If you are considering applying for a Canada Student Loan, this overview will provide you with some general information regarding the process.
Following are the key steps in the annual Canada Student Loan Process for the fall/winter term:
1. Apply for your Student Loan and Monitor its progress to ensure any outstanding items are cleared promptly.
Nova Scotia Residents
- Find out what information you need to apply for your NS Student Loan
- Ready to apply? Start your application!
- What you need to do after you apply for your loan
- Important next steps – How to get your loan money
- Need more information? Visit the Nova Scotia Student Assistance website
- Not from NS? Please click here to find your local loan office so that you can apply for loan and grant funding!
- Important Note! You cannot apply for a Nova Scotia loan just because you go to school in NS. Students must apply for a loan through the province that they have last lived in for 12 consecutive months without attending any post-secondary (e.g. university/college).
2. Consider how much you have been awarded for student loan and budget your funds accordingly.
Usually you will receive a larger portion of your student loan in the fall term. In some cases, you may not be receiving any provincial loan in the winter term. Therefore, it is important to budget your funds carefully so that you will have sufficient funding to pay your winter tuition fees and living expenses. It may be wise to pay more than the minimum amount on your student account in the fall term to reduce the amount owing for the winter term.
Not all students receive enough loan money to pay for all that is due; students are responsible for paying their outstanding balance, in full, and on time . If you received less funding than you expected from your student loan and are unsure how to fund your education, please contact our financial aid coordinator at firstname.lastname@example.org .
3. If this is your first student loan, ensure that you complete your MSFAA (Master Student Financial Assistance Agreement).
When you are awarded your first student loan, you will be required to complete a Master Student Financial Assistance Agreement (MSFAA) before any further processing occurs on your student loan. The form only needs to be completed once and will cover any subsequent student loan applications and awards.
4. Fall Term – Complete your registration by early August for the fall and winter terms.
This ensures that your loan, when processed, will be accurate and based on your full tuition costs. You should advise Financial Services at this point (email@example.com), if you wish to have your full year fees paid from your loan.
5. Fall Term – Mount confirms enrolment and other information for the Student Loan agencies.
We will begin receiving student loans for confirmation in mid-August. We will confirm your course information including program of study, registration load and tuition amount. We will also request the amount due to the University for the fall fee instalment which is calculated as a minimum of the fall fees owing plus 10% of the outstanding winter fees or, at your request, the full year fees. It is important that you are registered for all of your courses before we confirm registration and tuition information to the student loan agencies to limit any unexpected reassessment of award amount.
6. Fall Term – Student Loan funds are distributed electronically by the Student Loan agencies to the Mount with the balance to you, the student.
Once your loan has been processed electronically through the above processes, funds should be received within 7-10 business days. Receipt of funds via paper loan will take longer due to the time allotted for mailing the forms and the time for the receiving department to process the loan. Closer to 10 to 14 business days seems the norm.
It may take several weeks for your payment to appear on your student account once it has been sent for processing (or processed in person). You will be able to review your account in myMount to ensure that the payment does get received and applied to your student account.
7. You submit confirmation of earnings to Student Loan agencies (ie Pre-Study Report).
Your pre-study, or Confirmation of Earnings, report must be completed by the date on your notice of assessment or there will be no provincial installment of your loan in the winter term, if you are due to receive one. Early completion of these forms will better ensure that you receive your provincial loan on time.
8. Winter Term – Mount confirms enrolment and other information for the Student Loan agencies.
We will confirm your course information including program of study, registration load and tuition amount. We will also request the amount due to the University, which will be your remaining balance on your student account. It is important that you are registered for all of your courses before we confirm registration and tuition information to the student loan agencies to limit any unexpected reassessment of award amount.
9. Winter Term – Student Loan funds are distributed electronically by the Student Loan agencies to the Mount with the balance to you, the student.
See information under #6 above.
Sign-up for an online National Student Loan Service Centre account
Since government student loans are typically a combination of both Federal and Provincial funding, almost all students will have Canada Student Loans and should sign up for an online NSLSC loan account to track your loan data. You are strongly encouraged to set up an account at the outset of processing your student loan. Through this convenient account, you can:
- Check the status of your student loan
- Check the balance of your loan(s)
- Update your Mailing and Permanent Addresses and other contact information
- Review your loan payment and transaction history
- Receive helpful information about your loan in your Personal Message Centre
- Customize your repayment or apply for the Repayment Assistance Program (RAP)
- Apply for Interest Relief (Schedule 2)
TIP: Always keep a complete file of all transactions regarding your student loan. Never send anything for which you do not keep a copy in your file. Also, every time you call the government, write down the number that you called, the name of the representative you spoke with, when you called and what it was regarding in case you ever have to dispute information.
Student Loan Agreement Form
If you haven’t received your loan by the payment deadline, you must fill out a student loan agreement and that will give you an interest-free extension of the deadline to October 1st. You can complete the form online. Please note that you will need to fill out another payment-extension request in January if you haven’t received your winter funds by the January 18th, 2021 payment deadline but please note that there is no interest-free period for the winter term.