The purpose of the Loan Remission Program is to forgive 15 per cent of the student loan debt of any person who completed his or her studies within the normal time limits and who has received a bursary under the Loans and Bursaries Program for every year of study.

Eligibility Requirements

1. Have completed a program leading to an undergraduate degree within the normal time limits. A loan remission may also be granted for previous college studies provided the student meets the eligibility requirements.
   
   OR
   
   Have completed a college-level technical training program leading to a Diploma of College Studies (DCS) within the normal time limits.
   
   AND
    
2. Have received a bursary under the Loans and Bursaries Program every award year while studying in that program.

If you meet these requirements, you must fill out the Loan Remission Application form.

Details

1. The amount awarded is equivalent to 15 per cent of the student loans contracted during the education periods in the program for which this application is made.
   
   
2. The student must meet the requirements for the degree or diploma at the level of education for which he or she is applying for a loan remission. Students who previously started another program and then withdrew are not excluded from the Loan Remission Program. Only those months of study during which the student was enrolled full-time will be considered in determining whether he or she completed his or her program within the normal time limits. These months of study do not have to be consecutive.
   
   
3. The loan remission will be forwarded to the student's lending institution so that it may deduct the amount from the student loan debt or pay the balance out to the student.
   
   
4. The loan remission is taxable. A tax slip will be issued to the student.
   
   
5. The loan remission may not be applied against computer loans contracted under the Computer Loan Guarantee Program.
   
   
6. The student must submit the loan remission application within three years of completing his or her studies.
   

Additional Information

For more information, you may contact the financial assistance office at your educational institution or our reception and inquiries desk, the Service de l'accueil et des renseignements, at (418) 643-3750 or 1-877-643-3750 (toll-free in Canada and the United States).