You may be able to get a debt reduction grant if you meet the following criteria:
The total amount of PSL must be more than $100.
Are there any limitations?
- There is a cap on the number of years to be considered for a Debt Reduction Grant. All post-secondary education programs have a standard length of time for completion. On average, a degree is a 4-year program, a diploma is a 2-year program, and a certificate is a 1-year program. Debt Reduction Grants only cover a degree/diploma/certificate’s standard length of time plus 1 year.
(For example, if it took six years to complete a four-year program, then the Debt Reduction Grant would only be considered for the first five years of the program [4 years +1 year = 5 years]. No grants would be awarded for the 6th year.) - The Debt Reduction Grant awarded cannot exceed the amount borrowed.
(For example, if a student borrowed $1,500 in provincially funded student loan in 2020, then the maximum amount of debt reduction grant awarded would be $1,500, instead of $3,500.)
Proof of residency in Province
For example:
- lease agreement
- rent receipt
- household bill
- gas
- electricity
- cable television
- telephone
- driver's license
- vehicle registration or car insurance
- membership in social or professional organization
- Other:
- bank information
- employment information
Proof of Post-secondary degree
For example:
Degree/transcripts.
All graduates must apply within the 3-year period following their graduation date.
As part of the application process, you will be required to submit the following:
- A complete Debt Reduction Grant application;
- A copy of your degree, diploma, or certificate; and
- Two forms of verifications for proof of PEI residency. All verifications should be dated within the previous 6 months prior to submitting your application to the office.