The purpose of the Loan Remission Program is to forgive 15 per cent of the student loan debt of any person who completed his or her studies within the prescribed period and who has received a bursary under the Loans and Bursaries Program for every year of study.
The prescribed period is usually 27 months of study for a technical training program at the college level, 24 months for an undergraduate university program spread over a 3-year period and 32 months for an undergraduate program spread over a 4-year period. At the graduate level, the prescribed period is 16 months for a master’s without a thesis and 20 months for a master’s with a thesis. The prescribed period for a doctorate is 32 months. However, the duration of some programs may vary. For details, see the personnel of the financial assistance office at your educational institution.
- The amount awarded is equal to 15 per cent of the student loans contracted during the program of study for which this application is made.
- You must meet the requirements for the degree or diploma at the level of education for which you is applying for a loan remission. Students who previously started another program and then withdrew are not excluded from the Loan Remission Program. Only those months of study during which you were enrolled full-time will be considered in determining whether you completed your program within the prescribed period. These months of study do not have to be consecutive.
- The loan remission will be forwarded to your lending institution so that it may deduct the amount from your student loan debt or pay the balance out to you.
- The loan remission is taxable. A tax slip will be issued to you.
- The loan remission may not be applied against computer loans contracted under the Computer Loan Guarantee Program.
- You must submit the loan remission application within three years of completing the program for wich remission is requested.