Government Student Loans
NOTE: You can NOT apply for a Student Loan until MAY of your grade 12 year!
Watch this video, from spring 2023, about the NS Student Assistance Program.
Runtime: ~22 mins.
Topics covered in this presentation include:
Eligibility criteria
Student-focused features of the program that make it different than traditional financial borrowing
How the Canada Student Financial Aid Program (federal program) and the Nova Scotia Student Assistance Program (provincial program) calculate financial need
Total loan and grant funding available through each program
Loan Forgiveness and other reasons it makes more financial sense than ever to study and stay in Nova Scotia
How to ask questions, now and later, including specific help for students with disabilities.
"Through the provision of the appropriate financial assistance, it is the Mission of the Nova Scotia Student Assistance Office to ensure that all eligible Nova Scotians have equity of access to quality post secondary education and training."
Visit the NS Student Assistance Webpage for all the details of their program!
Questions NRHS Students Frequently Ask about Government Student Loans
When can I apply for government student loans?
May. And you are encouraged to actually apply in May. It allows time for corrections if a document is missing or if clarification is needed. This will allow you to know your expected loan amounts as quickly as possible. Even if you are still not certain about what school you will attend, if you change your mind about what school you will attend between May and September, it is faster to update that one part of your file, than to not have started a file at all.
When will I actually get money from my student loan?
You will not be able to access the money from your student loans until about a week into each semester. You will have to pay to save your seats in school and residence well before this money is available. It is also advisable to have money saved so that you can purchase your books, etc, before the loan money arrives, so that you do not fall behind in readings right from the start of the semester.
Do I have to do a separate application for a Canada Student Loan and a Nova Scotia Student Loan?
No. One application is completed. Calculations are completed in such a way that some of the money is loaned from the provincial government and some is loaned form the provincial government.
I am going to go to post-secondary school in another province. Do I still apply to NS Student Assistance?
Yes. You are still considered a Nova Scotia resident.
Are there benefits to getting a government student loan instead of a bank student loan or line of credit?
Yes! The government is motivated to assist it's young citizens to obtain higher level educations. They offer grants, low (or zero) interest, loan forgiveness, extended payback timelines, to name a few reasons why you should opt to apply for a government loan before a bank loan. Click HERE to see the NS Student Assistance webpage for current information on ways they you benefit be borrowing from them.
Are there more benefits available for me if I complete my studies at Nova Scotia universities?
Know that there are more financial benefits for students that STAY in Nova Scotia to study. If you complete a four year university degree IN Nova Scotia, you could potentially qualify to have 100% of the Nova Scotia portion of your government loan, up to $20,400, forgiven upon graduation. Read HERE for details.
How much money will I get for a student loan? Will I qualify at all?
I don't know. The calculations are complicated and include individual facts about your income, your parents income, the number of siblings in your family, the number of siblings in post-secondary studies, the program you are taking, the distance the program is from your home, etc. The student loan presenter that visits NRHS tells a story of story of graduating twins. One was fully funded by the government loan program and one received nothing (or next to nothing). My advice, if you need to borrow money for your education, apply to the NS Assistance Program first. Then make further funding decisions about applying for bank loans after you know that number. To see more about need calculations, click HERE.
My parents do not have the best credit. Will this impact my ability to get a government student loan?
No. While your parents income is considered in the amount calculation, the repayment is completely the responsibility of the student. If you default on your student loans, they can not turn to your parents for payment. Your parent's credit history is not checked or considered.
What can I do now?
Visit the Nova Scotia Student Assistance Webpage for all the information as well as to open a "My Path" account. This account can be opened before the actual application process begins. This gives you a connection with their office and allows you to ask questions directly to them.
Apply for a Social Insurance Number, if you do not already have one.
Get a bank account in your name, if you do not already have one.
Follow this link for more ideas on things to do to ensure you are prepared to apply for your loan.