New Brunswick Student Loan Cashing

The Master Student Financial Assistance Agreement (MSFAA) is a multi-year agreement that outlines the terms and conditions of accepting and repaying student loans. To receive a student loan disbursement, students must sign and return the MSFAA. The agreement must be submitted to the National Student Loans Service Centre (NSLSC) or a Canada Post outlet. Students can receive funding from both the federal and provincial governments, including loans, grants, and bursaries. The New Brunswick Student Financial Assistance Program offers funding for school through student loans and grants/bursaries. To be eligible for student financial assistance, students must meet specific criteria, such as being enrolled in a minimum of 60% of a full course load or having a financial need.

Master Student Financial Assistance Agreement (MSFAA)

The Master Student Financial Assistance Agreement (MSFAA) is a legal agreement between students and the federal and provincial governments. It outlines the terms and conditions of accepting and repaying student loans. The MSFAA is a multi-year or lifetime agreement that only needs to be signed once and covers present and future student loans.

There are two steps to process and complete your MSFAA:

• Register online with the National Student Loans Service Centre (NSLSC) using your 10-digit MSFAA number, Social Insurance Number (SIN), and financial institution account information.
• Complete the online MSFAA by confirming your personal and contact information, completing your communication preferences, entering your banking information, and accepting the terms and conditions of the loan agreement.

The MSFAA must be completed by students receiving their first federal or provincial loan and by students who have had a break in their studies of more than two years. It is important to note that the MSFAA will not display grant or loan amounts, and students will receive a Notice of Assessment from their province or territory indicating their student aid amount.

Student eligibility requirements

To be eligible for student financial assistance in New Brunswick, you must meet the following requirements:

• Be a Canadian citizen, a permanent resident, a protected person, or an individual registered under the Indian Act, regardless of your citizenship.
• Be a resident of New Brunswick, as defined by the program.
• Demonstrate financial need according to the program criteria. This includes considering your family income and financial needs for covering tuition fees and living expenses.
• Be enrolled or qualified to enroll in an approved degree, diploma, or certificate program of a minimum of 12 weeks in length at an eligible post-secondary institution.
• Maintain a minimum course load of 60% of a full course load or 40% if you are a student with a disability.
• Maintain a satisfactory scholastic standard.
• Not be delinquent or in default on a previous student loan.
• If you are 22 years of age or older and applying for the first time (for provincial funding only), you must not have a history of credit abuse.

Additionally, there are specific requirements for students with disabilities, permanent residents, protected persons, and dependent students.

Funding for full-time students

• Student loans—money that has to be repaid
• Grants and bursaries—money that does not need to be repaid

Full-time students are those taking at least 60% of a full course load, or at least 40% if they have a disability. To be eligible for funding, students must meet the following criteria:

• Be a Canadian citizen, a permanent resident, a protected person, or an individual registered under the Indian Act, regardless of citizenship
• Be a New Brunswick resident, as defined by the program
• Have a financial need according to program criteria
• Be enrolled or qualified to enroll in an approved degree, diploma, or certificate program of a minimum of 12 weeks in length at an eligible post-secondary institution
• Maintain a satisfactory scholastic standard
• Not be delinquent or in default on a previous student loan
• Not have a history of credit abuse if applying for provincial funding and are 22 years of age or older

Students must also not have exceeded the number of years it should take to complete their full-time program, plus one additional study period, nor reached the lifetime assistance limit of 340 weeks of funding (400 weeks for doctoral studies, 520 weeks for students with disabilities).

The application process for funding includes submitting the following information:

• Social Insurance Number (SIN)
• Email address
• Mailing address
• Permanent address (if different from the mailing address)
• Employment history
• Academic information, including the name of the program of study, start and end dates, educational institution name and phone number, and educational history
• Income from the previous year's Income Tax Return
• Scholarships, bursaries, and other education-targeted funding

Once all documents have been submitted, applications are normally processed within two to four weeks. The deadline to apply is six weeks before the study period ends, as funding cannot be released after this date.

The 2023-2024 funding maximums are as follows:

• Canada Student Loan—up to $300 per week of study
• New Brunswick Student Loan—up to $200 per week of study
• Canada Student Grant for Full-Time Students—$525 per month of study
• Canada Student Grant for Full-Time Students with Dependants—$280 per month of study per child
• Canada Student Grant for Students with Disabilities—$2,800 per academic year
• Renewed Tuition Bursary—up to $3,000 for university students or $1,500 for college students
• New Brunswick Bursary—up to $160 per week of study
• Canada Student Grant for Services and Equipment—Students with Disabilities (Separate Application)—up to a maximum of $20,000 per academic year

Funding for part-time students

The Government of Canada and the Government of New Brunswick work together to provide funding for part-time students. This funding is intended to supplement other resources to pay for post-secondary education.

To be eligible for part-time student financial assistance, you must:

• Be a Canadian citizen, a permanent resident, a protected person, or an individual registered under the Indian Act, regardless of your citizenship.
• Be a New Brunswick resident, as defined by the program.
• Have a financial need according to program criteria.
• Be enrolled in 20-59% of a full course load at an eligible post-secondary institution.
• Have not reached the maximum $10,000 in Part-Time Canada Student Loans.
• Not be in default of a full-time or part-time Canada Student Loan and/or a Canada Apprentice Loan.

You are not eligible for part-time assistance if you:

• Have a family income above the applicable thresholds.
• Have reached the part-time loan limit of $10,000.
• Are enrolled in a program of study that does not have a full-time equivalent.
• Did not successfully complete the courses you were given part-time funding for in the past.
• Are an international student.

The application process for part-time students is different from that of full-time students. Your school (public or private) can be anywhere in the world if it has been approved.

The New Brunswick Student Financial Assistance Program offers two types of funding:

• Student loans – money that has to be repaid.
• Grants and bursaries – money that does not need to be repaid.

Funding is available for both full-time and part-time students and is based on factors including family income. The student financial assistance program can help cover the following costs:

• Tuition and other mandatory fees.
• Books and supplies (when applicable).
• Return transportation.
• Childcare (if applicable).
• Incidental allowance (part-time students only).
• Computer-related costs (full-time students only).

Assistance is available to full-time and part-time post-secondary education students who meet the eligibility requirements. Applications are normally processed within two to four weeks, and funding reviews are typically processed within four to six weeks.

Repaying your student loan

Understanding your loan agreement:

Before delving into repayment, it is crucial to understand the terms and conditions outlined in your Master Student Financial Assistance Agreement (MSFAA). This agreement is a legal contract between you and the federal and provincial governments, detailing your responsibilities and conditions related to your student loans. Make sure to carefully review and comprehend the MSFAA before signing it.

Repayment timeline:

After completing your studies or reducing your course load to part-time, you will enter a six-month non-repayment period. During this grace period, you are not required to make any payments. However, interest may accrue on your loan balance. Once this period ends, you will need to start making regular loan payments.

Repayment options:

The National Student Loans Service Centre (NSLSC) offers various repayment options to suit your financial situation. You can log in to your NSLSC account to access their Virtual Repayment Counsellor. By answering a few questions, the counsellor will suggest the most suitable repayment option for you. Additionally, the NSLSC provides tools like the Repayment Assistance Plan (RAP) to help ease your financial burden.

Repayment process:

To make payments, you can log in to your NSLSC account and set up payment reminders. This feature will notify you of your upcoming payment amount and due date each month. You can also explore other payment options offered by the NSLSC. It is important to stay on top of your payments to maintain good standing on your loan.

Assistance with repayment:

If you are facing challenges with repaying your student loan, both the Government of Canada and the Government of New Brunswick offer repayment assistance. This support is available if you are experiencing financial difficulties or are unable to make your payments. You can contact the NSLSC and your provincial student financial aid office to discuss these repayment assistance options in detail.

Natural disaster considerations:

In the event that you are affected by a natural disaster, special provisions are in place to assist you with your student loan payments. You can contact the NSLSC to fast-track your application for the Repayment Assistance Plan and explore options to manage your loan during this challenging time.

Frequently asked questions