Canada Student Loan and New Brunswick Student Loan
Student financial assistance from the Government of Canada and the Government of New Brunswick is designed to help eligible New Brunswick residents access post-secondary educational opportunities and to encourage them to complete their education in a timely and successful manner.
All federal and provincial student loan, grant and bursary programs for New Brunswick post-secondary students are administered by Student Financial Services.
Information regarding federal financial assistance for part-time students can be obtained on the CanLearn Web site at www.canlearn.ca, from the Canada Student Loans Program Information for Part-time Students, or by calling Student Financial Services.
You are eligible for student financial assistance if you:
• are a Canadian citizen, have permanent resident status or are considered to be a protected person as defined in the Immigration and Refugee Protection Act;
• are a resident of New Brunswick;
• demonstrate a financial need;
• are enrolled in, and maintain, a minimum of 60% of a full-time course load (students with a permanent disability may enrol in at least 40% of a full-time course load) to get a full-time loan, and between 20% and 59% to get a part-time loan (between 20% and 39% for students with a permanent disability). Students with a permanent disability taking between 40% and 59% of a full-time course load can elect to be in full-time or part-time status;
• are enrolled in a degree, diploma or certificate program that is at least 12 weeks in duration at a designated post-secondary educational institution;
• maintain a satisfactory scholastic standard;
• are not in default on a previous student loan;
• pass a credit check (this applies to students who are 22 years of age or older who are applying for a student loan for the first time);
• are not beyond your program length, plus one additional study period (called your Periods of Study + 1 limit); and
• are not beyond 340 weeks of eligible assistance (called your lifetime assistance limit). This is 400 weeks for students in doctoral studies, or 520 weeks for students with permanent disabilities.
The Government of Canada provides 60% of your assessed need in the form of Canada Student Loan funding, up to a maximum of $210 per week of study. The Government of New Brunswick provides 40% of your assessed need in the form of New Brunswick Student Loan funding up to $140 per week of study.