Eligibility

If you received a Remissible Loan, you may have your loan forgiven if
you meet all of the following criteria:

• YOU Provide official transcripts showing that you have successfully completed the required percentage of a 100% full course load.
• YOU Live in the NWT for at least three continuous months, and continue to reside inthe NWT.
• YOU Complete all required paperwork in order to prove your eligibility for remission.
  
  

Loan Remission Rate

The rate at which your loan will be forgiven depends on where you
reside in the NWT after you finish school.

Three month forgiveness rate	If you live in ...
$1,000	Hay River, Inuvik, Yellowknife, Fort Smith,Fort Simpson or Norman Wells
$2,000	Aklavik, Colville Lake, Deline, Enterprise, Fort Good Hope, Fort Liard, Fort McPherson, Fort Providence, Fort Resolution,Holman, Jean Marie River, Kakisa, Lutselk’e, Nahanni Butte, Paulatuk, Rae-Edzo, Rae Lakes, Sachs Harbour, Trout Lake, Tsiigehtchic, Tuktoyaktuk, Tulita, Wekweti, Wha Ti or Wrigley

The new rate of remission will become effective in the 2003-04
academic year and cannot be applied to prior academic periods.
 

Loan Remission Grace Period

Students who received remissible loans, and did not successfully
complete the required percentage of a 100% full course load, may
receive one semester of remission under the grace period.

The grace period is valid for only one semester during your lifetime.
You would be required to repay all other semesters not successfully
completed. If two or more semesters are unsuccessful during the
academic year, the first semester is eligible for the grace period.

Repayable Loans

Managing your debt

Since loans must be repaid once you finish school, you should be
aware of how much money you borrow from the NWTSFA Program.
Check our website regularly to keep track of how much you owe.

Interest Relief or Reduced Loan Programs

You may be eligible for interest relief or reduced loan payments if you
are temporarily unable to repay your student loan because of low
income.

Interest Relief

• Under the Interest Relief Program your monthly loan obligations, principal and interest, could be deferred if monthly payments exceed a given percentage of your gross family income.
• Interest Relief is granted for 3-month periods up to a maximum of 36 months.
• To be eligible for interest relief, you must be resident in the
  NWT during the period of interest relief.
  

Reduced Loan Payment

• Under the Reduced Loan Payment Program, your monthly
  loan obligations could be reduced if monthly payments
  exceed a given percentage of gross family income.
• Reduced Loan Payment Program is granted for 3-month
  periods up to a maximum of 36 months.

Please refer to the download section of the website to access these applications and to obtain further details on the programs.

Other Important Information

As of November 1, 2003 new collection accounts at FMBS will no longer be eligible for interest relief and reduced payments.

Policy manual section 13 & 14

SFA frequently asked questions