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8 Tips for Applying for Loans!

  1. Apply early! Annual loan applications come out each year on May 1st (in NS, and into June for other provinces). Aim to apply at least 2 months before classes start! Apply each year as well.
  2. Apply through your home province of permanent residency; this typically means the province that you have lived in for the past 12 consecutive months before starting post-secondary.
  3. Students do not have to be registered for classes to apply for a full-time student loan, only to get the money, so not being registered is not an excuse for applying early for your loan.
  4. Loans are school specific; make sure you know what school you want to attend before applying (or you may have to do the whole process twice if you change your mind).
  5. Don't change your course load! Try to stick to the number of classes that you said you would take when you applied for your loan as a difference in the two can prompt a reassessment which could reduce your loan amount throughout the year.
  6. There are lifetime limits on the amount of loan funding you can receive so plan wisely with an academic advisor so you don't find yourself 'cut off' before you finish your studies!
  7. Read all information from the government carefully as 99% of students will still have 'action items' to do before any loan money can be released. Call your loan office if you have ANY questions.
  8. NS students, complete your Pre-Study Report through your myPath portal on the Nova Scotia Student Assistance website after your classes start. This finalizes all your student assistance amounts and will confirm your provincial funding for the second (winter) term.