Canada Student Loans
Canadian students can apply for federal and provincial student loans.
You only need to apply once through your provincial government to be assessed for a combination of federal and provincial loans, grants and bursaries. For example, students from New Brunswick that qualify for a student loan and meet requirements, might be eligible to receive one or more of the following:
- Canada Student Grant (also for part-time students, dependents, and those with disabilities)
- The Skills Boost Top-up to the Canada Student Grant
- The Renewed Tuition Bursary
- The NB Bursary
For more information, visit the federal government's student loan website or click on your province below for more information about the application process:
|Student Loans by Province|
|Manitoba||Prince Edward Island|
Please Note: Some grants require a separate application for part-time students.
Master of Social Work Program
The MSW Program has been approved by the Canada Student Loans Program and full-time students may be eligible to access financial aid to support their studies. This process includes a Program Information Form (PIF) completed by Financial Services.
Applications for each loan year are available in May/June. Once you apply, a Needs Assessment will be completed to determine how much money you are eligible for.
Other Financial Aid Resources
Renewed Tuition Bursary - The RTB Program is a non-repayable provincial bursary designed to make post-secondary education more accessible through the provision of increased upfront financial assistance. The goal of the RTB program is to ensure that a portion of tuition costs are covered for qualifying students.
Canada Education Savings Grant - The CESG is money that the government adds to a Registered Education Savings Plan. This money helps to pay the cost of a child’s full or part-time studies after high school.
Student Loans - US Students
American students studying outside of the United States (US) are eligible for subsidized, unsubsidized and PLUS Loans through the William D. Ford Direct Loan Program. Students studying outside of the US are not eligible for any US Grants.
The annual limit for Direct Subsidized Loans plus Direct Unsubsidized Loans varies from $5500 to $20,500 depending on a variety of factors such as year in school, expected family contribution, enrollment status, etc. Click here for more information.
Parents can apply for PLUS loans to offset the cost of attendance. A credit decision is made, if the parent is denied, students are eligible for additional unsubsidized loans up to a combined loan total of $9500 for first year, $10500 for second and $12,500 for third and above.
To apply for US Federal Aid students must first complete the FAFSA form. St. Thomas University's institutional code is G06682. Secondly, students must go online to complete the Master Promissory Note and Entrance Counselling. Notification is sent to STU once each step has been completed.
For more information on financial aid for US students studying at St. Thomas, please email firstname.lastname@example.org.
Paying Back Your Student Loan
After you finish school, there is a six-month non-repayment period. Interest does not accumulate during this time. Once the six-month period is finished, you must start paying back your loan.
You can set up a repayment plan with the National Student Loan Service Centre.
- Customize your payments by increasing or decreasing your monthly amounts to best suit your budget.
- Repayment Assistance Plan – by applying for RAP, you may qualify for zero or lowered payments for six months. If you would like to extend this plan, you must reapply for another six-month period.
- If you have a permanent disability, you may qualify for the Repayment Assistance Plan for Borrowers with a Permanent Disability or the Severe and Permanent Disability Benefit.
*You receive a 15% tax credit on the interest you pay on your student loans each year. You can access your T4A documents and statements through your NSLSC account at the start of each year.
- Pre-authorized debit
- Directly through your NSLSC account
- Online banking
- Cheque/money order
The method used for student loan repayment can vary by province and territory. Click here to ensure you are following the correct steps.
*Missing payments will affect your credit score, so it is important to stay on top of your repayment schedule.
Tips for Repaying Your Student Loan
- Start paying off your student loan before you finish your schooling.
- If you have loan money left over, use that to start making payments.
- Set aside money each month during your study period so that you can start paying back your loan right away.
- If there is a month you can afford to pay a larger amount towards your loan, take that opportunity to get ahead.
- If you’ve received a tax refund, you could put a portion of that towards your loan payment.
Consider part-time jobs on and off-campus throughout the year, and a full-time position in the summer.
- Consider alternative ways to make extra money that could go towards your loan. For example, have a yard sale, sell homemade crafts, offer tutoring or lessons, do odd jobs around your neighbourhood like mowing lawns or shoveling driveways.
- Cut back on your spending. Create a budget and try to buy only what you need. Although we understand there are situations out of your control, we advise you avoid credit card debt if you can.