There are federal and provincial government-funded loan programs that provide financial assistance to students, regardless of what province you choose to study.
Remember to apply through your home province to receive student loans and to attend the university of your choice.
One application qualifies you for both types of assistance. The government pays the interest on the loan while you are studying and you don't have to start making principle payments until six months after you graduate or cease to be a full-time student.
Payments suited to your life
The Repayment Assistance Plan is available for both federal and provincial student loans. Under this plan, your monthly student loan payments will be based on how much you earn, how much you owe on your student loans, and on your family size.
New Brunswick Tuition Tax Credit
Open to students from any province who stay and work in New Brunswick after graduation. Qualified students are eligible for a non-taxable rebate of 50% of their tuition costs with a maximum lifetime rebate of $20,000.
Rewards for timely completion
Also offered through the New Brunswick government is the Debt Reduction for Timely Completion plan. Through this program, students with loans totaling over $26,000 will have up to 100 per cent of their excess debt forgiven. For example, if a student borrows $10,000 in federal and provincial funds per year in a four year degree, they will have $14,000 of the provincial funds forgiven bringing their debt down from $40,000 to $26,000.
This only applies if a graduate finishes his or her program in the allotted amount of time, i.e. finishing a Bachelor of Arts in four years.
Questions? We can help
We'd love to help if you have any questions. Contact the Fredericton or Saint John Financial Aid office to help you successfully work through the application process whether you are a current or prospective student.