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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
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