program overview student financial services division student financial services division department...
TRANSCRIPT
Program Overview
Student Financial Services DivisionStudent Financial Services Division
Department of EducationDepartment of Education
Making the right choices• planning and research
Paying for post secondary• who pays?
It is a loan• debt
Key Messages
• Online or paper- 10 days versus 20 days
• Supporting documentation will be required
• Determines if you qualify and the amount available
• Apply early - why?• Volume• Informed before the start of post secondary
Applying for a loan
What happens when I apply?
Rob applies online on June 10th
Rob downloads 4 forms the same day
Rob mails the original forms the same day
Rob finds out his loan amount on June 22
Loan papers are at school on the first day of classes
Canada Revenue Agency Authorization
Student’s Declaration
Parent’s Declaration
Consent to Release Information
Online or by mail
What money do I need? What money do I have?
COSTS RESOURCES
This is where Student Financial Services begins
Rob’s application
COSTS• Tuition $3,500• Books/Computer
$750• Other Fees $400• Living Allowance
– (17 weeks x $200) $3,400• Transportation $180
RESOURCES
$8,230
How it works
COSTS• Tuition $ 3,500• Books/Computer
$750• Other Fees $400• Living Allowance
– (17 weeks x $200) $3,400• Transportation $180
RESOURCES• Parental Contribution
$8,230
Example
COSTS• Tuition $3,500• Books/Computer
$750• Other Fees $400• Living Allowance
– (17 weeks x $200) $3,400• Transportation $180
RESOURCES• Parental Contribution $799• Pre-study Period
$8,230
Example
Pre-study PeriodRob works for the 9 weeks that he’s off for the summer.
Gross income ($240 per week) $2,160Less taxes -$146Less weekly living allowance ($92 x 9 weeks) -$828Total $1,186
Pre-study contribution: $1,186x 80% = $949
How it works
COSTS• Tuition $3,500• Books/Computer
$750• Other Fees $400• Living Allowance
– (17 weeks x $200) $3,400• Transportation $180
RESOURCES• Parental Contribution $799• Pre-study Period $949• Study Period $0• Scholarship
$8,230
Example
ScholarshipsRob has been awarded a $1,900 scholarship for the first semester.
Scholarship amount $1,900 Less yearly exemption ($1,800) -$1,800 Amount left over $100
Scholarship Contribution = $100
How it works
COSTS• Tuition $3,500• Books/Computer
$750• Other Fees $400• Living Allowance
– (17 weeks x $200) $3,400• Transportation $180
RESOURCES• Parental Contribution $799• Pre-study Period $949• Study Period $0• Scholarship
$100• RESP $0
$8,230 $1,848
Example
Costs – Resources = Need
$8,230 - $1,848 = $6,382
– If negative - does not qualify– If positive - does qualify (up to maximum limits)
How it works
Federal Grants
– Canada Student Grant Program• Grant for Low-Income ($58 per week)• Grant for Middle-Income ($23 per week)• Grant for Students with Dependants ($47 per week per dependant)• Grant for Students with Permanent Disabilities ($2000 per year)• Grant for Services and Equipment for Students with Permanent
Disabilities (separate application required)
Available Assistance
Canada Student Loan (CSL)
Newfoundland and Labrador Student Loan (PSL)
Up-Front Provincial Grant
(ICF must be submitted)
$210 per week
$60 per week
$80 per week
Maximum assistance is $350 per week
Available Assistance
Costs $8,230(minus) Resources $1,878(equals) Need $6,352Loans/Grant = $350 x 17weeks $5,950
Total Unmet Need $402
Rob still needs $402
Available Assistance
Photo I.D.
S.I.N. Card
Banking Information
Student needs:
Getting your money
Course Load Requirements:– 60% for federal portion– 80 % for provincial portion– Exceptional circumstances considered
If unsuccessful: – first time - probation– second time - suspended for 12 months – third time - suspended for 36 months
Other things to consider
Questions?
Call (709)729-5849
1-888-657-0800(toll free)
Fax 709-729-2298
Email [email protected] www.gov.nl.ca/studentaid