Quebec Student Loans 2019, Eligibility and Application Process : Current School News


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Quebec Student Loans 2019, Eligibility and Application Process.

Loans and BursariesLoans and BursariesProgram enables Québec students with insufficient financial resources to pursue full-time secondary school level vocational training, college or university studies.

Quebec Student Loans 2019

This program is contributive in nature, meaning that students and, if applicable, their parents, spouse or sponsor are primarily responsible for the cost of their education.

Eligibility Requirements

You may qualify for the Loans and Bursaries Program if:

  1. You are a Canadian citizen or a permanent resident, refugee or protected person within the meaning of the Immigration and Refugee Protection Act.
  2. You reside or are deemed to reside in Québec when applying for financial assistance within the meaning of the Regulation respecting financial assistance for education expenses.
  3. You are or will be admitted to an educational institution recognized by the Minister.
  4. You are a full-time or deemed full-time student.
  5. You have not exceeded the number of months of eligibility for which financial assistance may be awarded.
  6. You have not reached the debt limit for your level of education, type of degree or program.
  7. You do not have sufficient financial resources to pursue your studies.

Guarantee Certificate:

You need the Guarantee Certificate to receive the financial assistance awarded to you. The certificate will be available several days before the start of the session, once your school’s student aid office confirms your student status.

You will receive email notification when the Certificate is available in your file, which can be accessed through On-Line Services. Print the Certificate and bring it to your financial institution.

Payment

Your financial assistance is deposited directly into your bank account. You first need to bring your Guarantee Certificate to your financial institution.

Payment Dates

If you have a loan and a bursary, payment is made on the first of each month. If the first day of a month falls on a Saturday, Sunday or statutory holiday, payment will be made on the next business day.

Your financial assistance will initially be paid as a loan. At the end of the academic year, the portion that corresponds to a bursary will be deducted from your loan debt through the loan-to-bursary conversion.

If you have a loan only, payment is made at the start of each term. Use our On-Line Services to check your Financial Assistance Statement and find out the amounts of the payments planned during the year.

1. Loans Program

Under the Loans Program for Part-Time Studies, financial assistance is awarded on a per-term basis, as a loan. Educational expenses and childcare expenses, if applicable, are considered in the assessment of the loan to be awarded.

Eligibility Requirements for the Loans Program.

You are eligible for the Loans Program for Part-Time Studies if:

  1. you are a Canadian citizen or have permanent resident, refugee or protected person status as set out in the Immigration and Refugee Protection Act
  2. you reside in Québec when applying for financial assistance
  3. you are a part-time student, not deemed full-time
  4. you are enrolled at a recognized educational institution
  5. your courses comprise the following number of credits or course hours:
  6. Secondary school vocational training: 76 to 179-course hours
  7. College: 76 to 179-course hours
  8. University (undergraduate, graduate and doctoral programs): 6 to 11 credits
  9. you have not exceeded the maximum number of months of studies for which financial assistance can be awarded
  10. you have not reached the established Loans Program for Part-Time Studies debt limit

Loans Program Payment

Your financial assistance is deposited directly into your bank account. You first need to bring your Guarantee Certificate to your financial institution. Loan payment is made at the start of each term.

2. Aide Financière Aux études’

The AFE’s full-time and part-time loan programs are considered separate entities and a change in status can directly impact the amount of aid you can get, as well as your loan repayment. Your Aide financière aux études (AFE) status (i.e., full- vs part-time studies) plays a key role in your aid dealings and payments.

Full-time Students

The AFE’s full-time program applies to students who are registered for at least 12 credits per semester during their undergraduate degree. A full-time coop semester might be recognized as full-time registration by the university and AFE, but does not allow for AFE funding eligibility.

Graduate students working on their thesis are considered full-time in each term, whether they are registered with credits or not.

Part-time Students

The AFE’s part-time loan program applies to students who are registered for 6 to 11 credits per semester. Students who are restricted to registering part-time due to special circumstances should investigate if they qualify for being deemed full-time (info below), as this status can prove to be more financially beneficial.

Eligibility Requirements

  1. You may qualify for the Loans and Bursaries Program if:
  2. You are a Canadian citizen or a permanent resident, refugee or protected person within the meaning of the Immigration and Refugee Protection Act.
  3. You reside or are deemed to reside in Québec when applying for financial assistance within the meaning of the Regulation respecting financial assistance for education expenses.
  4. You are or will be admitted to an educational institution recognized by the Minister.
  5. You are a full-time or deemed full-time student.
  6. You have not exceeded the number of months of eligibility for which financial assistance may be awarded.
  7. You have not reached the debt limit for your level of education, type of degree or program.
  8. You do not have sufficient financial resources to pursue your studies.

Loan Repayments

Upon graduation (or when you interrupt your studies), you will have to consider the repayment of your loan debt. The Scholarships and Student Aid Office regularly offers workshops on this topic through the Frugal Scholar Program.

The Quebec government pays the interest on your loan while you are considered a full-time student. The interest starts accruing on your loan at the beginning of the first month following your last day of full-time studies. You may choose to repay your loan in part or in full upon graduation, but you also have the options to:

  • wait until 6 months after the end of your studies to start repaying your debt; or
  • add the interest that has accumulated over the 6 months to your overall debt.

If you are a full-time student who fell into repayment with AFE because you have not applied for financial aid this year, contact the office. Which will confirm your status to AFE, which will stop the interest accruing on your loan.

FAQs About the Quebec Student Loans

When should I apply?
You should apply as soon as you’re accepted to the college.

Where can I find the application forms?
You can apply online at AFE Aide financière aux études Québec as early as May.

How long will the application take to process?
About 4-6 weeks.

How much money will I receive?
Financial Aid is not a scholarship. The government will decide the amount of money you may receive depending on your actual financial situation.

Can I also get a bursary?
At the CEGEP level the first $1,980. a student receives is in the form of a loan. Following that, if you’re still eligible for more financial assistance, additional money will come in the form of a bursary.

When must I pay back my student loan?
You’ll start repaying your loan 6 months after you finish your studies and when you have a job. There’s no interest as long as you’re in school full-time.

What is a Guarantee Certificate?
The Guarantee Certificate is a document that is issued by AFE after a student’s application has been processed and a calculation of financial assistance has been assessed.

The Guarantee Certificate is then sent to the Financial Aid Office at the college; as of the second week in August, students can pick up their Guarantee Certificate and bring it to their bank.

The next year that a student applies for financial assistance, there is no second Guarantee Certificate issued; it is only issued to start the process of receiving financial assistance through a student loan bank account.

If a student takes a break from receiving financial assistance for a period of over six months, and then re-applies for loans and bursaries, a second Guarantee Certificate will be issued.

What is the difference between a loan and a bursary?
The loan part of your financial assistance will need to be repaid to your financial institution (bank) whereas the bursary component of your financial assistance does not need to be paid back to your financial institution (bank)

When do I have to pay back my student loan?
Six months after you finish your studies, including university, as long as you are a full-time student without interruption in your studies of more than six months.

CSN Team.

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