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The Nova Scotia Student Loan Process– Simplified

Living with Student Debt

Debt may be invisible, but the stress of living with massive amounts of debt from student loans and credit cards can be felt physically and emotionally.

Living with Financial Freedom

Regaining and maintaining financial freedom is possible. With the correct spending standards and smart habits, student debt can avoided or mitigated.


This is how we do it!

This site will break down the Nova Scotia Student Loan process into terms into everyday language but also explain the complicated legal and financial jargon, so you have a deeper understanding. The loan process is intensive, but it doesn’t have to be scary.

We offer an unofficial guide based on the resources and material provided by the government and supplement it with our team’s experiences with the loan process.

We're at your service
High School Students
  • Research Nova Scotia universities
  • Learn saving practices
  • Understand the Nova Scotia Student Loan process
Returning Applicants
  • Recognize the terms of your loan agreement
  • Prepare for repayment period
  • Set a foundation for your adult future
First Time Applicants
  • Apply for a Nova Scotia Student Loan
  • Discover alternate methods of financing
  • Acquire positive financial habits
  • Educate your children on the loan process
  • Ensure your child develops strong financial literacy
  • Explain concepts and terms
Fred’s Story

Fred’s Story

January 5, 2017

Misha’s and Aamira’s Story

Misha’s and Aamira’s Story

January 5, 2017

John’s Story

John’s Story

January 5, 2017

Saher’s Story

Saher’s Story

January 5, 2017

Tina and Tammy’s Story

Tina and Tammy’s Story

January 5, 2017

We Make It Look It Look Easy!

Understand the Nova Scotia Student Loan application process as well as habits to reach your definition of financial freedom.
Value Added

NovaScotiaStudentLoan.ca simplifies the Nova Scotia Student Loan process and provides first and returning loan applicants the information they need– clearly.

Strategic Direction

User friendly and accessible, this website acts as a starting place and a supplement to understanding the Nova Scoatia Student Loan process.

Layered Information

This site serves to offer insight into the Nova Scotia Student Loan Process but additionally educate on the real debt management tips and advice.

Easy Navigation

Information, topics surrounding the Nova Scotia Student Loan are easily accessible and curated based on the official loan documentation.

Higher education was something that was previously out of reach because of my family’s financial situation. Because of my loan and the grants offered to me, I don’t have to limit myself or my future.

TomDalhousie University

Of course, top tier school’s and the program’s will be subject to higher tuition costs. As I move into my second year of studies, I am learning a lot about financial literacy, so I don’t have to stress about debt after graduation.

CallumAcadia University

I am currently entering my final years of studies and will soon be entering repayment. Because I reviewed the terms of my loan agreement and repayment strategies, I feel secure that I can manage my debt and live within my means.

CarlySt. Francis Xavier University

Looking back on my experiences applying for a Nova Scotia Student Loan the most daunting process was understanding the impenetrable financial and legal jargon. I am glad there is now a website that can simplify all that!

SeraNova Scotia College of Art and Design

Education doesn’t have to be a debt sentence.

Our small, scrappy team at NovaScotiaStudentLoan.ca prides ourselves on our ability to make the complex, simple. Moreover, make the previously impossible (i.e. the possibility of financial freedom), possible and more so—obtainable!


Provide an understanding of the Nova Scotia Student Loan Process | Give an explanation of financial and legal terms | Curate trusted products and services | Present helpful tips and advice

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Nova Scotia Student loan

Almost every student’s plan is to further their education in post-secondary school level. However, somewhere along the line, that dream gets cut short due to stufinancial problems. Many people end up not going to college after their parents pass away or when their families cannot support them financially. They know the financial demands college brings, and so they forget about their college dreams. In Canada for instance, a student can spend more than $80,000 on tuition and other related expenses.


You should have strong financial support once you get to post-secondary school level of your educational pursuit. Your tuition needs to be paid at the right time before you are allowed, graduate. Feeding, accommodation and learning material are some of the demands you must meet.


However, one interesting thing is that students without that solid financial background are pursuing their post-secondary school education.  So how is that possible? In Canada, Nova Scotia to be precise, students acquire loans to solve their financial problems in school.


What are Student Loans?

Student loans are financial assistance given to students from a lending house, by the government or private institutions. The private organization comprises of banks, as well as other financial institutions that offer student loans. However, Nova Scotia Student loan are available to students to pay off their course fees, which are mandatory fees requested by the education provider or institution. In addition to the fees usually required by the school, they also need books, study materials, computers, and other living costs. Also, Nova Scotia Student loan are sufficient to take care of the financial needs of students. These loans are also paid back with interest.


The History of Student Loans in Canada

Student loans in Canada have a robust history. Before the year 1964, what is known as the national student loan program was at that time called Dominion-Provincial Student Loan Program. This program began in the year 1939 but ended when the Canada student loan program started full operation in 1964. Then, it was operated as a matching grant partnership program between provincial and federal governments.


Student loans in Canada kicked-off completely in 1964. And since it started, the financial resources which were set aside for students had been supplemented, so it would be enough to assist individuals who need Nova Scotia Student loan to pursue their post-secondary education dreams. Though Nova Scotia Student loan were only awarded to eligible students, which includes students who meet the criteria set up by the regulatory body.


Financial institutions in Canada took over the disbursement of Student loans to students, between the periods of 1964 to 1995. They are also in charge of the loan repayment process. The Government also often compensated these financial institutions by reimbursing them with the entire amount of loans that got into default.


The Canada student loans had some changes in 1995. During that time, the Canada Student Assistance Act replaced the Canada Student Loans Act that was in existence. The changes made were to accommodate the needs of both parties involved in the loan process, which on one side includes the responsibility that was placed on banks to collect defaulted loans. The government also had an agreement with several financial institutions to share the risk. The idea was to make these schools take responsibility for the risk associated with defaulted loans. However, the risk-shared agreement between the government and other financial institutions involved ended on July 31, 2000. Issuance and management of student loans took a different toll at the end of the agreement. The Government took over everything and started financing all new loans issued after or on August 1, 2000.


The risk-shared agreement that existed between the Government and other financial institution that participated ended on July 31, 2000, and after that, then the Government took full responsibility and started financing all new loans that were given after or on August 1, 2000. The National Student Loan Service Center is responsible for administering student loans to students in Canada.


The Two Divisions of Student loans

The National Student Loans Service Center has two divisions. One is saddled with the responsibility of managing Nova Scotia Student loan for individuals who are attending public institutions while the other is to manage Nova Scotia Student loan for people attending private institutions.


Another change that took place in this new regime is that the Canada Revenue Agency is now in charge of the defaulted Canada Student loans.


About Nova Scotia Student loan

Many students have benefited greatly from the Nova Scotia Student loan. They were able to achieve their desire and dreams as a result of these Student Loans. In Canada, student Loans are offered by the federal government and the territory or province that is participating.


However, eligible students can get Student Loans from the province of Nova Scotia in Canada. They administer both the Nova Scotia Student loan and the Canada Student loan programs. Students from Nova Scotia can apply for both provincial and federal programs. In fact, it does not matter the region their school is; they can still have access to Student Loans.


These Nova Scotia Student loan can take care of the financial needs of students, but it is not intended to replace financial assistance from parents or other family members to their children’s education. The loan is to make sure students can cover majority if not all of their financial needs while in school, at least for a given period.


Who can apply for Nova Scotia Student loan in Canada?

It is very easy to apply for Nova Scotia Student loan in Canada. However, students must pass through some verification process before it is approved. You must prove that you are eligible to have access to Student Loans in the area.


To be considered eligible to receive Nova Scotia Student loan in Nova Scotia, students must be a Canadian citizen or a permanent resident, a landed immigrant or protected person.  Also, students must also be a resident of Nova Scotia and must have started a full-time program in an approved, designed post-secondary school institution in a program that has already been approved.


Benefits of Student Loans

There are lots of benefits attached to Nova Scotia Student loan. One of them is that the interest on Nova Scotia Student loan is paid for by the federal as well as provincial governments for students who are in a full-time program.  Students do not have to make payments on their loans while they are still in school. Moreover, even after graduation, the interest on Nova Scotia Student loan are paid by the provincial government for six months.


Other benefits of applying for student loans


Repayment options for student loans are flexible

Nova Scotia Student loan have a repayment option that is flexible. In addition to the fact that you have a grace period of six months before you can start making payments, these Nova Scotia Student loan also have different repayment options. You can adjust the amount you can be able to pay each month depending on your income. Also, you can apply for forbearance or deferment on student loans, which means that you do not have to repay your loan for a period or amount of time without it impacting your credit negatively, especially if you return to school or encountered some financial problems.


Student loans might be forgiven

Under some circumstances, it is likely that student loans might be forgiven after a period of time. It usually depends on the nature of job and repayment plan of the individual. For instance, if you work in a public place or as a teacher, and you have also made 120 payments, any amount that is remaining on your student loans might be forgiven.


A good way to establish credit

Nova Scotia Student loan can be a good way for students to build up good credit score and history. You can also obtain Nova Scotia Student loan even if you have low credit or no credit. Also, receiving Nova Scotia Student loan and making payments right after you finish your program, can help you to get to your financial goals in the nearest future.


Nova Scotia Student Loan Vs Personal Loans

There are differences between private Nova Scotia student loan and Nova Scotia personal student loans. So it is best for students to have a good understanding of these loan options before settling for any. The reason is that the type of loan you choose will ultimately affect how you can make use of the funds, the interest rate and much more.


Nova Scotia Student loan and personal loans also have something in common. They are both provided by private lenders. Also, another similarity is that both loans are unsecured loans. What this means is that any fund offered is not guaranteed by collateral. They are also considered as instalment loans. Money can be provided upfront in a significant amount, which is repaid over an agreed term monthly or in instalments.


On the other hand, Nova Scotia Student loan and personal loans have some differences. For instance, talking about the intended use of the loan received, a personal loan has no restrictions. Meaning it can be used for other expenses such as a wedding, and other major life events. For private Nova Scotia Student loan, students are only permitted by the law to use funds for payment of their educational expenses.


Another difference is that personal loans are usually deposited into the borrower’s account once the loan is approved and ready for disbursement. While private Nova Scotia Student loan are not directly disbursed to the borrower. However, funds are sent to the financial aid office of the institution where it is used to explain all outstand fees first. After that, students can request for the remaining part of the loan to use for other out-of-pocket educational expenses. Another significant difference is the interest rate. Private Nova Scotia Student loan have lower interest rates than personal loans.


The general process of applying for a student loan

The process is simple as filling out the forms, check the status of your loan and cashing your loan. For eligible students, it takes about 4-6 weeks for the loan to be processed. However, if your application is not complete, then there might be some delay. However, the following are the steps to following when applying for the Canada student loan:


The first step to take when applying for Nova Scotia Student loan is to submit an application. You can submit it online either by fax or mail. If you want the fastest service, it is better to submit your request online.


After submitting your application, always check the status online, to know the progress of your loan application.


You may receive some credit assessment documents in the mail. They include CSL loan document, loan negotiation, and pre-study report. You should carefully review the information contained in the documents to be sure that they are accurate.


Your institution will sign and approve your documents for you to move forward. Once approved, you can take them to a National Student Loan Kiosk that is present on campus and negotiate your loan. What negotiation means is filling out the paperwork accurately to enable funds to allow you to receive loans. Also, remember that you will be required to present your means of identification. After filling out your paperwork and sending to the appropriate quarter, do not forget to keep a copy for yourself too.



Today, many post-secondary school students have achieved their dreams through Nova Scotia Student loan. They pay for tuition, buy books, computers and meet other educational needs. Student loans in Canada, for example, are very obtainable, especially for eligible students. So if you are having financial problems that are affecting your education, you can apply for a loan right away.