Douglas Olsen
If you're a student in Nova Scotia, you may be eligible for financial help from the provincial and federal governments to fund your education. The federal government provides loans and grants to part-time students, and the Nova Scotia Loan Forgiveness Program or Permanent Disability Loan Forgiveness Program can reduce or eliminate the provincial portion of your student loan debt when you graduate. You can apply for all federal and provincial loans and grants at the same time through the National Student Loans Service Centre (NSLSC), which provides access to student loan online services. You can also apply for the Repayment Assistance Plan (RAP) to get help managing your loan repayment.
| Characteristics | Values |
|---|---|
| Loan provider | National Student Loans Service Centre (NSLSC) |
| Loan type | Nova Scotia Student Loans |
| Loan repayment options | Repayment Assistance Plan, Customized payment terms |
| Interest rate | 0% interest |
| Loan forgiveness | Nova Scotia Loan Forgiveness Program, Permanent Disability Loan Forgiveness Program |
| Loan application | Online application |
| Loan funding | Government of Canada, Provincial government |
| Payment methods | Online payments, Cheques |
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What You'll Learn
Applying for a loan
Applying for a Nova Scotia student loan
The first step in applying for a Nova Scotia student loan is to determine your eligibility. To be eligible for a student loan, you must be a Canadian citizen, permanent resident, or protected person, and you must be enrolled in a designated post-secondary educational institution. You can use the National Student Loans Service Centre (NSLSC) website to determine your eligibility and calculate the amount of funding you could receive.
Once you have determined your eligibility, you can begin the application process. The application process can be completed online through the NSLSC website. You will need to provide personal information, such as your name, date of birth, and Social Insurance Number, as well as information about your education and finances.
As part of the application process, you may also be asked to provide supporting documentation, such as proof of enrolment in a post-secondary program, income verification, and proof of permanent residency or protected person status. It is important to gather all the necessary documentation before submitting your application to ensure a smooth process.
After you have submitted your application, it will be reviewed by the NSLSC. You may be asked to provide additional information or documentation during the review process. Once your application has been approved, you will receive a notification from the NSLSC, and your loan funds will be disbursed directly to your designated educational institution.
In addition to federal student loans, you may also be eligible for provincial loans and grants through the Nova Scotia Student Assistance program. You can apply for all federal and provincial loans and grants simultaneously through the NSLSC website. Grants, such as those for students with permanent disabilities, do not need to be repaid and can help supplement your education funding.
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Loan repayment options
The National Student Loans Service Centre (NSLSC) provides access to student loan online services. Students can access and manage their loans using their My Service Canada Account (MSCA). Through the MSCA, students can check their loan balance, make a payment, view their statement, customise their payments, or apply for the Repayment Assistance Plan (RAP). The Virtual Repayment Counsellor can also help students determine the best repayment option for their situation.
Students can also apply for the Repayment Assistance Plan (RAP) through the NSLSC, which helps them manage their loan repayment. The Government of Canada has permanently eliminated the accumulation of interest on all Canada Student Loans as of April 1st, 2023. However, interest accrues on the provincial portions of the Canada-Ontario and Canada-Saskatchewan Integrated Student Loans.
Additionally, the Nova Scotia Loan Forgiveness Program or the Permanent Disability Loan Forgiveness Program can reduce or eliminate the provincial portion of student loan debt upon graduation, saving up to $20,000.
Students can also set up payment reminders and receive monthly notifications about their upcoming payment amounts and due dates.
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Loan repayment assistance
The National Student Loans Service Centre (NSLSC) provides access to student loan online services, allowing you to manage your student loans using your My Service Canada Account (MSCA). You can use your secure NSLSC.ca account to check your loan balance, make a payment, view your statement, customize your payments, or apply for the Repayment Assistance Plan.
The NSLSC offers tools and options to make your student loan payments more affordable and tailored to your budget. You can also watch their YouTube video on repayment options and use their Virtual Repayment Counsellor to determine the best repayment option for you.
Additionally, the Nova Scotia Student Assistance Program offers loan repayment assistance through the Nova Scotia Loan Forgiveness Program. This program may eliminate your Nova Scotia student loan for eligible undergraduate degree, diploma, or certificate programs completed at a Nova Scotia university or college. The Debt Cap benefit is automatically assessed for university students who meet the criteria (for Nova Scotia Student Loans issued from August 2011 to July 2015).
You can also use income tax refunds from your education tax credits and other income tax advantages for students to make lump-sum payments and reduce your loans. Furthermore, you can apply for 0% interest on your Nova Scotia Student Loan, which is available for part-time students.
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Loan repayment plans
To pay off a Nova Scotia student loan, you must apply for assistance from both the provincial and federal governments with a single application. The funding for your student loan may come from both the Government of Canada and your provincial government. If you have loans from certain provinces, including Nova Scotia, you will have two separate payments.
The National Student Loans Service Centre (NSLSC) provides access to student loan online services. You can access and manage your student loans using your My Service Canada Account (MSCA). You can also log in to your NSLSC account to check your loan balance, make a payment, view your statement, and customize your payments.
The Virtual Repayment Counsellor can help you choose the best repayment option for you by asking you a few simple questions. You can also apply for the Repayment Assistance Plan (RAP) to help manage your loan repayment. The Government of Canada has permanently eliminated the accumulation of interest on all Canada Student Loans as of April 1st, 2023. However, interest accrues on the provincial portions of the Canada-Ontario and Canada-Saskatchewan Integrated Student Loans.
Additionally, the Nova Scotia Loan Forgiveness Program or Permanent Disability Loan Forgiveness Program can reduce or eliminate the provincial portion of your student loan debt when you graduate, saving you up to $20,000.
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Loan forgiveness programs
The Nova Scotia Student Loan Forgiveness Program can eliminate Nova Scotia Student Loan debt for eligible borrowers who study at universities or community colleges in Nova Scotia. The program has different criteria for students pursuing undergraduate degrees, certificates and diplomas, and those with disabilities.
Undergraduate Degrees
To be eligible for loan forgiveness for an undergraduate degree, you must graduate from a non-professional degree program at a Nova Scotia university, and it must be your first undergraduate degree. The entire degree must be completed within eight years of starting it. If you graduated before August 1, 2017, and took five or more years to complete your degree, you will be assessed for Loan Forgiveness for your first four years of study. If you graduated after this date and took five or more years, you will be assessed for the first five years of study. If you graduated before August 1, 2019, you must have a total combined government student loan debt greater than $28,560; if you graduated after this date, your entire Nova Scotia Student Loan could be forgiven up to a five-year maximum.
Certificates and Diplomas
For certificate and diploma programs, you must graduate from a non-professional program at a Nova Scotia university or community college, and it must be your first certificate or diploma eligible for the program. You must complete the entire certificate or diploma within four years of starting it. If you have a disability and studied at a reduced course load, your loans can be forgiven for more years of study.
Disability
Students with disabilities who need more time to complete their degree, diploma, or certificate can have their loans forgiven for more years of study. To qualify, you must meet the Nova Scotia Student Assistance criteria for students with disabilities, and you must have studied full-time at a reduced rate between 40% and 60% of a standard course load. You must complete your degree within 10 years of starting it or your diploma or certificate within six years.
General Information
All students are automatically assessed for eligibility under the Nova Scotia Loan Forgiveness Program when they graduate. There is no application required. If you are eligible, you will receive a letter about your assessment within 3-6 weeks of the date the program receives graduation information from your school. If you owe any amount on your Nova Scotia Student Loan, the program will pay up to 100% of any outstanding loan amounts. If you owe less than you receive in loan forgiveness, the difference will be paid toward your Canada Student Loan, if applicable, and any remaining amount will be sent to you by cheque.
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Frequently asked questions
You can make payments online through the National Student Loans Service Centre (NSLSC) using your My Service Canada Account (MSCA).
You can log in to your NSLSC account to check your loan balance and view your statement.
Yes, you can sign up for payment reminders through the NSLSC. You will then receive a monthly notification of your next payment amount and due date.
Yes, you can apply for the Repayment Assistance Plan (RAP) through the NSLSC. You can also access the Virtual Repayment Counsellor through your NSLSC account, which will recommend a repayment option based on your circumstances.
