The Master Student Financial Assistance Agreement (MSFAA) replaces the old loan contracts of the Confederation and the provinces. Because it is a multi-year contract, it is more efficient and easier to use. For example, you don`t need to sign a new agreement when you apply for student financial assistance (unless you have a two-year study period or you create your residency in another province/region). “Lender,” a financial institution that is a party to an agreement with Canada under the CSFAA or the CSLA. “Terms and Conditions,” the applicable sections of Parts A, B, C and D of this MSFAA-Canada and may be amended from time to time in accordance with this Agreement. MSFAA describes your responsibilities and the conditions for accepting and repaying your student loans. If your circumstances change after they have been approved for funding, you can report these changes to Alberta Student Aid. In some circumstances, you may need to report any changes in accordance with your loan agreement. Changes can be reported to Alberta Student Aid by submitting a form for a new exam – Level 1. Example: If a student files his FULL-time MSFAA Canada but does not file his Alberta student aid agreement, he receives only his federal funds and vice versa. Instructions for the diploma are sent to the student.
Students submit their part-time MSFAA In Canada MSFAA directly to the National Student Loan Service Centre (NSLSC). The institution is required to report any changes to your course load that may affect your eligibility in order to assist your lender. If your confirmation status is already compromised, you will receive an email and you will be visible on your student portal. If a cheque is made to the student, it must be cashed within 180 calendar days or NSLSC can pay the payment on the cheque. The student must contact the NSLSC to have a cheque redone. Alberta Student Assistance is available to Alberta residents according to the criteria described below. You can also find instructions for submitting agreements on the Alberta Student Aid: Alberta Student Aid website and the Canada Student Program calculate your eligibility with a financial needs formula that compares your costs to your resources. The formula is as follows: here are the terms and conditions of your MSFAA if you are a full-time student residing in: If you are a student with a permanent disability, please contact Student Accessibility Services to complete a Schedule 4 form, as you are eligible for certain scholarships. For more information on this process or how to define a permanent disability, visit the Alberta Student Aid website. Part-time students admitted to Part-Time Funding in Canada must take out the Part-Time Canada Master Student Financial Assistance Agreement (Part-Time Canada MSFAA) before they can grant Loans and/or Scholarships from Canada.
In future study periods, when the student has been approved for funding, loans and scholarships will be awarded once the school has confirmed enrolment. Your MSFAA does not show you how much you receive federal and regional loans or grants. You will receive a separate assessment notice from your province or territory to inform you of the amount of financial assistance you receive for students. You waive any obligation to obtain pre-registration of pre-authorized levies. You can revoke your consent at any time, as long as you predate it over 30 days. They have certain rights of appeal and reimbursement when a charge does not meet the conditions of this section. To receive a retraction form or to obtain more information about your right to revoke this authorization and your rights to appeal in the event of litigation or refund for unauthorized or non-compliant debits under this section, you can contact your financial institution or visit Payments Canada. Revocation of your authorization does not end your liability in paying your outstanding credit balance; it merely ends the payment method.