Student Loans Saskatchewan is a financial assistance program offered by the provincial government of Saskatchewan, Canada, to help eligible students cover the costs of their post-secondary education. This loan provides students with funds for tuition, books, living expenses, and other educational-related costs. The terms of this education loan include interest rates and repayment schedules, which vary based on the student’s financial needs and circumstances. Repayment typically begins six months after graduation or when the student’s enrollment status changes. The program aims to make education more accessible by providing financial support to those pursuing higher education in Saskatchewan.
Also Read: How to Pick the Right Student Loans to Study Abroad?
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Eligibility Criteria for Student Loans Saskatchewan
To avail of a Saskatchewan education loan, a part-time or full-time student must meet the following conditions:
- You should have resided in Saskatchewan for a minimum of 12 months before starting your education in this Canadian province. You have to be present there for 12 months consecutively. Or, you should be a protected person or permanent resident in Canada.
- Your financial conditions and requirements must meet the criteria of the loan programme.
- You are qualified to enrol in or have been admitted to a full-time post-secondary course at eligible academic institutions. The course tenure should be a minimum of 12 weeks.
- In addition, if your course expands between 6 to 11 weeks and your short programme is part of a longer course, then you can apply for the course. Or, you are qualified to pursue a part-time post-secondary course from an eligible school.
- For full-time enrollment, you must take a minimum of 60% of the regular course load, or 40% if you’re a student with a disability.
- For part-time enrollment, you need to take anywhere from 20% to 59% of the regular course load, or between 20% and 39% if you’re a student with a disability.
- Your previous student loans should have a positive status (not defaulted) to meet the requirement.
- You have not used up the total maximum assistance available over your lifetime.
How to Apply for Student Loans Saskatchewan?
Students can apply for this student loan online or send the application form via mail. Students are advised to submit their application early to ensure receiving loans at the start of the course or term. They must apply for each academic year to get financial assistance in their journey. The application process starts around the last week of June each year. After submitting the application form, a student can request changes in personal and financial information 30 days prior to the end date of the course.
Online Application
- Make an account on the Advanced Education Student Portal. This portal is a comprehensive hub for details concerning bursaries, grants, and student loans, as well as Graduate Retention Program particulars and additional resources. Generate a unique username and password to gain continuous access to your account during your academic journey and beyond graduation.
- Log in to the Advanced Education Student Portal using your credentials. Click on the ‘Apply Online Now’ button on the portal.
- After filling out the required information in the Student Loans Saskatchewan application form, select the ‘Submit Documents’ option.
- Now, upload documents required for education loan through the ‘Post-Secondary Document Uploader’
Offline Application
If you choose to apply for this Saskatchewan student aid offline you can download the complete application form from the Advanced Education Student Portal. Gather all the required documents and compile photocopies of each document. You can mail the paper application and documents to the below-mentioned address:
Student Services Centre
1120-2010 12th Avenue
Regina, SK S4P 0M3
Fax: 306-787-1608
Also Read: Understanding the Education Loan Application Process
Loan Repayment
Beneficiaries of this Saskatchewan student aid have to start repaying their loans 6 months after completion of eligible full-time courses. You are required to pay off Student Loans Saskatchewan whether you have transferred to a part-time programme, taken time off, or withdrawn from the course.
The NSLSC (National Student Loans Service Centre) is responsible for handling the repayment of your student loans. Before your loans start needing repayment, they’ll send you a Consolidation Letter detailing your loan’s repayment terms and the minimum monthly payment. You can also discuss different repayment choices with the NSLSC.
Repayment Options
Borrowers can opt for any of the following student loan repayment options:
- Early loan repayment
- Lump sum payment
- Equated monthly instalments (EMIs)
Also Read: How To Pay Student Loans With A Credit Card?
FAQs
Ans. The Saskatchewan government usually takes 4 to 6 weeks to process a student loan application.
Ans. You can repay loans by paying EMIs timely or with lump sum payments. In addition, you can also opt for early repayment.
Ans. These loans are interest-free during the course duration. You will have to start repaying loans after 6 months of completing your studies. Interest will be incurred during these six months and till the date you pay the last instalment.
Stay in tune with Fly Finance to avail of study abroad loans and international money transfer services. Connect with our experts at 1800 572 126 to get end-to-end assistance for these services.
