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HOME / POST SECONDARY AND CONTINUING EDUCATION / STUDENT FINANCIAL SERVICES /

Are You Eligible for a Canada and Prince Edward Island Student Loan?

General Eligibility Criteria

To be eligible for a Canada and Prince Edward Island Student Loan, you must:

• be a Canadian citizen, permanent resident (landed immigrant), or Protected Person of Canada, as defined under Canadian Immigration Legislation;
  
  
• be a Prince Edward Island resident. (Generally, you are a resident if you’ve lived in Prince Edward Island for the last 12 consecutive months before your study period, not including time spent in post-secondary studies. If you are unsure if you are a PEI resident go to our Resident Status Section on our website; (resident status information)
  
  
• be able to show that you have financial need because your resources do not cover the costs of your education and living while you are attending your educational institution. (The allowed costs are set by the Canada Student Loan Program.);
  
  
• be enrolled in a degree, diploma or certificate program of at least 12 weeks in length at a designated post-secondary educational institution;
  
  
• pass a credit check if you are 22 years of age or older and applying for a student loan for the first time; and
  
  
• be able to verify you have successfully completed at least 60% of a full-time course load during the last year in which you had a student loan.
  
  

• be enrolled in at least 60% of a full course load. If you are a student with a documented permanent disability, may be considered full-time if they are enrolled in 40% of a full course load.

• be enrolled in 20 and 59% of a full course load.

Successful Completion

Students must successfully complete at least 60% of a full-time course load in each study period. Verification of successful completion of the last year funded by a student loan is required from all students.

If you don’t successfully complete your previous study period you will be required to verify successful completion of each subsequent period or term. Failure to maintain a satisfactory scholastic standard during this period will result in the loss of eligibility for financial assistance.

Eligibility Limits

There are limits to the assistance you can receive from Prince Edward Island Student Financial Services.

Number of certificates, diplomas, and degrees – Generally funding will not be provided for a second certificate, diploma, or degree, unless the first one is a prerequisite for the second.

Length of Study – You are eligible for up to the number of years in your program of study plus one additional year. If you take less than 100% of a course load each year, you may run out of eligibility before you finish your program. Changing programs does not grant you additional time to complete your studies.
Lifetime Limit – If you are a full-time student receiving a Canada/PEI Student Loan for the first time on or after August 1, 1995, you are eligible to receive student financial assistance up to a maximum lifetime assistance of 340 weeks of post-secondary study. This may be extended for an additional 60 weeks if you are enrolled in doctoral studies.