canadian government student aid regulatory update
DESCRIPTION
Canadian Government Student Aid Regulatory Update. Presented by Cara Piperni. ANZFAA Melbourne, 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 - PowerPoint PPT PresentationTRANSCRIPT
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 [email protected]
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 [email protected]