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Nova Scotia Student Loan is a type of student financial assisting program implemented to help post-secondary students who are facing financial challenges in their course of study.

Nova Scotia Student Loan Application Guide

Students who need financial assistance should read through this article if they really need help from the Nova Scotian student loan because it entails all the guidelines and procedures you need in requiring the loan.



The following are the things that qualify students who want to apply for the Nova Scotia student loan:

  • Applicants must be Canadian citizens or landed immigrants.
  • The applicant must be a Nova Scotia resident and there is a difference between Nova Scotia and Revenue Canada in residency requirements.
  • Applicants must be full-time students attending an approved post-secondary institution. These approved schools are certified by the Department of Education and have also been accepted Student Assistance funding.
  • Full-time students must last for at least 12 weeks and enroll in at least 60% of a full-time course load and 40% of a full course load for disabled students.

The Student Assistance Office will assess the applicant’s financial situation to verify if the applicant really needs the fund.

Applicants will receive an Explanation of Assessment in the mail when the assessment is completed. This assessment entails the expected costs, resources, and your calculated need. Applicants who have high calculated needs will surely receive 60% of it as a first disbursement.


Detail information

There will be a breakdown in the first disbursement which is 60% for Canadian student loans and 40% for Nova Scotia student loans.

Receiving loans depends on the number of weeks in your academic year. The maximum loan Canada student loan can give to students is $165/WK and the maximum loan Nova Scotia student loan can give is $150/WK.

Students who are attending university from September to April can be given a maximum loan of $10,710.

Students should remember that they can only receive 60% of their calculated need for the beginning of their school year and to get an additional student loan funding for the following years, then they have to submit a Pre-study report before classes start.

Documents Needed to Apply

  • Your bank account information ( an account in your name)
  • Documents about your school program (class hours or credit hours you are taking)
  • Documents about your RESPs or other investments in your name
  • Documents that explain your family’s living and financial support arrangement.
  • Documents for any exceptional, unavoidable expenses to your family.
  • Disability documents( if you have any)
  • Scholarship information
  • The amount of money you expect to earn before you start your program ( e.g your pre-study period income)
  • An amount of money you expect to earn while at university
  • Documents to clarify any other sources of funding you will receive while studying (disability income, El, government payments, retaining program funding, and others)
  • Documents of income tax returns for you and your parents/step-parents or your spouse


Frequently Asked Questions

The following are important questions frequently asked on the Nova Scotia student loan:

  • Question: How Much Money Will I Save?

Answer: The exact amount you’ll save will depend on how much you owe and your interest rate.

If you owe the average balance of $5600 today, you will save approximately $800 in interest over the lifetime of your loan.

  • Question: Will My Monthly Payments Go Down?

Answer: The 0% Interest change doesn’t adjust your monthly payments.

Once you apply and qualify, they will immediately apply the zero interest calculation to your account.

That means all the monthly payments you’re making right now will go directly toward paying the principal amount, and you’ll pay your loan down faster.

  • Question: When Should I Apply for My Student Loan?

AnswerApply early! All students should apply for their government student at least 6-8 weeks before the first day of classes.

Most provinces will have their annual loan application available on, or short, after May 1st for classes that start in the upcoming September.

Remember, students must apply annually for loan funding!

  • Question: Will My Student Loan Money be Sent to Me or to the School?

AnswerMost provinces electronically transmit loan money to the school.

Nova Scotia, New Brunswick, Newfoundland, and Ontario use electronic loan communication.

The Province of Prince Edward Island is transmitting the federal loan electronically; however, the provincial loan is still in paper form.

  • Question: I am Going to Take a Year Off from My Studies. What Will Happen to My Loan?

AnswerStudents go into repayment following their last day of full-time study. You will receive a six-month, non-payment period called your Grace Period; however, during this time, interest will build on your Federal (aka. Canada) loan.

Following these six months, you must begin paying monthly on any existing student loans that you have borrowed.

  • Question: What Happens if I Move out of Nova Scotia?

AnswerYou must be a resident of Nova Scotia to remain eligible.

  • Question: I Just Finished Repaying my Student Loans, and/or I Paid it Off Early. Do I Qualify?

AnswerThe zero interest benefit applies to qualified students who are still in active repayment, and those who are starting repayment in the future.

  • Question: How long can you delay student loans?

AnswerThree years

  • Question: How much is a student loan in Nova Scotia?

Answer: The weekly amount of Nova Scotia Student Assistance is $200 ($120 in loan and $80 in grant).

  • Question: Which province is best for student loans?

Answer: Newfoundland and Labrador, Quebec, and Manitoba Student Loans

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