EducationHOME / SUPPORTS AND SERVICES FOR LEARNERS / STUDENT FINANCIAL SERVICES / Prince Edward Island Debt Reduction Grant Type of assistance:Provincially funded non-repayable grant. Maximum assistance: Up to $2,000 per year of study, with the maximum funding based on the required length of the program plus 1 year. The grant will be paid following a student's year of graduation, directly to the lending institution and applied against the Prince Edward Island Student Loan balance only. You must apply for this grant within 1 year from your study period end date. If you are eligible for PEI Debt Reduction download the PEI Debt Reduction Grant Application. For further information contact Student Financial Services. Students are eligible for debt reduction if:
Students must apply for this grant. Completed applications should be submitted no later than sixty days after the completion of a student's program (i.e. the month during which a student has ceased to be in full-time studies). This will ensure that processing and payments can be forwarded to the lender prior to loan consolidation/repayment. The deadline for applying for debt reduction is one year after the completion of a student’s program. Debt Reduction Grants will be calculated as follows: Your total net yearly debt, after reductions or payments, less the minimum yearly debt level. The maximum Debt Reduction Grant per year is $2,000. The grant application will be processed after your final year of study and will consider all eligible years, in which net loan exceeds $6,000 per year.
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