There are changes to the Canada Student Loan Program
beginning August 1, 2000

If you have a Canada Student Loan and are still in school, or if you are receiving a
Canada Student Loan for the first time, you must be aware of the following information



YOUR RESPONSIBILITIES


IN ORDER TO RECEIVE YOUR LOAN MONEY YOU MUST:

1. Arrange to have the Confirmation of Enrollement section in your Certificate of Eligibility completed by your Educational institution.

2. Present the Certificate of Eligibility to an authorized agent for disbursement. The agent for disbursement will provide you with a Student Loan Agreement. You must correctly complete and sign both the Certificate of Eligibility and the Student Loan Agreement.

Authorized agents for disbursement include:


Royal Bank of Canada
Canadian Imperial Bank of Commerce
Bank of Nova Scotia
National Bank of Canada
les Caisse populaire du Manitoba
Paticipating members of:
Credit Union Central of Canada
La Federation des caisses populaire de l'Ontario
L'Alliance des caisses populaire de l'Ontario
La Federation des caisses populaire Acadiennes Limitee


When the above steps are completed, your loan will be processed and your loan money will be disbursed within a maximum of 7 to 10 business days.

IF YOU HAVE A PREVIOUS CANADA STUDENT LOAN(S) YOU MUST complete an additional step to maintain your previous loan(s) in interest-free status. It is your responsibility to provide the financial institution holding your previous Canada Student Loan(s) with a valid Confirmation of Enrollement. Failure to do so will result in the loss of interest-free status and you may be required to pay your previous lender interest owing.

a) If the agent for disbursement is the same financial institution holding your previous Canada Student Loan(s), you must complete the Certificate of Eligibility and give Copy 22a of the Certificate of Eligibility to the agent of disbursement.

b) If the agent of disbursement is not the lender holding your previous Canada Student Loan(s), you must provide the lender holding your previous loans with the Copy 22a of the Certificate of Eligibility or Confirmation of Enrollement and Continuation of interest-Free Status Form (Schedule 2). This is done within 30 days of the confirmation date indicated on the Certificate of Eligibility or Confirmation of Enrollement and Continuation of Interest Free Status Form (Schedule 2).

It is important to remember that the Canada Student Loans and provincial student loans are seperate loans. Appropriate documentation must also be provided to the lender holding your provincial loans.

NOTE:
It will be more convenient for you to negotiate your new Canada Student Loan with the same financial institution holding your prvious Canada Student Loan(s). Using the same financial institution will facilitate the maintenance of your previous Canada Student Loan(s) in interest-free status.

Beginning August 1, 2000, new Canada Student Loan Agreements are between the Government of Canada - your previous Canada Student loan(s) and your new Canada Student Loan are two seperate loans. Thus, you must always ensure that changes in your situation (enrolment status, change of address, ect.) are provided to both the financial institution holding your previous loan(s) and to the agent for disbursement.

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