
0.63%
$61,513
$86,031
$102,638
$112,817
$122,229
$131,177
$138,897
Sample Canada Study Grant Full-time
Table 1
Income for grant thresholds and phase-out slope by family size
(a)
Family size
(b)
Previous year’s gross
annual family income for
maximum grant
(c)
Monthly
phase-out
rates
(d) = (b)+($375/(c))
rounded to nearest dollar
Previous year’s gross
annual family income with
no grants (i.e. grant cut-off)
4
*$60,000
0.71%
$112,817
Example family size = 4, with prior year gross annual family = $65,000.
Grant Amount would be calculated as follows for 8 month program. Must be
at least 60 weeks for Diploma or undergrad Degree. * For dependent
students only accounts for parents income line 150 ITR.
Maximum Grant if below threshold of $60,000 = 8mo *$375 = $3,000
Grant amount due to over income threshold
= Min ($3,000, $3,000 - .071 * ($65,000-$60,000)
= Min ($3,000, $3,000 - $355)
Grant = $2,602
Estimates only actual results may vary
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My Path Student Dashboard
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My Path Check Status
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My Path Completing Pre-Study Report
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PSR Needs to be completed to receive PSL
Paying for my student loans
As an example, assume a student borrowed, Canada Student Loans $34,117, Provincial
Student Loans$13,455, to earn Bachelor Degree at a Maritime University. Totaled
borrowed $47,572 maximum loan that can be borrowed for a four year undergrad degree
= (4*34* ($210+$175) = $52,360. Graduation date April 30, 2017.
Federal Loan repayment amount $34,117 plus Capitalized interest of $894.33 =
$35,011.23. First payment date = November 30, 2017. Monthly payment amount =
$389.85. Amortization period = 114 months = 114/12 = 9.5 years to pay off . Federal
Interest Rate = Prime 2.7% plus floating rate of 2.5% = 5.2%. Estimate interest to be paid
$92/month, or $10,488 if loan is held full-term.
Provincial Loan repayment amount = $13,435, no capitalized interest = $13,435. First
payment date = May 31, 2018 (one year Grace Period) and no interest. Amortization
period = 114 months, monthly payment amount = $117.85. Plus potential for Provincial
Debt Reduction Grants of up to $2,000 per year of eligibility.
Combined Monthly Loan payments CSL =$389.85+ PSL = $117.85 = $507.70
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Canada Student Loans and Grant for Part-Time
Studies
● Available for programs or courses of less than 12 weeks in length or when taking less than
60% of a full course load for programs and courses of 12 weeks or more.
● Application is a paper application (no online option at this time) available on our website.
● When submitting your application include your 2016 notice of assessment , and a copy of
the health card for any dependent children in your care.
● For students whose income is under the low-income threshold they are eligible for up to
$1,800 in grant funding each loan year (Aug 1 to Sept 1).
● Applications should be received in our office no later than 3 weeks before your end date of
study.
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Provincial Bursaries
Bursaries for eligible students attending;
George Coles and Island Student / Skills Awards
See PEI Bursaries Home page for details
University of PEI
Holland College
Maritime Christian College
Collège de l'Île
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One must work hard to plant the seeds to reap the
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benefits of harvest
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
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Explore, Examine and Experience
Don’t be afraid to ASK for Assistance
Like the person you are - overcome fear
Unlock your potential
Contact Information for Student Loans
Visit us online at www.studentloan.pe.ca
Email us at [email protected]
Call us at (902) 368-4640
Canada Student Loan Webpage
http://www.canlearn.ca/eng/index.shtml
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