1. Student Financial Services
Student Loan Presentation for
Morell High School
May 2, 2017

2. Steps to Student PSE Planning
Determine Program of Studies
Where do I go to Study?
What are my costs?
What are my resources?
Do I need a student loan?
How much can I receive in student loans and grants?
If I am unable to pay my student loans what can I do?
What happens when I finish my studies?
Is there any other bursaries or sources of loans?

3. Two Loans – One Application
Canada Student Loan (CSL)
&Canada Study Grants if Entitled
Provincial Student Loan (PSL)
When you apply for PEI Student Financial Assistance you are actually submitting an application for both Canada Student Loan and Provincial Student Loan.

4. General Information Who Can Apply? Full-time applications
A Canadian citizen or landed immigrant / permanent resident
A resident of Prince Edward Island
A full-time student at a designated post-secondary institution.
Full-time applications
Online applications open early June.
It can take 4-6 weeks to process an application.
For classes starting in September, students must apply before July 14th to guarantee an assessment prior to September 1st.
Awards cannot be issued after the end of a student’s study period

5. Canada Student Grants
Canada Student Grants are available in addition to student loans based on student category, family size, income level, and program length.
Each applicant it automatically assessed for eligibility for the following Canada Student Grants:
Canada Study Grants - up to $375/ mo – based upon income and qualifying program of full-time studies
Students With Dependents - $200/ mo for students with children under 12 yrs of age.
Students With Permanent Disabilities - $2,000 per year
Special Services and Equipment for Students with Permanent Disabilities – Max $8,000 / yr

6. Canada Student Loan Funding of up to $210 per week of study
Disbursed during the 1st semester of your program
Repayment begins 6 months after your end date of study
Interest charged on balance beginning the day after your end date of study (currently 5.2%)
Funding provided by the Canada Student Loans Program (CSLP)
Note - Provincial loans are interest free and have 12 month grace period before beginning repayment.
The maximum loan amount is calculated at a rate of $385 per week of study.

7. Student Loans Repayment
Maximum Federal loan per traditional university/college school year:
$7,140
Maximum Provincial Loan per traditional university/college school year:
$6,018
MAX LOAN:
$13,158
Student loans are based on financial need. The maximum amount a student can borrow is:
Canada Student Loan - $210 per week of study
CSL funding is issued at the beginning of a study period.
Provincial Student Loan - $177 per week of study
PSL funding is issued mid-way through a study period.
Repayment
Canada Student Loan repayment begins 6 months after your last day of school.
Provincial Student Loan repayment will being up to 1 year after your last day of school.

8. Full-Time Grant Income phase out amounts
Table 1
Income for grant thresholds and phase-out slope by family size
(a)
Family size
(b)
Previous year’s gross annual family income for maximum grant
(c)
Monthly phase-out rates
(d) = (b)+($375/(c))
rounded to nearest dollar
Previous year’s gross annual family income with no grants (i.e. grant cut-off) 1
$30,000
1.19%
$61,513 2
$42,426
0.86%
$86,031 3
$51,962
0.74%
$102,638 4
$60,000
0.71%
$112,817 5
$67,082
0.68%
$122,229 6
$73,485
0.65%
$131,177 7+
$79,373
0.63%
$138,897

9. Sample Canada Study Grant Full-time
Table 1
Income for grant thresholds and phase-out slope by family size
(a)
Family size
(b)
Previous year’s gross annual family income for maximum grant
(c)
Monthly phase-out rates
(d) = (b)+($375/(c))
rounded to nearest dollar
Previous year’s gross annual family income with no grants (i.e. grant cut-off) 4
*$60,000
0.71%
$112,817
Example family size = 4, with prior year gross annual family = $65,000. Grant Amount would be calculated as follows for 8 month program. Must be at least 60 weeks for Diploma or undergrad Degree. * For dependent students only accounts for parents income line 150 ITR.
Maximum Grant if below threshold of $60,000 = 8mo *$375 = $3,000
Grant amount due to over income threshold
= Min ($3,000, $3, * ($65,000-$60,000)
= Min ($3,000, $3,000 - $355)
Grant = $2,602
Estimates only actual results may vary

10. My Path Student Dashboard

11. My Path Check Status

12. My Path Completing Pre-Study Report
PSR Needs to be completed to receive PSL

13. Paying for my student loans
As an example, assume a student borrowed, Canada Student Loans $34,117, Provincial Student Loans$13,455, to earn Bachelor Degree at a Maritime University. Totaled borrowed $47,572 maximum loan that can be borrowed for a four year undergrad degree = (4*34* ($210+$175) = $52,360. Graduation date April 30, 2017.
Federal Loan repayment amount $34,117 plus Capitalized interest of $ = $35, First payment date = November 30, Monthly payment amount = $ Amortization period = 114 months = 114/12 = 9.5 years to pay off . Federal Interest Rate = Prime 2.7% plus floating rate of 2.5% = 5.2%. Estimate interest to be paid $92/month, or $10,488 if loan is held full-term.
Provincial Loan repayment amount = $13,435, no capitalized interest = $13,435. First payment date = May 31, 2018 (one year Grace Period) and no interest. Amortization period = 114 months, monthly payment amount = $ Plus potential for Provincial Debt Reduction Grants of up to $2,000 per year of eligibility.
Combined Monthly Loan payments CSL =$ PSL = $ = $507.70

14. Canada Student Loans and Grant for Part-Time Studies
Available for programs or courses of less than 12 weeks in length or when taking less than 60% of a full course load for programs and courses of 12 weeks or more.
Application is a paper application (no online option at this time) available on our website.
When submitting your application include your 2016 notice of assessment , and a copy of the health card for any dependent children in your care.
For students whose income is under the low-income threshold they are eligible for up to $1,800 in grant funding each loan year (Aug 1 to Sept 1).
Applications should be received in our office no later than 3 weeks before your end date of study.

15. Provincial Bursaries Bursaries for eligible students attending;
George Coles and Island Student / Skills Awards
See PEI Bursaries Home page for details
University of PEI
Holland College
Maritime Christian College
Collège de l'Île

16. One must work hard to plant the seeds to reap the benefits of harvest

17. Seeds of Success Goals Set both short and long term Change
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
Unlock your potential

18. Contact Information for Student Loans
Visit us online at
us at
Call us at (902)
Canada Student Loan Webpage

20. How to Reach Us
In Person: 176 Great George St. Atlantic Technology Center 2nd Floor, Suite 212 Above HOT and Ocean By Mail: Student Financial Services PO Box 2000 Charlottetown, PE C1A 7N8 Phone (902) Fax (902)

21. Websites and Contacts
National Student Loan Service Centre: Phone Canada Student Loan Webpage RPAP Information on website Edulinx –PEI: Phone Website COE and Interest Relief Forms