You may be able to get a debt reduction grant if you meet the following criteria:
- You have graduated from your program, earning either a degree, diploma, or certificate.
- Your yearly debt must be more than $6,000 in combined federal and provincial student loans, with at least $100 in provincial student loan.
- Only provincial student loans for the years you were enrolled in a program from which you graduated are eligible for debt reduction assistance.
- Year of study is based on the minimum required length of the program, plus one year. For example, if you require six years to complete a four-year program, you are eligible for a debt reduction grant for only five years of study (4+1=5).
- The amount of debt reduction grant cannot exceed the amount of provincial student loan for that year. For example, if you borrowed $1,500 in provincial student loan during one year, the maximum amount of debt reduction grant offered would equal $1,500.
- Proof of residency: You must provide proof that you have lived in PEI for at least six months immediately preceding your application for this grant.
Proof of residency in Province
- lease agreement
- rent receipt
- household bill
- cable television
- driver's license
- vehicle registration or car insurance
- membership in social or professional organization
- bank information
- employment information
Proof of Post-secondary degree
- Verification of Canada Student Loan
- Verification of Provincial Student Loan
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.