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.
- For academic years after July 31, 2018 only: 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
For academic years prior to August 1, 2018:
If you graduated in an academic year that began prior to August 1, 2018, the application deadline is one year after you graduated. 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
- Loan statement balances (dated within the last four weeks) from both the National Student Loan Service Centre and Edulinx-PEI. Contact information for both lenders is in the application form.
For academic years after July 31, 2018:
If you graduated in an academic year that began after July 31, 2018, the Debt Reduction Grant application deadline is three years after you graduated. In addition to the above-noted requirements, you must also prove that you were a PEI resident for a minimum of six months immediately before you applied.
Applications submitted after the respective deadlines noted above or incomplete applications cannot be processed.