Terms and Definitions
Bursary A non-repayable award given to a student who has demonstrated financial need.
Co-signer A parent /guardian, friend or relative who co-signs a loan application and agrees to be responsible for paying back the loan if you are unable to.
FAFSA Free Application For Student Assistance for U.S. students seeking Title IV Student loan money for study outside the United States.
Financial Need When your legitimate expenses exceed the resources available to you for the academic year.
LOC Student Line of Credit offered by the private banks. Monthly interest must be paid. Require a credit worthy co-signer.
NSLSC National Student Loan Service Centre. The government department which lends federal funds
PSE Post-secondary education. Any education following high school.
PSR Pre-study report. Used to confirm earnings prior to the start of school.
Pre-Study Period The period of time immediately before the start of classes (July and August if your are right out of high school) (May, June, July and August if you are in your second year of PSE or coming from the work force)
Schedule 1 Certificate of Eligibility. Permission to borrow student loan money. Must be processed through the university and the lending institution.
Schedule 2 Continuation of Interest-Free Status Form. When students will not be processing student loans within a six month period, this form must be completed by MSVU Financial Services and sent, by the student, to the student’s lending institution(s).
Scholarship An award given to a student who has demonstrated academic excellence.