Financial Aid FAQ
The Canadian Government Student Loan Program is designed to help students cover the cost of post-secondary education. Funded by the federal and provincial governments, it is intended to promote equality of opportunity for post-secondary studies through direct financial assistance for educational costs and living expenses. These interest-free loans are intended to supplement your financial resources and those of your family. This program covers both the Canada Student Loan Program and the Provincial Student Loan Programs. Each of those programs contributes a percentage toward the total loan.
You probably have many questions about financial aid. Here are some answers.
Q. Who is eligible for government student loans?
A. To find out if you are eligible, visit your provincial or territory student loan Web site.
Q. How do I apply for a government student loan?
A. Apply online at your province or territory Web site.
Q. How long does it take for an application to be processed?
A. Your application goes through a number of steps before processing is complete (approximately 4-6 weeks). Applying online speeds things up.
Q. How many courses do I have to take to qualify for government student loans?
A. To qualify, you must be officially admitted to Booth College and enrolled in at least 60 percent of a full course load each term. To maintain continued funding, it’s important to know that the loan provider monitors your academic progress. Dropping, withdrawing from, or failing your courses could mean future assistance is withheld and your current loan could be considered an over-award.
Interest will start to accumulate on your loan six months from the day you cease being a full-time student. Further, you will have to make principal and interest payments if one of the following applies to you:
• You’re carrying less than 60 percent of a course load;
• You withdrew or were forced to withdraw from your program;
• You were suspended from your program;
• You’re employed.
Q. How much money can I get?
A. Assistance is based on your financial need. Since it’s intended to supplement your and your family’s financial resources, financial aid may not necessarily cover all your educational and living expenses.
Your entitlement may depend on a number of factors such as: your income, your parents’ income, assets (vehicles, RRSPs, RESPs, bank account balances), and the like.
Q. I do not live at home. Do I still need to provide my parents’ information and signatures?
A. Where you live has no bearing on whether your parents’ information and signatures are required. As a student, the Canada and Provincial Student Loan Programs consider you dependent. So if you haven’t been out of high school for more than four years, you need to include your parents’ information.
Q. Do I have to include my parents' income on my application and will I be eligible based on their income?
A. Maybe. Parental income is only one factor used to determine your eligibility. The amount they are expected to contribute is calculated based on the number of people in your family and your parents’ gross income. If your parents’ expected contribution exceeds your estimated costs for the school year, you will not be eligible for a student loan.
Q. My entitlement is less than I think it should be. What can I do?
A. There are various explanations as to why you would get less that you expected. Something as simple as a digit out of place when reporting your income can cause your entitlement to drop. Be extra careful when completing your application! You can always ask to have your loan re-assessed.
Q. Can I appeal the amount of loan I receive?
A. Yes, under exceptional circumstances. For information about those circumstances, see your provincial and territorial Web site.
Q. When and where do I get my loan documents?
A. Pick up your loan documents at Booth College during registration and enrollment after you have arrived on campus.
Loan amounts are not automatically deposited into your account at the beginning of the term.
Pick up the first half of your student loan at the beginning of your study period (in September). Halfway through your study period (in January), you can pick up your remaining loan documents. To complete the payment of your fees on time, negotiate your loans as soon as possible.
Q. Once Booth College has processed my loan documents where do I take them?
A. The loan documents must be taken to a designated Canada Post Outlet. Banks no longer process government student loans. Canada Post will have you fill out a Loan Agreement Form and send your loan to the National Student Loan Service Centre (NSLSC). The NSLSC is responsible for negotiating your loan. If you have questions about the processing of your funds, keeping your loan interest–free, or re-payment, call the NSLSC at 888.815.4514.
Q. Can I transfer my funds from one institution to another?
A. No. If you decide to attend another post-secondary institution, you must cancel your application at Booth College.
Q. After graduation, when do I start paying back my loans?
A. You have a six-month grace period from the date you complete full-time studies. For instance, if you finish school at the end of April, you’ll make your first loan payment the following November 1.
During your six-month grace period, you do not have to make any interest or principal payments. However, interest begins accruing immediately when you cease being a full-time student.