S TUDENT F INANCIAL S ERVICES Student Loans Academic Year

L EARNING O UTCOMES - G OALS Demonstrate an understanding of the processes to obtain a student loan; Contrast the differences between federal (CSL) and provincial (PSL) loans; Recall eligibility criteria for George Coles and Island Student Awards; Identify the differences between full-time and part-time student loans;

S EEDS OF SUCCESS Goals Set both short and long term Celebrate accomplishments Change Constant -need to be flexible – life long learning People /Team /Collaborative work skills Debt Management– Personal Finance Exercise caution – Anxiety -Fiscal Realities Empowerment Explore, Examine and Experience Don’t be afraid to ASK for Assistance Like the person you are - overcome fear

H OW M UCH D O Y OU N EED ? Costs -Resources =Need Tuition Fees Books Living Allowance Travel Allowance Computer ($300) Summer Earnings Savings Parent’s Contribution Scholarships Part-time Income You may or may not receive what you ask for.

Canada Student Grant for Students With Permanent Disabilities $2,000 in Grant in two disbursements - $1,000 in September and $1,000 in January $8,000 for services and equipment (separate application required) Tutors / Note Takers Computer Software

UPEI AND H OLLAND C OLLEGE T UITION F EES Each UPEI Course$552 Tuition UPEI 1Year$5,552 ( 5 Courses Per Semester) Fees UPEI 1 Year$1,026-1,500 TOTAL UPEI (approx.) $6,578-$7,052 Holland College 1 Year (approx.) $3,700 - $5,900 Plus applicable fees

L IVING A LLOWANCES – P ER M ONTH PENLNSNBQCONMBSKABBC Single Student Living at Home $467$425$460$446$464$476$483$477$515$491 Single Student Living away from Home $936$928$988$930$988$1145$1048$1100$1079$1178 Single Parent (not including dependent) $1212$1242$1308$1245$1254$1483$1233$1479$1338$1500 Married Student and Spouse (not including dependent) $1861$1851$1979$1853$1798$2192$1950$2143$2079$2328 Each Dependent $483$428$510$468$509$609$565$508$566$629 If your home address is within 40km of school you will be assessed as living at home If your home address is within 40km of school you will be assessed as living at home

O THER C OSTS Books and Supplies$1,300 Computer Costs$300 Travel Allowance$250 (in PEI)

S TUDY P ERIOD I NFORMATION Wages ($110 per week is forgiven) Scholarships (the first $1,800 doesn’t count) RESP/Trust Fund (divide by the length of program upon request) Pension (if receiving parent’s CPP or other) Investments (line 120 and 121 of taxes)

P RE - STUDY PERIOD CONTRIBUTION Most of you should make approximately $3,000 this summer $10 per hour X 30 hours = $300 per week $300 X 10 weeks = $3,000 The Minimum Student Contribution is $1,100. Basically you have to save HALF of what you make.

L ET ’ S WORK THIS OUT TOGETHER $110 x weeks of study UPEI is 34 weeks$3,740 HC is 36 weeks$3,960 Anything over this is considered extra and should be almost entirely used for educational expenses.

...S TILL W ORKING IT O UT Scholarships First $1,800 doesn’t count. The rest is dollar for dollar. Trust Fund - divide total in fund by number of years of study. (Substituted dollar for dollar for the Parental Contribution) CPP approximately $230 a month

P ARENTAL C ONTRIBUTION Contribution is based on family size, income level, and number of children attending post-secondary institutions (see handout). RESP/Trust Fund is substituted for all or a portion of the parental contribution (depending on amount).

O THER R ESOURCES G EORGE C OLES B URSARY $2,200 for UPEI students $1,200 - $2,200 for Holland College Students (depending on tuition) Must be an Island student Must be attending classes full-time in both semesters No application

I SLAND S KILLS A WARD H OLLAND C OLLEGE $1,000 for the Island Skills Award Must be full time in both semesters Must be an Island student No application

F IGURING IT OUT COSTS: Tuition and Fees$ ________ Books and Supplies$ ________ Living Allowance (from worksheet)$ ________ Return Travel (PEI $250)$ ________ Other Costs$ ________ TOTAL COSTS $ ________ (Use these figures to complete section 1200 page A-5) RESOURCES: Student Contribution (from worksheet page G-10)$ _______ Parent Contribution (from worksheet page G-11) $ _______ Part-Time Income while studying$ _______ Other Income (CPP, Pension, EI)$ _______ Savings$ _______ Investments or Educational Trust Fund$ _______ Awards, Scholarships, Bursaries$ _______ TOTAL RESOURCES$ ________

H OW M UCH T O R EQUEST ? Total Educational Costs $ Minus Total Financial Resources $ Total Amount of Student Loan Requested $_________________

IMPORTANT DEADLINE DATE Completed applications must be submitted by July 15 th To ensure processing for September. It can take up to 4-6 weeks to process your application

H OW DO I A PPLY ? Online starting June 1 st. The earlier the better! July 15 th is the magic date to ensure you loan is processed for your Fall start.

I MPORTANT I NFORMATION Make sure the information you give us is as accurate as possible (avoid over-awards) If your student status, address, or employment situation changes, YOU MUST NOTIFY US It is up to the student to keep informed of changes to our grants and loan programs Provide your complete mailing address and current address

Master Student Financial Assistance Agreement (MSFAA) Effective for the ‘13/14 school year all students are required to complete the MSFAA. For most students it will be a one time task. The MSFAA is a federal requirement in order to receive Canada Student Loans and Grants. Upon a positive student aid assessment, the student will be notified by to login to their student aid account and print off the MSFAA. The form must be signed in pen and presented to a Designated Canada Postal Outlet with two pieces of government ID’s one being Social Insurance Card the other being a government photo ID. Federal loans are electronic and are confirmed by post secondary schools in their E-Cert Portal.

W EBSITES AND C ONTACTS National Student Loan Service Centre: Phone Canada Student Loan Webpage RPAP Information on website ________________________________________________________ Edulinx –PEI: Phone Website COE and Interest Relief Forms

H OW TO R EACH U S In Person: Atlantic Technology Center 2 nd Floor, Suite 212 Above HOT and Ocean By Mail: Student Financial Services PO Box 2000 Charlottetown, PE C1A 7N8 Phone(902) Fax (902)

P ART -T IME L OANS - G RANTS Part-time (CSL) contain only federal grants and loan. No provincial funds. Students who qualify may receive $1,200 per school year in Canada Study Grants. Courses undertaken part-time must count towards Degree or Diploma. Students regardless of age are treated independent from parents for PT CSL. Paper Application required to be signed by school. Need Notice of Assessment from CRA. Need transcript of marks showing successful completion of courses if had prior part-time loans.

Provincial Student Loans (PSL) PEI Student Financial Services oversees two separate and distinct loans; Canada Student Loans (CSL) and Provincial Student Loans (PSL). PSL is only issued to eligible students based upon need and only after the receipt of a Pre-Study Report (PSR) which includes ROE or letter from employer and must be received by the deadline, six weeks prior to end date of studies. PSL is currently a paper based loan and must be completed timely and in good form to be received and processed by Edulinx-PEI (Service provider hired by PEI to manage provincial loans).

G EORGE C OLES B URSARY – A WARDS 2014 the Province funded 2,626 students George Coles, Island Student and Island Skills awards for a total of $3.3 Million. Discussion re purpose and intention of this bursary? Eligibility Rules.

UPEI G EORGE C OLES & I SLAND S TUDENT A WARDS George Coles Bursary $2,200 First Year Island Student Award Bursary $400 Second Year Island Student Award Bursary $600 Third Year George Coles Graduation Bursary $2,000 in Graduation Year Total $5,200 __________________________________ Must not be 3 rd party sponsored e.g. Skills Must be an Island student Must be attending classes full-time in both semesters Previous PSE may create ineligibility No application – School provide a list to SFS Students rejected for Awards can appeal!

G EORGE C OLES & I SLAND S KILLS A WARDS George Coles Bursary $1,200 - $2,200 for Holland College Students and College Acadie (depending on tuition) Island Skills Award Bursary $1,000 for Holland College Students for each year of program for a maximum of two years. __________________________________ Must not be 3 rd party sponsored e.g. Skills Must be an Island student Must be attending classes full-time in both semesters Previous PSE may create ineligibility No application – School provide a list to SFS Students rejected for Awards can appeal!

P ROVINCIAL S TUDENT L OAN C HANGES 2015 / 2016 Electronic Pre-study Report. Including Banking Information. Electronic Provincial Loans. Students will be able to upload documents in MyPath.

F EDERAL S TUDENT L OAN C HANGES 2016 / 2017 RE FEDERAL G OVERNMENT ANNOUNCEMENT A PRIL 21, 2015 Reduced Parental Contribution Requirements. No penalty for students who work in their Study Period. Canada Study Grants for Low and Middle Income will be extended to programs that are less than 60 weeks with the minimum being 34 weeks.

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