Apply for a Student Loan - Assistance and Benefits Available

If you meet the eligibility requirements, your application for student financial assistance will be processed, and you will receive assistance if:

• you have financial need according to program criteria; and
• you are not in default on a previous student loan; and
• you meet the credit worthiness criteria.

The level of assistance you receive, and any debt reduction benefits, will depend upon your specific situation and your student category.

Your credit worthiness could affect your eligibility for student financial assistance. If you are 22 years of age or older on the date your application is received by Student Financial Assistance Branch and you are applying for your first student loan, your application will be subject to a credit check. Your application will not be processed if:

• in the 36 months before making your application there were at least three instances where payments were more than 90 days overdue on three or more of your debts of more than $1,000 each; and,
• you had control over the circumstances that led to the overdue payments.

Borrowers of student loans who file for bankruptcy, file a consumer proposal or participate in a provincial arrangement for the orderly payment of debts are eligible for full-time student loans for up to three additional years in order to complete their current program of study. Borrowers will also be eligible for Interest Relief and Debt Reduction in Repayment.