f you are planning to pursue post-secondary education to enhance your career in New Brunswick, you can be eligible for financial assistance from both the provincial and the federal governments. Whether you can apply for a student loan to fund your education depends upon your financial position, needs, and various other factors. Both full-time students and part-time students can apply for student loans to get their costs covered. You can also learn about how to apply for student loans in Alberta, Saskatchewan, Manitoba, British Columbia, and Ontario.
The governments of Canada and New Brunswick collaborate to offer financial aid to students, also known as "assistance". Students can access and fund higher education with the support of loans, grants, and bursaries. Financial aid for students is based on financial need; it is not meant to cover all of your living and post-secondary education expenses. However, it is intended to complement, not replace, other funding sources.
You can apply for both the New Brunswick Student Financial Assistance Program and the Canada Student Financial Assistance Program. Though these are two different programs, they have been integrated for administrative purposes. There’s only one application that is used to determine your eligibility for student financial assistance from both governments.
In this blog, we’ll go through the process of how to apply for student loans in New Brunswick and all documentation you need to get the financial assistance. We’ll cover the following points:
Let’s get into the details of each point.
To be considered for full-time assistance in New Brunswick, you must:
- over 340 weeks (including interest-free status)
- 400 weeks for students in doctoral studies; or
- 520 weeks for students with a disability.
You can get funding for a maximum of two certificate or diploma programs. You can visit www.canada.ca/student-financial-assistance for a list of designated educational institutions, or confirm with your institution of higher learning that it is approved for student loans. To be eligible for funding, your educational institution must be designated, as well as your course of study.
When making educational plans, you should consider the cost of tuition, books, and other instructional materials, as well as travel and living expenses while attending classes.
The Government of Canada provides student loans and grants to part-time students. You can gather more information about the programs available for part-time students by visiting www.canada.ca/student-financial-assistance. You can easily get the part-time student loan and grant application at studentaid.gnb.ca. Since money cannot be distributed after your term of study has ended, you must submit your application and all necessary documentation at least six weeks (or four weeks if you are enrolled in intersession or summer session) in advance of the end date of your study period.
You can access full-time post-secondary education and pay for it with the aid of funding. When you apply for financial assistance in New Brunswick, you are considered for a range of loans, scholarships, and bursaries from both the provincial and federal governments.
A Canada-New Brunswick integrated student loan program is available through the province of New Brunswick. Both the Canadian and New Brunswick governments serve as lenders for integrated student loans. In the form of Canada Student Loans and New Brunswick Student Loans, loan funding is made available, up to a maximum amount every study week.
Although the two governments are responsible for funding the loan, it is handled as a single loan. In addition to having a single point of contact for loan management, students sign a joint federal-provincial loan agreement, which streamlines service delivery. To repay their combined loan total, students only have to make one payment every month.
The following student grants or bursaries may be available to students who qualify for student loans and meet the criteria. The Canada student grant for full-time students (CSG-FT) offers non-repayable financial aid to students from low-income and middle-income households for all their years of full-time study in an undergraduate program at a university or college that lasts at least 60 weeks. A progressive income threshold that takes into account family size and income level governs eligibility.
Adult borrowers who have not attended secondary school in at least 10 years and who are qualified for the CSG-FT may be eligible for the Skills Boost Top-Up to the Canada Student Grant for Full-Time Students (SB CSG-FT).
You can read more about the other programs available for full-time students in the handbook.
If you are applying for full-time student financial assistance, you must submit your applications with supporting documentation and any changes six weeks before your study period end date for seamless processing. You can get more information on how to avoid delays in the application here.
Apply online early to ensure that you get your funds at the beginning of your study period. Applications for each loan year are available in May/June. You must fill out only one application to be considered for a Canada-New Brunswick Integrated Student Loan, grants, and bursaries.
You can access the online application at studentaid.gnb.ca. If you face any difficulty in submitting your application online, you can download the forms and post them. You can contact Student Financial Services if you have any doubts.
The following formula is used to calculate the amount of assistance you will receive:
Allowable costs - Resources = Assessed need
First, your student category is identified; then, your education and living costs are assessed; next, your resources are determined; and finally, your financial need is calculated.
Your student financial aid is administered by the National Student Loans Service Centre (NSLSC) on behalf of the Government of Canada and the Government of New Brunswick.
Once your application is assessed, you will receive a notice of assessment, if you are a first-time applicant or are returning after a break of two or more years. The notice will include information about the disbursement schedule for your funding, your 10-digit Master Student Financial Assistance Agreement (MSFAA) number, and instructions on what to do with the MSFAA number to get your assistance.
Your educational institution might inform the NSLSC that some (or all) of your funds are to go toward paying your tuition. The remainder of the money will be electronically transferred to the bank account you specified on the MSFAA.
If information is lacking from you or your educational institution, you can suffer delays in obtaining your funding. You can obtain all the information about the amount of the loan and any other matter related to it from Student Financial Services.
Once you have received your loan, you have to maintain your eligibility throughout your study period, or else the grant/financial aid may stop.
The next thing that you have to consider is the repayment of the loan. Through the loan consolidation process, six months after you have completed the full-time study, whether you have graduated, opted for part-time studies, withdrawn, or are taking a break, you will need to start repaying your student loan.
You will be notified to log into your NSLSC account to see your Consolidation Agreement, which defines your repayment conditions and your minimum monthly payment before your loan(s) enter the repayment phase. Along with negotiating your monthly payment levels with the NSLSC, you can also pay your loan off early or make a lump sum payment.
We believe this descriptive article helped you in understanding the loan process for post-secondary education in New Brunswick.
ABM College helps its students in getting financial assistance from both the federal and provincial governments in different provinces, including New Brunswick.
Contact us now to know how you can enroll in our Health, Business, and Technology programs and avail of financial aid to fund your studies.
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