Nova Scotia Education Loan Forgiveness System

At the time of 1 2019, the Nova Scotia Loan Forgiveness Program can eliminate all Nova Scotia debt for eligible borrowers who study at Nova Scotia universities august.

Nova Scotia pupils graduating from Nova Scotia non-professional undergraduate programs may no further need to repay the provincial part of their student education loans. Graduates can get five many years of loan forgiveness, as much as $20,400.

Nova Scotia Loans issued on or after 1 August, 2015 might be qualified to receive Loan Forgiveness.

Loan Forgiveness works differently for pupils by having A permanent impairment, head to Permanent Disabilities Loan Forgiveness system for information.

Eligibility

Eligibility requirements:

You need to graduate from an undergraduate, non-professional level program at a Nova Scotia college.
it should be very first degree that is undergraduate for the Loan Forgiveness Program.
The degree that is entire be finished within eight many years of beginning it.
In many situations, the qualifying degree may include credit transfers which can be made under inter-institutional agreements (often known as a Letter of Permission).

Qualified quantity:

You will be assessed for Loan Forgiveness for your first four years of study toward that level in the event that you graduated before 1 August, 2017, and took five or maybe more years to accomplish your level.
You will be assessed for Loan Forgiveness for your first five years of study toward that degree if you graduated after 1 August, 2017, and took five or more years to perform your level.
In the event that you graduate(d) before 1 August, 2019, you really need to have an overall total combined government student loan financial obligation (CSL and NSSL) higher than $28,560.
In the event that you graduate after 1 August, 2019, your Nova that is entire Scotia Loan could possibly be forgiven (up to your five 12 months optimum).

How exactly to use

All students are immediately examined for eligibility beneath the Nova Scotia Loan Forgiveness Program if they graduate.

When scholar Assistance gets notice from your own university we will assess your forgiveness amount on any Nova Scotia Student Loans you have received since August 2015 based on the program criteria that you have graduated.

In addition, we are going to additionally determine you received during the August 2011-July 2015 academic years whether you may qualify for Debt Cap benefit avant personal loans for any Nova Scotia Student Loans.

You shall get a page by mail that notifies you you’ve been assessed when it comes to Nova Scotia Loan Forgiveness Program additionally the number of your Nova Scotia education loan that will be forgiven.

In the event that you owe any amount in your Nova Scotia education loan, this system can pay as much as 100percent of any outstanding Nova Scotia education loan quantities.

Than you receive in Loan Forgiveness (i.e. if you have already paid back some of your loan) the difference will be paid toward your Canada Student Loan if any if you owe less on your Nova Scotia Student Loan. Any remaining quantity will be delivered to you in the shape of a mailed cheque.

Just how long it requires

It will simply take 3-6 weeks through the date graduation info is submitted to get a letter regarding your evaluation when it comes to Nova Scotia Loan Forgiveness Program.