The following steps demonstrate how the amount of financial assistance is calculated.
Step 1 – Allowable expenses
We determine the eligibility of your expenses. Allowable expenses are those deemed required for the pursuit of your studies. There are two categories of expenses: monthly ans onte-time.
Step 2 – Contributions
We establish the amount of your contribution to your education.
We then check the category in which you belong:
- Student with a contribution from their parents
- Student with a contribution from sponsor
- Students with a spousal contribution
Depending on the student category to which you belong, the contribution from your parents, sponsor or spouse will be added to your own contribution.
Step 3 – Financial needs
We deduct all contributions from your allowable expenses to calculate your financial needs.
Step 4 – Loan amount for the award year
We calculate the amount of the loan that could be granted to you for the award year (September 1-August 31).
If you withdraw from a course or temporarily drop out, the months will still be counted as part of the number of months of studies for the purpose of calculating the amount of your loan if you return to full-time studies the following term.
Step 5 – Awarded financial assistance
In order to determine the amount of awarded financial assistance, we compare the loan amount for the award year (Step 4) to your financial needs (Step 3).