Student Financial Assistance Full-Time Post-Secondary Students 2018-2019 - Student Financial Services Branch Department of Post-Secondary ...
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Student Financial Assistance
Full-Time Post-Secondary Students
2018-2019
Student Financial Services Branch
Department of Post-Secondary Education, Training & Labour
May 2018
1Agenda
Student Financial Services Branch Role
Eligibility Requirements
Types of Funding Available
Assessment Process
Application Process
Questions
2Student Financial Services Branch
Providing
needs-based
student financial
federal $ assistance $ provincial
to qualifying
New Brunswick
residents.
3What Assistance is Available?
One application = you will be automatically considered for all
provincial and federal loans, grants and bursaries
Exception = Canada Student Grant for Services and Equipment for
Students with Permanent Disabilities
4Are You Eligible for Funding?
You are eligible for student financial assistance if you:
• are a Canadian citizen, have permanent resident status, are
considered to be a protected person as defined in the Immigration and
Refugee Protection Act, or are registered with the federal government
as a Registered Indian under the Indian Act, regardless of your
citizenship;
• are a resident of New Brunswick
• demonstrate a financial need;
• are enrolled in, and maintain, a minimum, of 60% of a full-time course
load. Students with a permanent disability may enrol in at least 40%
of a full-time course load;
• are enrolled in a degree, diploma or certificate program that is at least
12 weeks in duration at a designated post-secondary educational
institution;
5Are You Eligible for Funding? (cont’d)
You are eligible for student financial assistance if you:
• maintain a satisfactory scholastic standard;
• are not in default on a previous student loan;
• pass a credit check which is only required if you are a student of 22
years of age or older who is applying for a student loan for the first
time;
• are not beyond your program length, plus one additional study period;
• are not beyond 340 weeks of eligible assistance. This is 520 weeks
for students with permanent disabilities.
6Types of Funding Available
Loans (funding which is borrowed and repaid with interest):
Integrated Canada Student Loan and New Brunswick Student
Loan
• Government of Canada provides 60% of your assessed
need, up to a maximum of $210 / week of study.
• Government of New Brunswick provides 40% of your
assessed need, up to a maximum of $140 / week of study.
7Types of Funding Available (cont’d)
Grants/Bursaries (funding which in non-repayable):
Canada Student Grant for Full-Time Students
Students from low and middle income families, who meet the
eligibility requirements, can receive a maximum of $375/month
of study. This grant is available for all years of full-time
studies in an undergraduate university or college program of
at least 60 weeks in duration.
8Eligibility Threshold Tables
Canada Student Grant for Full-Time Students
Family Previous Year’s Gross Annual Previous Year’s Gross Annual
Size Family Income for Max. Funding Family Income Cut-Off
1 $30,000 $61,513
2 $42,426 $86,031
3 $51,962 $102,638
4 $60,000 $112,817
5 $67,082 $122,229
6 $73,485 $131,177
7+ $79,373 $138,897
9Types of Funding Available (cont’d)
Free Tuition Program (FTP)
This is a non-repayable provincial bursary designed to help by providing
more upfront funding to students from families with the greatest financial
need. The FTP, in conjunction with the Canada Student Grant for Full-Time
Students, will provide an amount equivalent to tuition costs.
(Example: Mark’s tuition is $6200, he receives $3,000 in Canada Student
Grant for Full-Time Students and $3,200 in FTP.)
To be eligible, you must meet all of the following requirements:
• demonstrate eligibility for federal and provincial funding;
• be enrolled full-time in an undergraduate degree, diploma or certificate
program, at a publicly funded university or college in New Brunswick;
• have a gross family income of $60,000 or less;
• not have exceeded the loan year FTP max. of $10,000 for university/$5000
for college students;
• not have exceeded the FTP lifetime limit.
10Types of Funding Available (cont’d)
Tuition Relief for the Middle Class (TRMC)
This is a non-repayable provincial bursary. It is delivered in conjunction with the
Canada Student Grant for Full-Time Students and will provide tuition relief. The
value of the TRMC is based on family size and income. The amount of tuition
relief decreases as the student’s family income increases, until they reach a
maximum income cut-off.
To be eligible, you must meet all of the following requirements:
• demonstrate eligibility for federal and provincial funding;
• be enrolled full-time on/after August 1, 2017, in an undergraduate degree,
diploma or certificate program, at a publicly funded university or college in
New Brunswick;
• have a gross family income greater than $60,000;
• not have exceeded the loan year FTP and TRMC combined max. of $10,000
for university / $5000 for college students;
• not have exceeded the FTP and TRMC combined lifetime limit.
11Income Thresholds for Tuition Relief for the Middle Class
Family Size Previous Year’s Gross Annual
Family Income Cut-Off
1 person $75,000
2 persons $75,000
3 persons $90,000
4 persons $100,000
5 persons $108,000
6 persons $116,500
7 persons or more $123,500
12Types of Funding Available (cont’d)
Canada Student Grant for Students with Dependants
Students who meet the eligibility requirements can receive
$200/month, per child who is under 12 years of age or a dependant
with a permanent disability who is 12 or older.
Canada Student Grant for Students with Permanent
Disabilities
Students with permanent disabilities can receive $2000 per year to
cover the costs of accommodations, tuition and books.
New Brunswick Bursary
• students assessed need must be greater than the max. student
loans available;
• students can receive up to $130 / week of study;
• students must maintain a full-time course load.
13Types of Funding Available (cont’d)
Canada Student Grant for Services and Equipment for
Students with Permanent Disabilities
• students with permanent disabilities who have exceptional
education-related costs (tutors, note-takers, interpreters,
braillers or technical aids) can receive up to $8000 / year;
• students must qualify for student financial assistance.
NOTE: A separate application form is required for this grant.
14The Assessment Process
• student category is identified
STEP 1
• education and livings costs are assessed
STEP 2
• resources are determined
STEP 3
• financial need is calculated
STEP 4
15Student Category
Single dependent
Single parent
Married or common-law
Single independent
16How Is Your Assistance Calculated?
A standardized process is used to calculate the amount of
assistance you are eligible to receive. The formula is:
Allowable Costs
• living allowance Resources
shelter • fixed student contribution
food • targeted resources
local transportation • merit-based scholarships and
_ needs-based bursaries
• educational costs = Assessed Need
tuition • parental contribution
• partner contribution (if applicable)
books/supplies
computer-related
• return transportation
• child care (if applicable)
Students with a “Positive Assessed Need” will be eligible for assistance.
17Fixed Student Contribution Low Income Threshold
• Students with gross family income from the previous year equal to or below the
low-income threshold will contribute up to $1,500/academic year.
• Students with gross family income from the previous year above the low-income
threshold will contribute an additional15% of income above the threshold to a
maximum of $3,000/ academic year.
Family Size Gross Annual Family Income
1 $30,000
2 $42,426
3 $51,962
4 $60,000
5 $67,082
6 $73,485
7+ $79,373
18Example of an Assessment
Mark is a dependent student.
he is attending a full-time 34-week university program
he is living away from home while studying
his parents total gross income is $70,000
he has no siblings
19Example of an Assessment (cont’d)
COSTS RESOURCES
Tuition & fees: $6,805 Fixed Student Contribution:
Books: $1,200 $2,942
Computer allowance: $500 Scholarships $200
Living allowance: $7,480 Parental contribution: $649
Return transportation $138 Total: $3,791
Total: $16,123 parental contribution will be removed for
the assessment of NB Student Loan
Costs – Resources = Assessed Need (up to program maximums)
$16,123 - $3,791 = $12,332
20Example of Notice of Assessment
NOTICE OF ASSESSMENT
Your request for student financial assistance for the period of study listed below has been assessed:
UNB – Fredericton
B Arts – Year 1 of 4
September 1, 2018 – April 30, 2019
As a result of this assessment, the following funding will be available to you during this period of
study:
Type of Funding Total = 2018/09/01 + 2019/01/01
Amount
NB Tuition Relief for the Middle Class Bursary $2,861 $1,431 $1,430
Canada Student Grants for:
-Full-Time Students $1,895 $948 $947
Canada Student Loan $3,788 $2,273 $1,515
NB Student Loan $4,048 $2,429 $1,619
Total Funding $12,592 $7,081 $5,511
21Maximum Funding
University College
(34 weeks/8 months) (42 weeks/10 months)
Canada Student Grant (CSG) for Full-Time
Students (up to $375/month) $3,000 $3,750
Free Tuition Program (FTP) amount amount
or determined based on CSG-FT determined based on CSG-FT
Tuition Relief for the Middle Class (TRMC) value and tuition amount value and tuition amount
Canada Student Loan
($210/week) $7,140 $8,820
N.B. Student Loan
($140/week) $4,760 $5,880
CSG for Students with Dependants
($200/month per child, if applicable) $1,600 $2,000
CSG for Students with Permanent
Disabilities ($2,000/academic year, if $2,000 $2,000
applicable))
N.B. Bursary
($130/week) $4,420 $5,460
CSG for Services and Equipment for
Students with Permanent Disabilities (actual up to a max. of $8,000 up to a max. of $8,000
costs, if applicable)
22How and When Do You Apply?
How?
• apply using the online application at studentaid.gnb.ca
or
• complete and submit a paper application form
When?
• apply as soon as possible, once the 2018-2019
application is available
• completed application form, with all required information,
must be received a minimum of eight weeks before the
start date of your program in order to receive funding by
the time your classes begin
23Application Process
Once your application is assessed and if eligible, you will receive:
a Notice of Assessment (NOA) by mail
-shows the amounts that you have been assessed to receive
-includes your 10 digit Master Student Financial Assistance
Agreement (MSFAA) number used to register with the National
Student Loans Service Centre (NSLSC)
a Welcome Email from the NSLSC. It will direct you to:
-confirm your identity and register for your online account
-complete your electronic MSFAA in order to receive funding
24Application Process (cont’d)
Funding is normally issued in two disbursements:
1. first disbursement will be deposited into your bank account near
the beginning of your academic year
2. second disbursement will be deposited into your bank account at
the mid-point of your academic year
25Contact Information
Student Financial Services
Telephone: (506) 453-2577 (Fredericton area or outside toll free zone)
Toll Free: 1-800-667-5626
Website: studentaid.gnb.ca
National Student Loans Service Centre
Telephone: 1-888-815-4514
Website: canada.ca/student-financial-assistance
26Questions? 27
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