Part-Time Loan Program

Who is eligible for Part-Time Funding?

To be eligible students must:

1. Be a Canadian citizen, permanent resident of Canada or a protected person
2. Be a resident of a province or a territory that issues Canada Student Loans
3. Demonstrate financial need
4. Be enrolled in less than 60% of a full course load (students with disabilities may be considered full-time if they are enrolled in at least 40% of a full-course load)
5. Maintain satisfactory academic standing in all courses taken when part-time loans are issued

What types of funding are included in the application?

1. Part-Time Canada Student Loans: As a part-time student, only federal funding will be received, and only books, tuition, fees, travel and child care (if it applies) will be considered. Students are expected to work to cover living costs when in part time studies. Canada Student Loans will also take into consideration the total family income when assessing applications. If students have received previous part-time funding they must attach a copy of official transcript(s) or a statement of marks. With Canada Student Loans, students are eligible for $10000 maximum (including interest) at any given time.
   NEW STARTING AS OF JANUARY, 2012: Part-time student loans are no longer interest-bearing. Students will be interest-free during their studies, then enter a 6 month grace period, where interest accrues at a rate of prime + 2.5% (per annum), until the end of the grace period upon which they enter repayment.
   NEW STARTING AUGUST 1, 2009: Starting August 1, 2009, students taking out part-time Canada student loans may choose to defer interest maintenance payments until the end of their study period.
2. Alberta Part-Time Bursary: Part-time students may be eligible for up to $600 per semester. The maximum funding for this bursary is $1800 for one calendar year.
3. Canada Student Grant for Part-Time Studies: part-time students from a low income household as determined by the Canada Student Loans Program can be eligible to receive up to $1200 per loan year.
4. Canada Student Grant for Persons with Permanent Disabilities: if students qualify for the part-time Canada Student Loan program and have a documented permanent disability they may be eligible for this grant.
5. Canada Student Grant for Services and Equipment for Persons with Permanent Disabilities: if students qualify for the part-time Canada Student loan, and have a need for exceptional education related services, they may qualify for up to $8000 per year to help cover expenses related to the disability.

There is an option, found on the Part-Time form, to only be considered for the grants and bursaries. Just check off the “No” box for line 62 of the Part-Time funding form.

Part-Time forms are available in SFAIC, in 1-80 SUB.

How do I repay my Part-Time Funding?

Most of the procedures are the same as when holding full-time federal loans. Students need to contact lenders and work out a repayment plan. If students are unable to repay the loan or have difficulty repaying the loan, there are options similar to the Full-Time Loans program, such as Interest Relief, Debt Reduction in Repayment and Permanent Disability Benefit.

For more information about Part-Time Funding, see the booklet printed by the Government of Canada, which can be picked up in our office.

What other options are there while in Part-Time studies?

There is the Students' Union Access Fund, a program for undergraduate students. However, with part-time enrolment, students will only be considered for funding up to the amount of tuition, books and fees.

Come see a Financial Aid Advisor at the Student Financial Aid Information Centre in 1-80 SUB for eligibility details. For more information on the Access Fund program, click here.

Students may want to consider a Student Line of Credit through the bank. Students will be responsible for interest payments on lines of credit; however, interest rates are lower than those on part-time student loans. If students do not have sufficient credit, they may be required to have a co-signor. Please contact the bank for more information or check our Line of Credit Guide.

Since part-time studies have so few funding options, it is wise to consider the decision to pursue this course of studies. If students plan to have a financial base in place before going into part-time studies, it may be advantageous to hold off on applying for the loan, or just apply for the bursary portion available.

If you have any other questions, please come into SFAIC in 1-80 SUB.