Federal and Provincial Student Loans

The Federal and Provincial Government work together to help provide those students who apply for a loan, with financial assistance.  Students who are granted student loan funding, will use these funds to pay for their tuition and fees.  Student loans are not always approved, and if approved do not always cover the full amount you will owe for tuition, fees, books, residence etc.  Please have alternate payment options established in the event you will be required to pay some (or all) of your tuition and fees.

Questions about your loan?  Contact your Provincial Loan provider for answers!
Need to apply for a student loan?  For information and online applications visit Canada Student Aid 

Information regarding student loans:

  • It takes approximately 4 weeks (from the date you apply), for a student loan to be assessed
  • If approved for a student loan, you will receive an assessment notice package in the mail
  • The loan is submitted to UNB via an online portal
  • Once UNB has processed your loan, you will receive one of the two following emails to your UNB email account from Financial Services:
    • an email confirming your student loan has covered your tuition and fees in full 
    • an email confirming your student loan has covered a portion of your tuition and fees, and what the remaining amount is to be paid 
  • If your loan will be delayed for any reason and will not be processed by UNB by the payment deadline date, it is your responsibility to provide your notice of assessment confirming your funding, or a down payment and receive an approved payment plan to avoid applicable late payment fees and/or penalties
  • Once your fees are paid, any remaining loan funds are deposited into your bank account (the account that you provided information to the National Student Loan Service Centre (NSLSC)).
  • Student loan payments are not instant!  It takes approximately 7 to 10 business days for the funds to reach your student account after the loan has been processed by UNB, and  the Federal and Provincial amounts are deposited in separate payments.

 

If your loan funding is more than the balance on your UNB account at the time the loan is processed by UNB:
  • UNB will request the amount owing on your student account from your loan funding (payment wil take 7-10 business days to be applied)
  • This amount will be directly deposited to your UNB Student account, by your student loan provider 
  • Any remaining loan funds are deposited into your personal bank account

Your student account balance will be recognized as being paid in full on the date your loan is processed - you don't have to wait for the funds to arrive!

If your loan funding is less than the balance on your UNB account at the time the loan is processed by UNB:
  • UNB will request the full amount of your loan funding
  • This amount will be directly deposited to your UNB Student account by your student loan provider (payment will take 7 - 10 business days to be applied)
  • You will not receive any loan funding  to your personal bank account 
  • You will be required to pay the amount not covered by your loan funding in full, or establish a payment plan
The late payment fee applies to students who have a balance on their account at the end of the business day on the current term fee payment due date