Student Loans
Unlike scholarships and bursaries, Student Loans must eventually be repaid. It is therefore advantageous to receive money from scholarships and bursaries, but they generally do not cover as many expenses. It is possible (but not guaranteed) to receive Student Loans in the thousands of dollars, which may pay for all of your tuition and supplies.
There are two major places were you can apply for a Student Loan.
- Post-Secondary Education Financial Assistance Program (Government Student Loans)
- Your local bank or credit union
Government Student Loans
Government-subsidized loans are not handouts. They must be paid back. However, they are a good deal because you don't make payments or pay interest on them while you are a full-time student. Once you have finished school, you have to pay them back, whether you graduate or not. Same thing if you course load falls below the minimum requirement.
Student loans are not intended to cover the entire cost of you education. You, and in some cases your immediate family (usually if you are considered a dependant), are expected to contribute as much as you can. The money from your student loan is to pay for food, shelter, tuition, books, and school supplies. It's NOT for vacations, paying off debts, or buying a new stereo system or car.
The system for student loans in Canada is split between the federal and provincial government. If you receive a Student Loan, usually the amount is split between the two levels of government. Students applying for a Government Student Loan need to apply to the province they belong to (Manitoba for Kelvin students).
Visit the Manitoba Student Aid website at: www.studentaid.gov.mb.ca specific information and applications.
*Disclaimer*
Do not assume that the information provided on this page is totally accurate and up-to-date. It is the responsibility of the student to do his/her research early in order to meet deadline or criteria changes. In the event of discrepancies between this site and the Manitoba Student Aid website, the Manitoba Student Aid website shall prevail.
Who Can Apply?
Here is the eligibility list in order to apply for a Government Student Loan (you must fill all of the requirements).
 | Canadian citizen, or permanent resident (landed immigrant), or Protected Person, as defined under Canadian Immigration Legislation |
| Manitoba resident. (Generally, you are a resident if you've lived in Manitoba for the last 12 consecutive months before your post-secondary study period, not including time spent in post-secondary studies) |
| Studying at an institution that is designated or is eligible to be approved for Canada Student Loans Program funding. If you're not sure, visit the Manitoba Student Loan - Institutions & Program web page |
| Program of study is also approved and is a minimum of 12 weeks in length within a period of 15 consecutive weeks. |
| Not in default of previous federal or provincial student financial assistance |
| Can pass a credit check (for those 22 years of age or over, and applying for the first time) |
Your application tells the government how much your education and living expenses will be and how much money you have to put towards your education. The shortfall between these two is the basis for deciding how much assistance you get, if any.
| Allowable Expenses - | Your Resources = | Your Assistance |
| tuition | employment earnings | up to the maximum |
| compulsory fees | scholarships | |
| books and supplies | savings and investments | |
| living allowance | pre-study work contributions | |
| assets | ||
| vehicles | ||
| parental contributions |
To help estimate what your student loan might be, check out the Student Loan Estimator on the Canada Student Loans Program (Human Resources Development Canada) website at www.canlearn.ca
Are you a dependant?
Generally you are considered to be a single dependent student unless:
| you have been out of high school for a minimum of 4 years; |
| you have been in the workforce for at least 12 months in a row on two or more occasions and you were not a full-time student during that time; |
| you are, or were, a permanent ward of a child and family services agency; or |
| your parents are deceased and you have no legal guardian. |
As a single dependent student, your parents may be expected to assist you financially to help pay for the cost of your education. Contact Manitoba Student Aid if you feel you have special circumstances.
When and How do I apply?
Apply for a student loan as soon as you know the name of your school, your program, and the start and end dates. It may take up to five weeks to process your loan application, or longer if your application is not completed properly, so plan ahead.
There are two ways in which on may apply:
- Paper application that you mail in (approx. 5 weeks to process)
- On-line application that you can save and return to at any time (approx. 2 weeks to process)
It is suggested that you fill out a paper application first so that you know what information and research you need to do, and then use the paper copy to fill out an online application. (The online application is set up in the same way as the paper application) This way your application will likely be processed sooner.
You may apply for a Student Loan as late as December of your post-secondary year (e.g. if you are applying for the 2004-2005 academic year, December 2004), but it is suggested that you apply in May or June (e.g. May/June 2004).
Suggestions / Tips
Here are a few suggestions and tips from Trevor, the Career Intern from past experience:
| Read all the material with the application form before filling out an application. |
| Never, NEVER lie on your application. Random audits are conducted every year and if it is found that you lied on your application, you won't be able to apply for another Government Student Loan, EVER. |
| If the application asks for financial data that has not occurred yet (e.g. the application asks for Earnings from employment till the end of August, and it is currently June), give an honest estimate. If the amount you estimated turns out to be very different from the actual amount, you have the option to contact Manitoba Student Aid and inform them of the discrepancy, and they most likely will adjust accordingly. |
| Keep a permanent file of all correspondence with the student loan office, you never know when you will need the information. |
| When you do receive any correspondence, make sure you read it carefully and note any documents/materials you may need to submit and the dates they are due. If you miss a due date, you may miss your chance of receive money. |
| Keep track of all the money you earn from jobs, especially summer jobs, as you will need this information to gain access to your second semester loans. |
| If you are entitled to a loan and do not seem to be receiving it after a week of the specified time, contact Manitoba Student Aid. |
| If you receive a loan, most likely some of it will be put towards your tuition directly, so you won't ever handle that amount. The balance (if any) will be deposited into your bank/financial institution account. |
Local Bank or Credit Union Student Loans
Most banks and credit unions have loans specifically for students. The conditions of the loan are usually different from regular loans. Generally bank loans:
| Are lower in interest than their regular loans |
| Do not have to repay the principal (the amount you borrowed) until you are no longer a student, but do have to make payments on the interest from the beginning |
| Have a maximum that can be borrowed each year |
| Need a co-signer (another person who is responsible for the loan, usually a parent) |
Keep in mind that each financial institution may be different and have different requirements/obligations with student loans. If you are considering a bank student loan, be sure to visit one of their loan officers with a parent/guarding for more specific details/information.
*Some of the information on this page has been adapted from the Manitoba Student Aid website