Frequently Asked Questions

Frequently Asked Questions

Confirmation of Program and Cost at MSVU:

My provincial student loan department is asking for proof that I am taking a program of study at the Mount.  What is this and who fills it out for me?

Most provinces have some form that requires proof of cost and of attendance at the Mount.  These forms are completed by the Financial Aid Office (Ev.219B).  Following are their names:

NL - Program Cost Form
PE - Academic Information for Educational Institutions Outside of the Atlantic Provinces
NS - (Summer Only) Spring/Summer Session Confirmation of Program
NB - Request for Program Information
QU - Studying Outside Quebec – Proof of Admission or School Attendance
ON - Program Information Form
MN - Out of Province Program Information Form
SK - Program Information Form
AB - Confirmation of Registration Worksheet
BC- Appendix 3

It is your responsibility to download the form, complete the personal information (name, address, SIN, program etc.) and send it along to the Financial Aid Office at the Mount.  If you have not already registered for your courses for the Fall/Winter, you need to indicate your plans to the Financial Aid Office when you submit your form.  We will complete the form based on the information you provide.  It is then your responsibility to ensure you take the number of courses you indicated you would be taking.

During the Summer, you must actually be enrolled in your courses before we can complete the form.

Dependent Status:

I have just graduated from high school but do not live at home.  My Mom and Dad want me to value education so they will not support me financially.  Can I list my status as independent?

No.  You cannot arbitrarily declare yourself to be independent.  You are a dependent student for four full years after graduating high school.  And, while life lessons are valuable, the government will not lend tax-payer subsidized loan money to students who could and should be supported by their parents. 

Federal and Provincial Loans:

Do I have to apply separately for a Canada student loan and a provincial student loan?

No. One application to your province of residence takes care of both your Canada and your Provincial student loan.

Full-time Status:

I have taken two courses in the Fall term and four in the Winter term.  When averaged to three per term, Is this sufficient to meet the 60% full-time requirement for the academic year?

No, you must maintain 60% of a course load in both terms to keep your full-time status.  The province of Newfoundland requires 80% per term.

Maintaining full-time status:

I have earned enough money this Summer that I do not have to get a government student loan this academic year.  Do I have to tell anyone?

Absolutely.  You must submit a Schedule 2 (Continuation of Interest Free Status form) confirming you are still in full-time studies to the National Student Loans Service Centre and to any other loan provider you have.  If you do not do this, you WILL go into repayment at the end of six months; i.e. you finished classes in April … you will be required to make your first payment in November.

You can get a Schedule 2 from Financial Services (main floor Evaristus Hall).  They will confirm you are in full-time studies and you must distribute the copies of the form to the appropriate lenders.

Newfoundland full-time status:

I am a NL student and started my program in a 60% course load thinking that was full time.  I just found out I need 80% but it is too late to pick up another course. What will happen to my student loan?

The portion of your loan that represents your Newfoundland Loan (usually 40% of total loan) is unavailable to you for the first term.  You are still eligible for the portion of your loan that represents your Canada Student Loan (usually 60% of your total loan).

If you choose to pick up a fourth half credit for your Winter term, you will have full-time status for both CSL and NL Student Loan for that semester.

Residency:

I moved from another province to Nova Scotia eight months ago.  Should I apply to NS Student Assistance for my student loan?

No; you have to apply to the province you last lived in for 12 consecutive months without being a full time student.

Scholarship versus bursary:

What is the difference between a scholarship and a bursary?

A scholarship is an award made on the basis of academic merit.  These awards are handled through the Registrar’s Office (457-6207).  A bursary is an award made on the basis of demonstrated financial need; that is, your expenses exceed your resources.  These awards are handled through the Financial Aid Office (457-6356 or 6351).

Stafford Loan Subsidized –vs.- Unsubsidized loans:

I am an American student on Stafford loan.  What is the difference between subsidized and unsubsidized loans?

Subsidized loans have the interest on them is paid by the government while you are in full-time studies.  You are, on the other hand, paying the interest on the unsubsidized loans. paying the interest on Unsubsidized.

Year Off:

I am going to take a year off from my studies.  What will happen to my loan?

You will go into repayment six months after you cease being a full-time student.  Payments will continue until you return to full-time studies.