How to Apply for Newfoundland and Labrador Student Loans

he federal and provincial governments offer student loans as a service so that both current and prospective students at post-secondary schools can acquire the money they need to finish their studies and enter the workforce, whether it’s at a college, university, or private institution.

Student loans are a useful resource for pursuing and realizing your educational and professional goals, and practically every student has access to them. It’s a tool that we can utilize to achieve our professional objectives in the timeframe of our choosing. 

Financial aid for students is offered to citizens of Newfoundland and Labrador by the governments of Canada and Newfoundland and Labrador. You can get assistance with accessing and paying for post-secondary education through grants and loans. StudentAidNL will evaluate you for both federal and provincial financial aid using a single application.

In this blog, we’ll go over key information regarding how to apply for student aid in Newfoundland and what you may be eligible for. You can also learn how to apply for other loans in provinces across Canada including Alberta, British Columbia, Saskatchewan, Ontario, Manitoba, and New Brunswick. 

How to Apply for Student Loans in Newfoundland and Labrador 

In order to start the process and receive the funding you need, you must register for a StudentAidNL account or sign in to an existing one to finish and submit an application for the support that you need. 

You can apply for federal and provincial financial aid by completing the full-time or part-time application and sending StudentAidNL all the necessary paperwork. Applications can only be processed by StudentAidNL if: 

• It is fully completed. 
• It has been received by the due date.
• The necessary forms have been signed and sent.
• All information required has been provided.
• Your credit history for prior loans is solid.

There is also certain information you will need to provide. Prior to beginning the application, you will need:

• Social Insurance Number (SIN). 
• Line 15000 of your tax return from the previous year. 
• Any other financial resources or income details (RESP, investments, scholarships, etc.).
• Complete postal address, as well as a physical address (if different from mailing address).
• Current numbers, including mobile ones.

You will also need specific information about the program you are pursuing including: 

• Program Name Institution Name (and campus, if applicable).
• Dates for the beginning and end of the current school year.
• Costs (tuition and required fees).

There is additional information to provide if you are a dependent student: 

• Information about the parent(s) or guardian(s), such as the SIN, date of birth, postal code, and line 15000 of the tax return from the previous year.
• Age and name of any siblings (and SIN for any sibling attending post-secondary).

You will additionally need the following info if you're a married or common-law student:

• Information on your spouse, including SIN, line 15000 of the prior year's tax return, date of birth, and income.

How Much Funding Can I Get? 

The government has provided a weekly overview of the amount of funding that students can get based on their specific situations. StudentAidNL has broken down its funding into the following: 

• Weekly maximums for full-time students receiving provincial student financial aid are rising to $200.
• Memorial University of Newfoundland Medical: $135 per week in loan + $125 per week in grant = $260 per week;
• Out-of-province study: $200 per week in loan. 
• In-province study: $100 per week in loan + $100 per week in grant = $200 per week.
• Grants for debt reduction are available for the new Provincial loans.

Learn more about the process of receiving your funds. 

Basic Conditions for Eligibility

If a student satisfies all of the following requirements, they are eligible for financial aid:

• You are a Newfoundland and Labrador resident. 
• You hold protected person status (as described in the Immigration and Refugee Protection Act), are a Canadian citizen (as defined by the Citizenship Act), a permanent resident, or are a person who is registered as an Indian (under the Indian Act).
• Your Canadian Social Insurance Number is active.
• You've shown that you need the money in order to pursue your education.
• You get a credit approval (only for first-time applicants 22 years of age or older)
• You have not defaulted on any prior provincial or federal student debts.
• At a designated educational institution, you are enrolled full-time.

There is also criteria to continue being eligible to receive student aid. To continue being eligible, you need to consider: 

• Academic performance: During each term of study for which they are eligible for financial aid as full-time students, students must successfully complete a full course load (60 percent federal, 80 percent provincial, and 40 percent for students with disabilities). A student loses their right to financial aid after failing to achieve this condition twice in a row for a 12-month period. A third offense will result in a 36-month suspension of eligibility.

• Subsequent or Switching Programs: The student must show that the program(s) shows academic growth, has solid employment prospects, and won't result in an unreasonable debt load. Students will need to provide a letter of justification for their choice. Students are urged to provide labour market information involving interactions with workers and employers in their sector of choice.

• Faculty Registration: By the end of the fourth semester, students who are enrolled in a university must be registered in a faculty.

• Work Terms: If enrolled in full-time courses, the student must affirm the start and finish dates of the work term as well as the gross income they will earn during that time. They must present documentation from their company or school institution proving that their work period is unpaid.

Studying Out of Province?

Do you intend to attend school elsewhere than Newfoundland? You should think about whether the college, university, or other post-secondary schools you intend to attend is a designated institution as one of the initial stages (students can only access student financial assistance if they attend a designated institution).

The formal procedure of designation is what post-secondary educational institutions go through to make their students eligible for student financial aid. Prior to receiving financial aid, students must designate educational institutions and their programs.

You may see a list of designated schools with the Government of Canada. Student initiative is what drives the designation process. Get in touch with StudentAidNL if your school is not included on the list. 

Next Steps

While student loans can be very helpful, it isn’t always your only option. You can learn how to pay for college and learn more about how to repay your student loans when the time comes. 

Considering applying for post-secondary education? The government-approved programs at ABM College will prepare you for the workforce and are eligible for StudentAidNL. Discover our range of diploma programs in business, technology, and healthcare. 

Contact us today to learn about how our programs can benefit you. Get your diploma in just 33 weeks and find work in the field that you find meaningful. 

You can also read our blog for more education and industry information.