o you live in Saskatchewan? Are you looking to upgrade your skills by pursuing post-secondary education? Do you need to apply for a student loan in Saskatchewan to fund your education?
You can get student loans and grants by submitting an application for funds to assist with the costs if you choose to take up post-secondary education. The government will evaluate your financial condition once you apply, and based on your need, it will make grants and loans available to you.
The governments of Canada and Saskatchewan collaborate to offer financial aid to students in Saskatchewan. Both full-time and part-time students can get loans and grants to help them pay for and attend post-secondary education. It is an additional resource and not the only one available for funding your post-secondary education.
In this blog, we’ll get into the details of how to apply for a student loan in Saskatchewan, who is eligible, and the process for applying. We’ll cover the following aspects:
Let’s delve deeper into each of these points.
The current loan year for students starts on August 1, 2022, and ends on July 31, 2023. Some changes have been made to the Saskatchewan Student Aid assessment for new and returning students in the 2022-23 academic year. They will be effective from August 1, 2022:
The amount of financial aid you can receive, including grants, differs from case to case. Your situation is evaluated and an assessment summary letter is sent to you after you have applied for the loan. It outlines your eligibility for both provincial and federal aid.
Saskatchewan Advantage Scholarship: You may be eligible to receive the Saskatchewan Advantage Scholarship of $750 each year (maximum of $3,000) if you graduated from grade 12 in 2013 or later and enrolled in a Saskatchewan post-secondary institution.
Before you apply for a student loan, you must know the eligibility criteria. You are eligible to apply for full-time student aid in Saskatchewan if you meet the following parameters:
- 340 weeks (including interest-free status) of student aid
- 400 weeks for students in doctoral studies or
- 520 weeks for students with either a permanent, persistent, or prolonged disability.
You can find out whether the school you are enrolling in is designated for the purposes of student aid or check the list of designated schools here. Your education institution school must be designated if you want to avail of financial aid.
You can mail in or submit online applications for financial aid. You may find all the information you need about graduate retention programs, student loans, grants, and other financial aid at the Advanced Education Student Portal Account. During your studies and after you graduate, you can access your account at any time by creating a username and password.
Applying for financial aid online is the quickest and most practical option. To ensure you receive your funding at the start of the academic year, submit your application as soon as possible. Each academic year requires an application. Late June marks the start of the application period for the following loan year. 14 business days before the end of your program, applications and any changes to information must be received.
To learn more about the process of applying for student loans in Saskatchewan, you can watch this video.
After you’ve applied for the loan, your application will be evaluated and processed by the student service center. You’ll receive an assessment summary letter mentioning the type of funding you’ll receive, the amount of funding, and when you are going to receive it.
The next important document to complete is the Master Student Financial Assistance Agreement (MSFAA), which is a legally binding agreement that spells out your obligations and the conditions under which you will receive and repay your provincial and federal student loans. The MSFAA is a multi-year contract, yet it only needs to be signed once. You must fill out and sign a new MSFAA if you are a new candidate.
You’ll get a 10-digit MSFAA number and instructions on completing the online agreement process. You’ll have to register yourself with the National Student Loans Service Centre (NSLSC).
Once you have fulfilled the MSFAA requirements, your school will have to confirm your enrollment. Your school may give the NSLSC instructions to transmit some or all of your money straight to it in order to cover your tuition and other required payments.
Your cash will be sent to your school or sent online into your bank account after your MSFAA has been processed and your enrollment has been verified. After enrollment is confirmed, the deposit typically occurs seven to ten business days later.
The dates your student aid will be transferred are described in your evaluation summary letter. Throughout the course of your studies, you will make monthly payments on the Saskatchewan portion of your Canada-Saskatchewan Integrated Student Loan. If your program concludes before the 15th of the month, you won't get paid that month. Consider this when creating your budget.
The entire process is streamlined and if you’d like to know more about student loans in Saskatchewan, you can check this portal.
Pursuing post-secondary education can be a tough decision to make as you have to manage your finances and work. Thankfully, options are available for financial aid from the government to fund your education.
ABM College offers high in-demand programs in health, business, and technology. Our programs are eligible for financial aid and grants. Enroll in a program that suits your needs and achieve your career goals.
Contact us to know how we can help you.
You can read more industry-related articles here.
Get started on the road to becoming an ABM College graduate today with our free information kit. In it, you will learn about all of the exciting programs we offer, our philosophy, information about our campuses, and lots more.