Timely Completion Benefit - New Brunswick
Debt Reduction for Timely Completion Benefit: A new provincial Debt Reduction for Timely Completion Benefit has been introduced to help post-secondary graduates by addressing accumulated student loan debt and to encourage the successful completion of studies in a timely manner.
To be eligible you must meet the following requirements:
• Graduate from an undergraduate program after April 1, 2009 from:
- any publicly funded post-secondary educational institution, or
- a private chartered, not-for-profit, degree-granting institution located
• Graduate from a program of study within the established timeline for the program, i.e. a four-year BBA must be completed within four years. Students with a permanent disability may be exempt from this criterion; such applications will be evaluated on a case-by-case basis.
• Have total federal and provincial student loan borrowings (associated with a successfully completed program) in excess of $32,000;
• Provide proof of graduation through a transcript of marks that indicates the date the degree/diploma/certificate was awarded, and
• Apply for the one-time benefit within seven months of your graduation date, i.e. if graduation date is May 24, 2009, application for the debt reduction benefit must be received by SFS no later than December 24, 2009.
The Timely Completion Benefit is designed to help post-secondary graduates by addressing accumulated student loan debt and encouraging the successful completion of studies in a timely manner. Students who complete an undergraduate degree, certificate or diploma at:
• any publicly funded post-secondary educational institution; or
• a private chartered, not-for-profit, degree-granting institution located in Canada within the established timeline of the program, and who have combined (federal and provincial) government student loan borrowings associated with that credential exceeding $32,000, will have 100 per cent of their provincial student loan in excess of the $32,000 forgiven. Application forms will be available from Student Financial Services and from the National Student Loans Service Centre and online at www.studentaid.gnb.ca. Student Financial Services can be reached at:
506-453-2577 (Fredericton area or outside toll-free zone)
1-800-667-5626 (the rest of New Brunswick, the Atlantic Provinces and west to mid-Ontario)
Appeal Process: Under certain circumstances, graduates may qualify for an exemption from the timely completion requirement for the debt reduction benefit.
How to Appeal? A person must submit a written request to Student Financial Services, along with supporting documentation, to demonstrate exceptional circumstances. For example, graduates who experienced a temporary illness or graduates with family responsibilities while studying may be unable to graduate from their program within the established timeline.
The National Student Loans Service Centre will be directed by the Department to reduce the graduate’s provincial student loan debt in cases where the benefit is granted.