Frequently Asked Questions About Student Loans
Financing your post-secondary education in Canada can be more accessible with federal and provincial student loans. These programs offer a cost-effective way to manage tuition and living expenses. Applying through your home province is key, as a single provincial application covers both federal and provincial loans, grants, and bursaries. This guide provides a brief overview of how to apply, focusing on the Atlantic provinces. Remember, it’s crucial to apply through your province of residence.
Applying for Student Loans
Do I need to be accepted into a program before applying?
You can certainly apply before your official acceptance, but remember that Oulton College must confirm your enrolment with the provincial or federal government before any funding can be released. Here is a blog post on Canadian Student Loans should you require more information.
Do I need to reapply every year?
Yes. You must reapply for student financial aid each academic year you are enrolled. This ensures you receive the maximum funding possible based on your current situation.
What is a Program Information Form (PIF), what should I do?
The Program Information Form (PIF) is a required document for your student loan application. To request your PIF, send us an email right away with the subject “Program Information Request” to [email protected] and be sure to include:
- Your LEGAL First and Last name
- Your chosen Program and intake
- The last three digits of your SIN
Pro Tip: If any of this information is missing, we won’t be able to complete your PIF, which will prevent your application from being assessed!
I am a Permanent Resident, can I apply for Student Loans?
Yes! You will be assessed AS SOON AS a clear copy of both sides of your PR Card have been submitted to Student Financial Services.
Immediate Access to Federal Funding: The moment you receive your permanent resident status; you can apply for the federal portion of the student loan.
New Brunswick Residency Rules: To be eligible for the provincial portion of the loan and any provincial grants, you must be considered a resident of New Brunswick. This usually means you have lived in that province for at least 12 months without being a full-time student.
*Please be advised that even if you submit your application, it will not be assessed until you submit your PR card.
Can I change my program after I submit my application?
Yes, but you must notify Student Financial Services immediately. Changing your program requires your application to be reassessed, which can affect your funding amount and student loan processing time.
When should I apply for New Brunswick student financial aid?
It is recommended that you submit your student loan application 6- 8 weeks before your program begins. If another document is asked from you by Student Financial Services, you will have to wait an extra 4-6 weeks from the day you submitted that document, to receive feed back from New Brunswick student financial aid.
*By applying early each school year, you can focus on your studies instead of worrying about your finances
My student loans application asks about co-op — what should I select?
Select “No.”
All the programs at Oulton College include practicums as part of the regular program, not separate co-op placements.
Processing & Timing
How long does it take to process a student financial loan application?
Typically the student loan processing time is 4–6 weeks once all required documents are submitted. The faster you submit everything, the sooner you’ll know your funding status!
When will I receive my Notice of Assessment?
You will usually receive your Student Loans Notice of Assessment within 2–4 weeks after submission. After you receive your Notice of Assessment, you will receive an email from the National Student Loan Service Centre prompting you to sign your MSFAA. Signing the MSFAA student loan document is the LAST STEP before your funding is released!
What if I haven’t received my student financial aid Notice of Assessment yet?
If you have not yet received your student loans financial aid Notice of assessment, you can still start your program. Just keep in touch with the Oulton College Finance Office and follow up with NSLSC for updates.
What is the MSFAA, and why do I need to sign it?
The MSFAA stands for Master Student Financial Assistance Agreement. It is the legally binding contract between you and the government for your student loan. It is a multi-year agreement, so you usually only sign it once. You will receive an email from the NSLSC prompting you to sign this document electronically, and your funding cannot be released until it is complete.
Receiving & Managing Your Funds
Will not receiving my student loan before school starts affect my attendance?
No, you can absolutely begin your program. However, it is crucial that you keep the Finance Office updated on the status of your loan. Oulton College is not automatically notified when your loan is assessed, so please inform us once you’ve received communication from Student Loans.
Do I need to contact the college to confirm my student loan?
No. Our Finance Team handles your student loan confirmation of enrolment directly with Student Financial Services.
When will I receive my student loan money?
Student loan disbursement typically happens in two stages: a portion is released at the start of your academic year, and the remainder is released halfway through your program, covering your second term. Note that this timing and the amounts can vary based on your province and your assessment. Always refer to your Notice of Assessment.
How are student loan payments applied to my tuition?
Your tuition and fees are paid directly to Oulton College from your approved funding. Any remaining funds are then deposited into your personal bank account. If your funding does not cover the full cost of tuition, the entire amount will be applied to your college account. You’ll need to make arrangements with the Student Finance Office to cover any remaining balance.
Returning Students
Do I have to reapply for a student loan each year?
Yes. You need to reapply for each academic year you’re enrolled. Before reapplying, be sure to update your information, including:
- Address or contact info
- Program or school details
- Employment or income (EI, Income Assistance, TSD funding)
- Relationship or guardian info
- Permanent disability status
- Co-op or practicum information
Do I need to confirm my enrollment status to avoid starting repayment?
Yes! If you have a previous Canadian student loan from a prior year, you must ensure the National Student Loans Service Centre (NSLSC) knows you’re still a full-time student. This maintains your interest-free status and stops payments. Our team confirms your full-time enrolment for you, but you should always log in to your NSLSC online account to verify the status.
Bursaries, Grants & Scholarships
Do I need to apply separately for bursaries or grants?
No. When you apply for a student loan, you are automatically considered for most non-repayable bursaries and grants.
What is the difference between a student grant and a student loan? Grants and bursaries are a form of student aid that you do not have to pay back, while student loans must be repaid.
Does Oulton College offer additional scholarships?
Yes! Oulton offers the Oulton Memorial Scholarship each year. Click this link to learn more about available Scholarships & Bursaries.
Province/Territory Financial Aid Websites:
The National Student Loans Service Centre (NSLSC) is the central hub for managing your Canada Student Loan. Think of them as the “bank” for your loan. They handle everything from disbursing the funds to your school to helping you with repayment options after you graduate. Essentially, the NSLSC is your main point of contact for anything related to your Canada Student Loan.
Toll-free: 1-888-815-4514
Website: www.canlearn.ca
New Brunswick Student Financial Services is your go-to resource for financial aid if you’re a student in New Brunswick. They administer all the loans, grants, and bursaries offered by the provincial government, and they’re also your gateway to federal student aid. Essentially, they’re your primary contact for navigating the world of student financial assistance in New Brunswick.
Toll-free: 1-800-667-5626
Website: www.studentaid.gnb.ca
Nova Scotia Student Assistance is the provincial body that manages financial aid for students in Nova Scotia. They handle applications for provincial loans, grants, and bursaries, and a single application through them also covers your eligibility for federal student aid. They are your main point of contact for navigating student financial assistance in Nova Scotia, from application to disbursement and repayment.
Toll-free: 1-800-565-8420
Phone: 902-424-8420
Website:www.studentloans.ednet.ns.ca
Prince Edward Island Student Aid is the provincial government body responsible for administering financial assistance to students in PEI. They manage applications for provincial grants, bursaries, and loans, and a single application through them also assesses your eligibility for federal student aid. They are your primary resource for navigating student financial assistance in PEI, handling everything from application to disbursement and repayment.
Phone: 902-368-4640
Website: www.studentloan.pe.ca
Newfoundland and Labrador Student Financial Assistance is the provincial government department that manages financial aid for students in Newfoundland and Labrador. They administer provincial grants, bursaries, and loans, and a single application through them also covers your eligibility for federal student aid. They are your primary point of contact for navigating student financial assistance in Newfoundland and Labrador, handling everything from application to disbursement and repayment.
Toll-free: 1-888-657-0800
Phone: 709-729-5849
Website: www.aesl.gov.nl.ca
Yukon Student Financial Assistance is the Yukon government’s department responsible for administering financial aid to students in the territory. They manage applications for Yukon grants and loans, and a single application through them also covers your eligibility for federal student aid. They are your primary resource for navigating student financial assistance in Yukon, handling everything from application to disbursement and repayment.
Toll free: 1-800-661-0408, ext 5929
Phone: 867-667-5929
Website: www.yukon.ca
Saskatchewan Student Financial Assistance is the provincial government body responsible for administering financial aid to students in Saskatchewan. They manage applications for provincial grants, bursaries, and loans, and a single application through them also covers your eligibility for federal student aid. They are your primary point of contact for navigating student financial assistance in Saskatchewan, handling everything from application to disbursement and repayment.
Toll-free: 1-800-597-8278
Phone: 306-787-5620
Website: www.saskatchewan.ca
The Ontario Student Assistance Program (OSAP) is a program offered by the Ontario government to help students pay for their post-secondary education. It provides financial aid in the form of grants and loans, and a single OSAP application covers both provincial and federal funding. OSAP is your primary resource for navigating student financial assistance in Ontario, from application to disbursement and repayment.
Toll-free:1-877-672-7411
Phone: 807-343-7260
Website: www.osap.gov.on.ca
Financial Aid for Nunavut Students is the program that helps Nunavut students fund their post-secondary education. It provides financial assistance through grants and loans, and while the specifics may differ, it’s designed to work in conjunction with federal programs. Contacting the Nunavut Department of Education is your key step in navigating the application process and understanding the available options for financial aid in Nunavut.
Toll-free: 1-877-860-0600
Website: https://gov.nu.ca
Northwest Territories Student Financial Assistance is the program that supports NWT students pursuing post-secondary education. They offer financial assistance through grants and loans, working in conjunction with federal programs. Contacting the NWT Department of Education is crucial for navigating the application process and understanding the specific options available for financial aid in the Northwest Territories.
Website: www.ece.gov.nt.ca
Alberta Student Financial Aid is the program that helps Alberta students pay for their post-secondary education. It provides funding through a combination of loans and grants, and a single application covers both provincial and federal funding. Alberta Student Aid is your primary resource for navigating student financial assistance in Alberta, from application to disbursement and repayment.
Toll-free:1-855-606-2096
Website: www.studentaid.alberta.ca
StudentAid BC is the provincial government’s program that helps British Columbia students pay for their post-secondary education. They offer financial assistance through loans, grants, and scholarships. A single application through StudentAid BC covers both provincial and federal funding. They are your primary resource for navigating student financial assistance in British Columbia, from application to disbursement and repayment.
Manitoba Student Aid is the provincial government program that helps Manitoba students finance their post-secondary education. They offer a combination of loans and grants, and a single application covers both provincial and federal funding. Manitoba Student Aid is your primary resource for navigating student financial assistance in Manitoba, from application to disbursement and repayment.
Toll-free: 1-800-204-1685
Phone: 204-945-6321
Website: www.manitobastudentaid.ca
*Please note that information on loans, scholarships, bursaries and grants may be subject to modifications. Oulton College is not responsible for its accuracy. We encourage current and prospective students to visit the websites and links provided in order to obtain the most recent information.
