Master’s College and Seminary is designated as an eligible institution under the Canada Student Loan Program. Students considering applying for a government-issued student loan should submit their application, online preferably, to their provincial student loan office at least eight weeks prior to the start of the semester they are planning to attend Master’s. Note that students can submit their Student Loan Application prior to being accepted at Master’s. Students who qualify to receive assistance may receive a loan (must be repaid) and/or grant (does not have to be repaid) to assist them with their educational expenses. Repayment of a student loan begins six months after a student ceases to attend a qualifying post-secondary institution. Students are encouraged to keep their borrowing to a minimum since these loans must be repaid at a time when there may be other significant financial obligations.
Tips for Applying for a Canada Student Loan
- When possible, apply at least eight weeks prior to the start of the semester you are planning to enroll.
- Do not wait to be accepted at Master’s before you submit your Student Loan Application Form to your Provincial Student Loan Office.
- Visit your provincial student aid website and apply online. See below for the provincial student aid websites.
- Make sure you know the correct program of study, start and end dates, and tuition and fees.
- Mail, if applicable, any required documents to the Financial Aid Office at Master’s.
- Contact the Financial Aid Office at Master’s if you have applied for a student loan to ensure that all your documents are in order or if you need additional information.
Tips for Applying for OSAP
Check out these tips if you are applying for an Ontario Student Loan (OSAP).
Inquiries regarding student loans/grants can be directed to our Financial Aid Office or to the Provincial Student Loans Offices by clicking on the links listed below:
Provincial Student Loan Offices
Since private institutions outside of Quebec are not designated as eligible institutions for the purposes of Quebec Student Loans, students from Quebec who are interested in attending Master’s, should contact the Financial Aid Officer at Master’s to inquire about financial assistance which Master’s makes available to Quebec students.
Receiving Your Student Loan
You will receive your student loan in two separate installments – 60% in the Fall semester and 40% in the Winter semester. The college will confirm enrollment and, if designated, will take the tuition portion of your loan and the remainder will be deposited into your bank account. Once your student loan has been deposited into your bank, you have five business days to pay the remainder of your student fees to the college.
PLEASE NOTE: The school can only redirect tuition fees from the student loan that you receive. You will need to contact the Finance Office at Master’s to pay all other fees (e.g. compulsory fees, residence fees, if applicable, and any other fees not covered by your student loan) associated with attending Master’s.
Maintaining Interest-Free Status
If you have a Canada Student Loan and you do not require a Canada Student Loan for the upcoming semester, it is very important to submit the necessary forms, which indicates that you are a full-time student. Otherwise you will be required to start repaying your loan. It is your responsibility to contact the Financial Aid Office to obtain the appropriate forms and to have them sent to Canada Student Loans.
Repaying Your Student Loan
When it is time to start repaying your government-issued student loan, you are responsible to contact your loan provider to set up a repayment schedule. Check Repaying Your Student Loan for valuable information on how you can do this.