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How to Apply For a Student Loan in Saskatchewan

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    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:

    • What’s New in 2022-23?
    • Who is Eligible?
    • How to Apply?
    • Next Steps

    Let’s delve deeper into each of these points.

    What’s New in 2022-23?

    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: 

    • Students with persistent or extended disabilities that endure for at least a year and are attested to by a medical professional will be given access to disability-related supports beginning in 2022–2023 as well. Every year, students will be asked to self-certify their disability status.
    • All eligible full-time (FT) and part-time (PT) students, students with disabilities (D), and students with dependents (DEP) are entitled to get Canada Student Grants (CSGs) in 2022-23 which remain doubled from last year. 
    • Full-time students can get CSGs of up to $750 per month of study or $6,000 for a regular 8-month academic year. 
    • Part-time students can get CSGs of up to $3,600. 
    • CSGs for FTDEP have gone up to a sum of $400 per dependent, each month of course, or up to $3,200 for a regular 8-month loan year.
    • CSGs for PTDEP can go up to a maximum of $3,840. 
    • For students with disabilities, CSGs can go up to a total of $4,000. 

    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. 

    Who is Eligible? 

    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: 

    • You are a resident of Saskatchewan, as mentioned in the program.
    • You are a Canadian citizen, permanent resident, or a protected person.
    • You are in need of funds according to program criteria.
    • You are registered in, or eligible to register in, a program at an approved institution that is at least 12 weeks long and leads to a degree, diploma, or certificate. 
    • For programs that run study periods of 6-11 weeks, you may be eligible for student aid if the shorter periods of study are integrated into a longer program.
    • For part-time studies, you should take between 20 percent and 59 percent of a full course load, or between 20 percent and 39 percent if you are a student with a disability.
    • For full-time studies, you must opt for a minimum of 60 percent of a full course load, or 40 percent if you are a student with either a permanent, persistent, or prolonged disability.
    • You haven’t defaulted on a previous student loan.
    • You must clear the credit check if you are 22 years old or more and are availing of the financial aid for the first time. 
    • You have not used up the lifetime maximum weekly student aid limit: 

              - 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. 

    How to Apply? 

    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.

    Next Steps 

    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.

    When Do You Receive Your Financial Aid? 

    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.

    Final Thoughts  

    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.

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