studentloan.pe.ca Apply For Student Financial Assistance 2014/15 Prince Edward Island : Department of Innovation & Advanced Learning

Organization : Prince Edward Island Department of Innovation and Advanced Learning
Type of Facility : Apply For Student Financial Assistance 2014/15
Country: Canada
Website: http://www.studentloan.pe.ca/

Prince Edward Student Loan Financial Services

For classes beginning any time between August 1, 2014 and July 31, 2015

Related : Department of Education & Early Childhood Development English Language School Board Bus Stop Search Prince Edward Island : www.statusin.org/8434.html

You can apply online:
Go to … www.studentloan.pe.ca
** You do not need high speed internet to apply online
** Future applications will be easier and faster to complete
** You can save your application and finish it at a later date
** You can print a summary of your application for your records
** Fewer mistakes
** No guesswork to the documents you will need to send

Who Can Apply

To apply for a full-time student loan in Prince Edward Island you must be:
** A Canadian citizen or landed immigrant / permanent resident,
** A resident of Prince Edward Island (see Residency on page G-7), and
** A full-time student at a designated post-secondary institution.

Important Deadlines:
All information must be received no later than six weeks before your study period ends. Exact deadline dates are posted on the web at www.studentloan.pe.ca.

It can take 4-6 weeks to process your application. If you are starting classes in September and want your loan processed before classes begin, you must apply before July 15, 2014. Awards can not be issued after the end of your study period. For this reason, deadlines are strictly enforced.

Credit Check:
Your credit history will be checked if you are 22 years of age or older and are applying for a student loan for the first time.

Amount of Loan

Student loans are based on financial need. The maximum amounts you can borrow are:
** Canada Student Loan – $210 per week of study
** Prince Edward Island Student Loan – $165 per week of study
** Canada Student Grants are available in addition to student loans based on student category, family size, income level, and program length.

Definition of a Full -Time Student:
University:
You must be enrolled in at least 60% of a full course load per semester to be a full-time student. A full course load is normally five courses per semester. Therefore, you need to take a minimum of three courses, for academic credit, per semester.

Public or Private College:
You must be receiving at least 20 hours of instruction per week.

Spring and Summer Sessions:
Students must take a minimum of 3 academic credit university courses throughout the summer (May to August) or attend an approved program at least 12 weeks long with at least 20 hours of instruction per week.

Explanation of Assessment:
If your application is approved and you are awarded a student loan Student Financial Services will provide you an email notification. The email notification will direct you to our website where you can find additional details regarding your assessment and directions on any further requirements.

Canada Student Grants

There are seven Canada Student Grant programs for which students may qualify.

Students From Low Income Families:
Students from low-income families who qualify for a federal student loan and meet the specific grant eligibility requirements will receive $250 per month of study. This grant may be available for all years of an undergraduate university, college or trade school program. (minimum 60 weeks of study)

Students From Middle Income Families:
Students from middle-income families who qualify for a federal student loan and meet the specific grant eligibility requirements will receive $100 per month of study. This grant may be available for all years of an undergraduate university, college or trade school program. (minimum 60 weeks of study)

Students With Permanent Disabilities:
Students with permanent disabilities will receive $2,000 per year to help cover the costs of tuition, books, and accommodations. Students must supply appropriate medical documentation outlining their disability.

Special Services and Equipment for Students with Permanent Disabilities:
Students with permanent disabilities who have exceptional education-related costs such as tutors, note-takers, interpreters, braillers or technical aids may receive up to $8000 per year. Students must submit a separate application for this program. Applications are available at Student Financial Services or online at www.studentloan.pe.ca.

Students With Dependents:
Low-income students with dependent children may receive $200 in grant assistance per month for each child who is under the age of 12 at the beginning of the school year.

Part-Time Students

Part-time students based on income level and family size may be eligible for up to $1,200 per academic year. Students are automatically assessed for this grant when they submit a part-time loan and/or grant application.

Part-Time Students With Dependents:
Part-time students with up to two dependent children under the age of 12 may be eligible for $40 per week of study. Part-time students with three or more children under the age of 12 may be eligible for $60 per week of study. Calculated need must exceed part-time grant and/or part-time loan threshold of $4,000.
** Island Skills Award
** Island Student Award
** George Coles Bursary
** George Coles Graduate Scholarship
** Community Service Bursary

All students who receive a Prince Edward Island Student Loan may be eligible for the Prince Edward Island Debt Reduction Program.

In order to qualify students must have:
** An outstanding Provincial Student Loan balance when they graduate
** A combined Canada and PEI Student Loan net yearly debt of at least $6,000 in a given year
** Received at least $100 in a PEI Student Loan
** Successfully completed their program of study

Eligible loan years are limited to the required academic year(s) that were part of the program from which students graduated. Students must apply within one year of their graduation date. Debt Reduction applies to provincial loans only. The award will be paid directly to the student’s provincial lender and applied against the student’s provincial student loan balance.

Prince Edward Island Debt Reduction Program applications are available at Student Financial Services or online at www.studentloan.pe.ca.
You must successfully complete at least 60% of a full university course load to remain eligible for student loans. If you are at a community college, trade school, or private training school, you must successfully complete each year.
** If you are unsuccessful in one study period, you will be on probation and must pass all remaining years of your program.
** If you are unsuccessful in two study periods, you will not be eligible for student financial assistance for 12 months.
** If you are unsuccessful in three study periods, you will not be eligible for student financial assistance for 36 months.

Visit www.studentloan.pe.ca for details on these grants offered by Student Financial Services.