NOVA SCOTIA STUDENT ASSISTANCE PROGRAM | HOW I MADE MONEY FROM MY STUDENT LOANS

[0:01]Hey everyone, Jake here from the Campus Catalog team. And in this video, we're going to be talking about the Nova Scotia Student Assistance Program. Now, this program is in place for post-secondary students that are studying in Nova Scotia and that might have a need for additional financial assistance. So essentially, this program helps students ensure that they're able to go through post-secondary education and take on lower interest loans in order to finance this education. So rather than going to a bank, this program is in place to help those types of students. In this video, we're going to cover what is the program, what is the eligibility requirement, what is the application process, what resources are available for you in order to help you with this process. And closer to the end of this video, I'm going to be discussing a little bit about how you can use these loans in order to access additional money. So you may be thinking to yourself right now, I don't actually need this money. I'm in a pretty good position. But if you wait till the end of the video, we're going to be talking about how by accessing this loan, you can unlock additional bursaries, scholarships and grants. So, stick around till the end of the video where we have that conversation. So, starting from the beginning, a description of this program, of this loan is the agency that administers the student assistance administers both the federal and provincial student portion of the loan. So, there's some money coming from the federal government and there's some money coming from the provincial government. This central agency administers both loans, so when you apply, you're actually applying for money from both of those institutions. I know that's a little bit confusing, but the key message there is you don't have to submit two different applications. Now, with respect to eligibility and determining whether you can actually access this money, you must be attending an approved full-time program at a post-secondary institution in Nova Scotia. And you must attend 60% of a full course load while maintaining satisfactory academic standing.

[2:22]You'll also have to pass a credit check, and you cannot have any student loans, previous student loans that are in poor standing, so meaning you you you can't have debt that is outstanding to the government.

[2:37]One thing that is important to take to to note here is if during your education you drop a course and you start working part-time, and you go lower than that 60% threshold, it's important to really be sure that you know the full scope of what happens whether when you go down below the 60% threshold. When I was in university, I dropped a class, making me a part-time student, and I didn't account for the student loan element of this and then was required to pay some of that money back earlier than I had anticipated. So if you are going to drop a course, make sure that you understand how this impacts your student loan eligibility. The application process is pretty straightforward, and it is outlined on the student assistance website. I'll share a link to that website in the description below. Essentially, what you need to do is log into their portal, create a user login for yourself and fill out some additional questions around, you know, what your income looks like, what program you're going to be participating in, how much your tuition is going to cost, and they're going to ask you some additional personal details to understand whether you're eligible for this loan. A key takeaway from that application process is even if you are denied funding for the first round, I encourage you to appeal or reapply for the loan in a subsequent year.

[4:15]Just because you were not given the money in the first year doesn't mean you won't get it in a second year. And that's actually what the situation which happened to me. I didn't get it the first year. I applied again the second year, and I was eligible.

[4:35]So, it's important to note that your circumstance can change or financial circumstance can change, and you can appeal the decision and a different decision can be reached in a subsequent year. In order to apply, you will need your social insurance number, and there is no fee for applying to this program. So, essentially, you are not risking anything, you're not losing out if you go ahead and just put in an application. The program is offered in English or the the administrative element of the program is offered in English, and so just be aware that that will be the primary language that's being used. Now, one of the things that you want to know while you're not really thinking about paying back the loans right now is when you graduate from university, there will be a little bit of a period where your loans are not due. And the important thing to note though, is that interest will start being charged to your account, to your loan amount upon graduation. So even though you're not required to repay that money until sometime in the future, they will start charging interest right away. And that's something that I didn't really pay attention to after I graduated. I thought I had more time before they started charging interest, but the interest is charged sooner than the time that you need to start paying that money back. So if you don't want to be charged interest, it might make sense for you to pay that down as quickly as possible. A common question with these loans are, does the government see how you are spending the money? And the short answer is, they are not looking into the details of how you are spending the money. So when you do receive that loan money, you can choose whether you need to spend it on clothes, groceries, or textbooks or tuition. They're not looking at the details of how that money is being spent. But keep in mind that upon graduation, you will need to repay that money rather quickly, and so if you do mismanage those funds, that is a liability that you're taking on for yourself.

[6:51]So I encourage you to allocate those funds in a conscious manner where you're initially paying down tuition, buying the books that are necessary and any additional funds that you do have left over, you're allocating it on a responsible basis. It may not be a good idea to use that money to go on a spring break vacation, just a heads up.

[7:13]On the student assistance website, there are a variety of great resources that I encourage you to check out. One of the resources is a calculator, which will look at what is your income, what are your expenses and give you an estimate of how much money you might be eligible for. Also on the website is a loan repayment estimator, which helps you understand upon graduation, what amount of money you need to pay back and how long it will take to actually make those payments. One thing I will add with respect to eligibility is that in order to receive this funding, you must either be a Canadian citizen, a landed immigrant or a protected person. For part-time students, there are loan loans available for you. It is a similar application process, but you do have to disclose that you are a part-time student, and your financing will vary based on the tuition that you are required to pay. Now, if you are a student that was planning to forgo applying for this type of funding, I strongly encourage you to submit an application either way. You can choose how much money you will take in the event that it is a a higher loan is offered. You do not need to take the full amount. You can choose to select an amount that is less than the maximum amount offered. Now, it is beneficial for you to apply and receive funding because many scholarships and grants ask the question whether you are receiving student loan funding from this program specifically. And many scholarships and grants require that you have received funding from this source. The reason why is they are seeking to support students that are in a lower bracket of ability to finance their education. So, they use the Student Assistance Program as a way to determine which students have already been screened for low finances in order to be able to eligible for their scholarships and grants. Now, I know the words scholarships and grants have different connotations to different for to different people, and maybe we're not familiar with what they mean. But essentially, it's money that is offered without a requirement to repay those that amount of money and is offered based on a variety of criteria that the scholarship or grant can determine. Sometimes it's based on financial need, sometimes it's based on area of focus in terms of education, and sometimes it's based on representation and seeing more minority groups represented in communities where they have not previously been represented. So by applying to the student assistance program, you're making yourself eligible for additional funds that you would not have been previously considered for. So at a minimum, it makes sense to apply for the loan. Now, I know that the website for the Student Assistance program is a little confusing to navigate. There are a lot of links and it's not really presented in a user-friendly manner. So I would highly encourage you to give yourself some additional time in order to navigate the application process. Don't wait until the last minute, the last week before your school starts in order to apply. Keep an eye on the website to see when applications open up and apply earlier in order to ensure that the funding is there for you when you start your university program. You want to make sure that the money is in your bank account so that you can pay your bills on time. So, spend some time on the website, get familiar with it, start the application process earlier, understand what information you will need in order to apply and then submit an application before well before the deadline. I hope this information has been helpful. Please leave your comment below around what questions you might have and I'll try my best to get back to you.