A number of changes to the Canada-Newfoundland and Labrador Student Financial Assistance Program came into effect for the 2015-16 academic year. These changes will impact the provincial portion of your funding leaving you with less debts. Review the information below to see how these changes will impact you.
For the 2015-16 academic year, the NL Student Loan will be eliminated and there will be an increase in the NL Student Grant available (from $100 to $140 dollars per week). Effective August 1, 2015, all provincial funding will be in the form of a non-repayable student grant for all students studying within the province as well as some studying outside the province. (See below for details.) The result is you will have lower debt!
A student who is eligible to receive the maximum amount of Newfoundland and Labrador funding for a 17 week semester would be eligible for $2380 in funding. The full amount will now be in the form of a non-repayable student grant.
Note: Students studying medicine at Memorial University will be eligible for a NL Student Grant increase from $125 to $200 per week. The NL Student Loan portion will be eliminated. The maximum weekly funding available remains the same at $200.
NL residents choosing to pursue post-secondary education outside the province of Newfoundland and Labrador have 2 funding options (both allow for a maximum of $140/week of study):
Option #1: $60 per week in repayable NL Student Loans + $80 per week in non-repayable NL Student Grants;
Option #2: $140 in non-repayable NL Student Grants.
Obviously, Option #2 is better for students - less loans to repay!!
How does a student gain access to Option #2?
The premise is based on the fact that students are encouraged to pursue post-secondary studies within Newfoundland and Labrador. However, it is also recognized that the NL post-secondary system does not offer every imaginable post-secondary program that exists. In situations where the NL post-secondary system does not offer the program of choice for a student, students will gain access to the higher grant with no provincial loan (Option #2).
Because post-secondary offerings can be broad, the responsibility rests with the students for confirming that a program being pursued outside of NL is not offered within the province or meets other established eligibility criteria (please see the NL Student Grant Eligibility Form (195 KB)).
To determine your eligibility for the increased NL Student Grant, complete and submit the NL Student Grant Eligibility Form (195 KB). (Eligibility will only need to be confirmed once per program of study.) Approval must be determined prior to your educational institution completing the Confirmation of Enrolment for your semester (i.e., before student financial assistance has been approved for release by your school). If you are approved for the higher grant after the Confirmation of Enrollment process is completed for your current semester, you will only be eligible for the increased grant amount for subsequent periods of study.
Note: Students enrolled in graduate studies (i.e., Masters or above) outside the province will be automatically eligible for the increased NL Student Grant amount. Confirmation is required through submission of the Program Cost Form (328 KB) which is to be completed by your educational institution. Again, eligibility will only need to be confirmed once per program of study.
For the 2015-16 academic year, the NL Part-time Incentive Grant has been introduced. This grant is provided to assist in lessening the financial burden faced by individuals wishing to continue their studies on a part-time basis. The program will complement funding available under the existing federal Canada Student Loan Program for Part-time Study.
You are eligible for the NL Part-time Incentive Grant if you:
The NL Part-time Incentive Grant is equal to the amount of assessed federal part-time loan to a maximum of $500 per semester (to a maximum of $1,000 per year). You will be automatically assessed for this grant with your application for the Canada Student Loan Program for Part-time Study.
Note: Students must be studying at a post-secondary education institution within the Province to access this funding.
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