The Good Got Even Better
“Loan remission” is forgiveness of a loan. One of the recent improvements to SFA is the increased loan remission rates. They now range from $6,000 to $12,000 per year!
Let’s Make It Happen
As you probably expect, there are some requirements to getting a loan forgiven. Once you’ve done the following, you may qualify to have your remissible loan forgiven.
- You’ve been finished your full-time studies for at least six months.
- You successfully completed the required amount of a full course load each semester (you’ll need to show your transcripts).
- You’ve returned home to live in the NWT, and you’ve been back for at least three months.
- You submitted the forms and applications. Getting this loan forgiven takes some paperwork, but it’s worth it!
Remissible vs. Repayable
You’ll see the terms “remissible loan” and “repayable loan” in the SFA material. Many post-secondary students use a combination of these two loans. Here are the main differences between the two.
- It’s a monthly living allowance.
- You may qualify if you completed any years of schooling (grades 1 through 12) in the NWT.
- It may be forgiven if you return to the NWT once you’re done your post-secondary education.
- It’s based on what you’ll need to spend on expenses that are directly related to your education.
- Once you stop being a student, you’ll need to make payments until this loan is paid off.
- Hot tip: it’s possible to not have to pay interest on this loan! Check out our 0% Interest section.