Nova Scotia Student Loan 101-Be An Informed Borrower Today!
A Nova Scotia Student Loan is a need-based financial aid that’s offered to Nova Scotians. It does not pay for the entire cost of a student’s education, but serves only as a supplement. In order to guide you in making an informed decision, here is some basic information about Nova Scotia Student Loan. The amount that a borrower could get completely differs depending on the type and duration of his/her education program. Borrowers could be issued a loan for as low as $100 or $140 per week for those enrolled in Medicine, Dentistry, and Law. Loans awarded are determined through an established clarification system and standards.
For a borrower to qualify, he or she must be either a legal Canadian citizen or a Landed Immigrant. A borrower should also be a Nova Scotia resident. It is important that borrowers should be enrolled in an eligible full-time course program that has at least a minimum duration of 12 weeks. A student who wishes to apply for a Nova Scotia Student Loan (NSSL) is required to be enrolled in a designated education institution and take up at least 60% of a full-time course. If with previous loan(s), a student should exhibit good credit standing. Failure to pass 60% of a full-course load will forfeit eligibility for loans. When it comes to submission deadlines, the Nova Scotia Student Assistance office strictly recommends that borrowers pass their application 6 to 8 weeks before school starts. This will give them enough time to properly process your application. Also, make sure to send a complete application to prevent any processing delays. It takes around 4 to 6 weeks for the office to process and finalize one application. That is why they highly encourage early submission of an NSSL form, so a student could get their loan funds at the proper time. Approved loans are normally disbursed at the start of the semester. As a borrower, it is your responsibility to ensure that your application form is complete and accurate. You should also submit at the specified periods. If your financial status changes, you should immediately inform the office to prevent over rewarding. Take note, a Social Insurance Number (SIN) is important to begin the application process.
A good academic standing is an important requirement for keeping a Nova Scotia college loan. This means that you should pass a minimum of 60% of your full-course load (or for a whole year). If you fail to meet the criteria, a corresponding consequence is given depending on the severity of the situation. Thankfully, there is a provided solution for reducing NSSL debts. It is offered through the Debt Reduction Program. This is available to NSSL borrowers after they graduate and satisfy certain criteria. The amount of debt reduction (15%, 25%, 35%, and 45%) is based on the borrower’s Nova Scotia student loan profile.
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