Canadian Government Student AidRegulatory Update

Presented byCara Piperni

ANZFAAMelbourne, Vic.October, 2014

Context• Founded in 1821• Located in Montreal, Quebec, Canada• 13 Faculties, 2 campuses• 11,000 employees• 29,000 full-time degree students,

with 20 % international

• 1/3 of FT degree students on government aid

• Every province and territory is represented.

Agenda

• Canadian context

• Key references

• Regulations by jurisdiction, highlighting any key changes or differentiators

• Additional available resources

A FEW FACTS ABOUT CANADA

Federation of 10 provinces and 3 territories

Multicultural society with population of over 34 million

Two major linguistic groups and two official languages:English (57%) and French (22%)

One of the highest rates of PSE completion in the world

Provincial governments have exclusive responsibility of all levels of education

FINANCIAL AID: A PROVINCIAL JURISDICTION

Great variability in the type, quantity and availability of resources for students = inequities based on province of residence

Evolution of programs due to individual (and independent) provincial priorities

Combined with federal portion, and varying degrees of integration with provincial programs, makes it very complex

Key References

• From the Canadian Association of Student Financial Aid Administrators (CASFAA):– “Out of Province Student Aid Summary”

2014-15 (provided in your handouts)– Cross Country Panel at each annual

conference

• “It’s Complicated: An Interprovincial Comparison of Student Financial Aid” by Jordan MacLaren for CCPA (July 2014)

Canada Student Loans Program

• Maximum of $210/week, with up to $3000 allowance for books and supplies.

• Special grants– Part Time Canada Study Grant (CSG)– Grant for Part-Time students with dependents– CSG for Students with Dependents– CSG for Students with Permanent Disabilities– Grant for Services & Equipment for Students with

Permanent Disabilities– CSG for Students from Low-Income Families– CSG for Students from Middle-Income Families

Key TermsHRSDC• Human Resources & Social (Skills) Development Canada

NSLSC• National Student Loan Service Center• Administers CSL, contracted by HRSDC

CanLearn• Website with interactive tools

MSFAA• Master Student Financial Assistance Agreement (MSFAA)• Signed by student only once as a student unless they have a

break for more than 2 years.

RAP• Repayment Assistance Program

HIGHLIGHTS BY PROVINCE

Application Deadline 60 days before end of study period, doc deadline 40 days before end of study period.

Maximum Available Combined with CSL to max of $360/w, or $560/w if with dependentsBut out of country: just CSL max of $210/w.

Eligibility full-time funding

60% of full course load

Study Outside of Canada

Only federal funding, no provincial portion

Pre-study period savings

$2803 for 16-week period, or $1402 for 8 week period

Interest Rates CSL Prime + 2.5% variable; fixed 5%

Repayment Assistance Opportunity grants only for in-province studiesRAP

Exemptions $3500 for merit-based scholarshipsAll need-based bursaries are exempt

Tip FAO Inquiries osapfao.inquiry@Ontario.ca

Application Deadline 60 days after last day of recognized studies

Maximum Available Outside Quebec: $6000/study period

Eligibility full-time funding

“Full-time”

Study Outside of Canada

Schools outside of Canada and France are recognized for the purposes of LOANS only

Pre-study period savings

Complicated!

Interest Rates Prime + 0.5%

Repayment Assistance Loan Remission – forgives 15% if completes on time and received bursary each year Deferred payment – can apply any time during 10 years following end of 6 month partial exemption period.

Exemptions $5000 bursaries per calendar year

Tips PDF booklet “Student Financial Assistance” on http://www.mesrs.gouv.qc.ca/en/aide-financiere-aux-etudes/publications/student-financial-assistance/

Application Deadline Six weeks before classes end

Maximum Available Combined with CSL to max of $320/w, or $510/w if with dependents; $50K BCSL lifetime max.

Eligibility full-time funding

60% of full course load (40% w/disability)

Study Outside of Canada

Yes, both provincial and federal

Pre-study period savings

$2880 ($687/month)

Interest Rates Prime plus 2.5% floating, or 5% fixed

Repayment Assistance BC loan reduction and remission programs

Award Exemptions $1800 per program year (scholarships & bursaries)

Application Deadline At least 30 days before end of study year; July is recommended; separate Summer app

Maximum Available $13,300 ASL & CSL combined (8 months)$19,950 for 3 semester study period

Eligibility for full-time funding

60% of full course load (40% w/disability)12-months of open studies allowed

Study Outside of Canada

Yes, both provincial and federal

Pre-study period savings

Flat rate of $1500 is assumed

Interest Rates No interest first 6 months before repaymentForm B for interest-free status continuing studies; prime

Repayment Assistance Yes, mirrors federal RAP

Award Exemptions $1,800 applied to CSL, full exemption ASL

Application Deadline 14 business days prior to end of study period

Maximum Available For 34 week program: $13,872$7140 repayable for low income$8330 repayable for middle income$9112 repayable for above-mid incomeMax lifetime $47,600 for 10 years UG

Eligibility full-time funding

60% of full time courseload

Study Outside of Canada

Pre-study period savings

Minimum $120/week

Interest Rates Floating at prime; fixed prime + 2.5%

Repayment Assistance Forgiveness for Nurses working in small communities

Exemptions $1800/yr scholarships & awards$100/week earnings

Application Deadline Two months before end of study period

Maximum Available CSL $210/week, MSL $140/week

Eligibility full-time funding

60% of a full course loadMax of 340 weeks (10 years) to $47,600

Study Outside of Canada

Pre-study period savings

$140/week living at home

Interest Rates Prime

Repayment Assistance If loan is written off, can never be entitled for receive loans again (e.g. medical forgiveness)RAP – 2 staged process

Exemptions $1800 scholarships and bursaries$100/wk earnings

Application Deadline 6 weeks before end of study period

Maximum Available Combined with CSL to max of $350/weekLifetime of 340 weeks

Eligibility full-time funding

60% course load

Study Outside of Canada

Yes, both federal and provincial

Pre-study period savings

Expected to work FT and contribute 80% after living allowance

Interest Rates Floating Prime + 2.5%; Fixed Prime + 5%

Repayment Assistance Timely Completion Benefit for loan debt in excess of $26,000 forgiven. Apply within 7 months of graduation.

Exemptions $1800 of scholarships and bursaries$100/week study period income

A brief introduction…

– PSE institutions administering Canadian government aid

– Dedicated advocates in helping Canadian students achieve financial wellness and success

– National profile with federal and provincial governments

– www.casfaa.ca– Next conference June 14-16 Quebec City

THANK YOU!

Cara PiperniDirector, Scholarships & Student AidMcGill Universitycara.piperni@mcgill.ca