by Stacy Dunn
For students, this can be the time of the year to get all the information needed to secure funding for post-secondary school. Anne Partridge, Executive Director of Post-Secondary Education and Continuing Education with the Department of Education and Lifelong Learning, explains some of the many financial supports in place.
Island Advantage – George Coles Bursary: If you are a PEI student entering your first year at UPEI, Maritime Christian College, Holland College, or Collège de l’Île, you may be eligible for the George Coles Bursary. Depending on your program of study, eligible students receive from $2,200 to $8,800 in non-repayable funding over the duration of their program. You do not need to apply, and eligible students will automatically receive this particular bursary.
For more information, visit www.princeedwardisland.ca/en/information/education-and-lifelong-learning/island-advantage-george-coles-bursary
The Island Advantage Needs-Based Bursary is available to PEI residents enrolled at UPEI, Holland College, Maritime Christian College, or Collège de l’Île who meet the income requirements for the Canada Student Grant for Full-Time Students (CSG-FT).
To receive this bursary and the CSG-FT, students will need to apply for a student loan. The information in the application provides the details needed to determine eligibility for this bursary. For more information, visit www.princeedwardisland.ca/information/education-and-lifelong-learning/island-advantage-needs-based-bursary
The bursary may provide as much as $2,942 for a standard 34-week program.
Federal and provincial student loans
The amount a student can borrow in combined federal and provincial student loans is determined according to a student’s assessed financial need and within the weekly maximum amount. The combined weekly maximum amount you can borrow is as follows:
Canada Student Loan: $350 per week of study (increased for 2020-21)
Prince Edward Island Student Loan: $187 per week of study
For a traditional 34-week program, this could amount up to $11,900 (federally) and up to $6,358 (provincially).
The maximum amount of the Canada Student Grant will be doubled for the 2020/2021 year, and eligible full-time students could receive up to $6,000 and eligible part-time students up to $3,600. For more details, visit www.canada.ca/en/services/benefits/education/student-aid/grants-loans.html
Student Financial Services administers these bursaries and the federal and provincial student loan programs.
Debt Reduction Grant
The Debt Reduction Grant provides Island graduates with debt relief on their provincial student loans of up to $3,500 per academic year effective August 1, 2018 if they meet the “residency” requirement and $2,000 for each year of study before July 31, 2018.
Students receiving the $2,000/year will eventually phase out and student receiving the debt reduction of $3,500/year will increase over time.
“If students graduated in an academic year that began prior to July 31, 2019, the application deadline is within one year of their graduation date,” Anne says. “If they graduated in an academic year that began after August 1, 2018, the application deadline is three years after the graduation date.”
Community Service Bursary
This bursary helps students pay for college or university (on or off-PEI) and encourages young people to volunteer in our communities.
The bursary is available to high school students who volunteered a minimum of 30 hours, or maximum of 150 hours during grades 10, 11, and 12.
“The bursary recognizes students’ volunteer work, and provides them with an opportunity to develop skills, gain valuable work experience, give back to their community, and exposes them to careers/professions they may not have otherwise considered,” says Anne.
How to apply for grants and bursaries
“Applications are available online, and Student Financial Services staff can answer students’ questions and provide further help by phone or in person when the time comes.”
For more information, call 1-902-368-4640 or email [email protected]
For a complete list of grants, bursaries, scholarships, and awards, visit www.princeedwardisland.ca/en/topic/grants-bursaries-and-awards
For more information on other forms of student financial assistance, go to www.employmentjourney.com and search Financial Help.
For more information on the 2020/2021 PEI student loan, check out the video at:
For more information on grants and bursaries for the 2020/2021 academic year, click here: