Aspiring To Study In Canada? Your Complete Guide To Applying For Student Grants & Loans

Here's an overview to student grants and loans in Canada. The first step is to apply, then manage and finally repay your loan. Let's take a look at how to apply for it in a comprehensive manner.

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Apply for student loan, grant

The Canada Student Financial Assistance Program offers grants and loans to full-time and part-time students to help pay for their post-secondary education.

• Apply with 1 application, through your province or territory of residence
• You don't need to pay back grants
• You do need to pay back loans after finishing school
• You may be eligible for more than 1 type of grant - when you apply with your province, they will assess your eligibility for all grants

How the funding works

The Government of Canada works with most provincial or territorial governments to offer student grants and loans. In all situations, you apply with your province or territory of residence. The amount you can receive is calculated when you apply.

How much you can get

The amount you can receive depends on many factors, including:

• your province or territory of residence
• your family income
• if you have dependents
• your tuition fees and living expenses
• if you have a disability

To find out how much you might get in Canada Student Grants or Loans, use the federal student aid estimator. Note: The estimator does not take into account the provincial and territorial student grants and loans.

Maximum lifetime limit for student aid

There are lifetime limits on the number of weeks you can receive student aid. This includes any payment-free or interest-free periods while you are in school. You also have to start paying back your loan 6 months after you graduate or finish your studies.

Full-time students can receive student aid for a maximum of 340 weeks, except:

• students enrolled in doctoral studies can receive student aid for up to 400 weeks
• students with a disability may receive up to 520 weeks of educational assistance

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Registered Education Savings Plan

In addition to grants and loans you can use funds from your Registered Education Savings Plan (RESP) to help pay for your studies.

Go to your province or territory to

• find out if you're eligible for student grants and loans
• know how much you could get
• apply for student grants and loans

Apply for part-time student grants and loans

To apply for part-time student aid in your province or territory, you will need to submit a form by visiting your regional website.

Confirm your enrolment

In order to receive your grant and/or loan money, you or your school will need to confirm that you are enrolled. Log in to your secure National Student Loans Service Centre account to confirm your enrolment.

Loan agreement

The Master Student Financial Assistance Agreement (MSFAA) outlines the terms of accepting and repaying your student loans. It replaces past federal and provincial loan agreements. You only have to sign this agreement once as it covers present and future student loans.

You will only have to re-sign a new MSFAA if you apply for financial assistance after:

• taking a 2-year break from school, or
• permanently moving to another province/territory

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Your MSFAA will not show grant or loan amounts. You will receive a Notice of Assessment from your province or territory that tells you how much student aid you will receive.

Review the terms and conditions of your MSFAA on the National Student Loans Service Centre (NSLSC) website. Some borrowers need to check with their province or territory as they have their own student aid programs.

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