Canadian Government Student Aid Best Practices Presented by
Cara Piperni ANZFAA Melbourne, Vic. October, 2014
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Agenda Streamlined processes & systems Your key
interactions Services and financial literacy
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YOUR KEY INTERACTIONS WITH GOVERNMENT OR STUDENTS
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Being a Designated School
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Program Recognition Program of Study Start and End Date for
academic year Number of Years for on-time completion Costs
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Determining Residency A student may need help determining which
province to apply through In general A Canadian citizen, a
permanent resident of Canada or designated as a protected person
The province/territory where they are considered a permanent
resident
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Need assessment: If you think its complicated, its utterly
baffling to students! Ref: Its Complicated: An Interprovincial
Comparison of Student Financial Aid by Jordon MacLaren, July
2014
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Need Assessment Determination of a students need Allowable Cost
Resources = Assessed Need Direct students to Estimators/Calculators
Calculation of federal and provincial portions, as applicable
Student may need assistance understanding methods of appeal /
recognition of Special Circumstances
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Confirmation of Enrolment For a particular student, who is
receiving aid Year of study Course Load Changes in Cost
Continuation of interest-free status for a particular student With
previous loans but no new aid
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After-the-fact verification Report any changes for a particular
student Typically following add/drop registration period
Necessitates knowledge of how was originally reported on COA/COR
Very important: dropping under 60% course load Any concern about a
student
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Satisfactory Academic Program Based on year of study reported
by student If not SAP, may need an academic plan submitted
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SERVICES TO STUDENTS & FINANCIAL LITERACY
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Reporting Resources Student errors or misrepresentation can
have a devastating impact Also, urge student to be informed about
how/if to report any scholarship and need-based aid received by
institution
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Tools and Services Estimators/calculators NSLSC On-Line
Services (integrated loans) From CanLearn website Status and
balance of loans, transaction history Customize repayment, get
repayment assistance Includes a secure online mailbox to reduce
paper mailing and/or attachments to unsecure email addresses Big
push for student adoption
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Why use Government Sponsored Loans? Not charged interest while
in school Do not have to repay grants Do not have to make payments
for 6 months after leaving school Can may payments without penalty
There are programs designed to assist with repayment Interest on
government loans is tax deductible
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Loan Repayment Loan consolidation Consolidation letter, options
Loan Repayment Estimator (CanLearn) How to save money Serious
consequences of missing a loan repayment Avoiding repayment
difficulties
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Best option: Repayment Assistance If qualify, affordable
payment is calculated based on income and family size Payment could
be lowered or put on hold Must apply every 6 months thru NSLSC
Also: Revision of Terms (all borrowers) Interest-only payments, or
adjusting term up to max 174 months (14.5 years)
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Common Debt Regrets Not applying for government aid on time Not
maintaining a full course load Paying off government loans before
credit card/line of credit Consolidating government loans with
consumer debt Taking time off school to work/save Not filing income
tax returns Defaulting on government loans