Saskatchewan Student Loans | Review & Updates 2024

Saskatchewan Student Loans | Review & Updates 2024: Just like every other student’s loan consolidation, Saskatchewan Student Loans is a student loan provider owned and managed by the government of Canada

The main aim of the Saskatchewan Student Loans is to provide financial assistance to students who may not be financially ready to sponsor themselves through college or universities

So, if are about to hit college or university in Canada but lack the financial capacity, the Saskatchewan Student Loans got you covered

It is available in form of loans and grants for students including undergraduate, graduate, MBA Bar Exam programs, and many more

Both full-time and part-time students can access this loan or grant if applicants are qualified

Saskatchewan Review

Know fully well that, this loan is for Canadian students including foreign students with permanent residency, and it is available for both full-time and part-time students of colleges and Universities across Canada

One good thing about this loan is that it is calculated based on the number of weeks of study, meaning, the grant or loan you receive will depend on the weeks of study

Students only pay for interest only after 6 months of studies, however, the interest accumulates on an account of loan default

Saskatchewan Loans for Part-Time Studies

Some students are not full-time, they only study at a particular time of the year, the Saskatchewan Loans for Part-Time Students can go up to $10,000, for students taking between 20 and 59 percent of a full course

When you borrow up to $10,000, there is no originating fee, application fee, or hidden charges elsewhere, you only pay for the interest, which comes after your studies

However, interest will accumulate on account of loan default or after 6 months of graduation

Student Categories

The Saskatchewan Loans has made it easy for application and disbursement to be made, once you applied, you will be classified into categories, and these categories will calculate your financial need

1. It is a common-law relationship (i.e., living with the person you are in a relationship with for a minimum of 12 consecutive months before the first day of class of the current study period).

2. A Single Parent Student: Has custody of one or more children at least 50 percent of the time; and

3. Is not married or common-law.

4. Has No Children

5. Has been out of high school for less than four years before the first day of class of the current study period

6 Has been in the workforce for at least two years (two periods of 12 consecutive months) before the first day of class of the current study period.

7 Is legally married

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Saskatchewan Student Loans | Review & Updates 2023

Eligibility Criteria

You may be eligible for a Canada Student Loan for Part-Time Studies if you are:

1 Enrolled in a degree, diploma, or certificate program (minimum 12 weeks within a 15-week period) at a designated post-secondary institution;

2 Successfully complete all courses for which they provided funding

3 Pass a credit check if you are 22 or older and applying for a Canada Student Loan and Grant for the first time.

4 From a low- or middle-income family as defined by the Canada Student Loans Program;

5 Enrolled in 20 to 59% of a full course load

6 A student with a permanent disability, and you are taking 40 to 59 percent of a full course load. You can choose to be full-time or part-time.

Your First Student Loan Application

Once they have assessed your application, first-time applicants will receive an information package posted to your online account including:

1. A Notice of Assessment with information on the amount of your assistance including the payment schedule for your student loan and grants.

2. Your 10-digit Master Student Financial Assistance Agreement (MSFAA) number;

3. Instructions on what to do with the MSFAA number to get your assistance.

Repaying Your Student Loan

The Saskatchewan Loans refinancing aka the student loan consolidation is paid 6 months after leaving college or higher institutions. A letter will be sent to you as a reminder from the National Student Loans Service Centre

Payment is not strict, you can negotiate your payment plan depending on the nature of the job you have or how your earn from your place of work, all you have to do is to meet the National Student Loans Service Centre and have a talk with them

Saskatchewan Student Loans | Review & Updates 2024