Canada Student Loan : Responsibilities

Posted on June 28, 2009
Filed Under Student Loan | Comments Off

STUDENT

Your role as a student is to:

Report changes in your address, name, marital status, financial status, or student status (withdrawal, transfer to part-time studies, or change of school) to your financial institution and/or the NSLSC;
Keep track of how much you borrow, like other types of loans, a student loan must be repaid over a period of time, with interest, so you don’t want to borrow more than you can afford to pay back;
Give your financial institution and/or the NSLSC proof of enrolment for each study period in which you are enrolled, even if you are not applying for a new student loan;
Contact your financial institution and/or the NSLSC to set up your repayment schedule after you finish your program of study; you must repay your loan whether you graduate or not.
Record/file everything regarding student loans.
Repay your student loans.

FEDERAL GOVERNEMNT

The federal government provides access to post-secondary education through federally funded loans and Canada Study Grants, both of which are administered provincially.

The role of the National Student Loans Service Centre (NSLSC) is to:

Process your Canada Student Loan documents (the documents you sign to accept your loan once your application has been assessed by your provincial or territorial Student Assistance Office;
Arrange for your loan funds to be deposited to your bank account;
Help you keep track of the total amount of your loan throughout your studies and the amount you have to repay;
Work with you to set up a loan repayment schedule;
Administer repayment assistance programs.

PROVINCIAL GOVERNMENT

Provincial governments administer federal student loans and grants in addition to administering provincial loans and grants.

The role of your provincial Student Assistance Office is to:

Make application forms and program guides available;
Communicate information about all available programs and services;
Respond to queries from students and educational institutions;
Assess financial need for each applicant;
Authorize the amount of funding to be provided to qualifying students through federal and provincial loan, bursary, and grant programs;
Undertake credit checks;
Review assessments on request;
Distribute bursary/grant cheques to schools on behalf of students.

POST- SECONDARY EDUCATION

Post-secondary educational institutions have varying roles to play depending on their size and the ability of each to assist in the student assistance process. In general, however, they carry out a key role in helping students obtain Canada Student Loans.

The role of your post-secondary institution (where applicable) is to:

Educate and counsel you on all student financial assistance programs available;
Confirm your enrolment in school by signing your Certificate of Eligibility;
Confirm your enrolment in school each year by signing a Confirmation of Enrolment form, which you must send to your financial institution and/or the NSLSC;
Liaise with your provincial or territorial Student Assistance Office in cases of review;
Liaise with your financial institution and/or the NSLSC when necessary.

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