CMU is recognized as a designated educational institution under the Canada Student Loan program.
Government loans for studies at CMU come from two sources: the federal government (generally 60%) and the provincial or territorial governments (generally 40%). To apply for loans, you must fill out an application from your home province/territory for each year that you are studying. These loan programs are intended to supplement the financial resources of students and their families. There is no guarantee that you will be granted financial assistance. The defining features of government student loans are:
- They are interest free while you are in school. Interest only starts to accrue immediately when you are done school.
- They do not require repayment until six months after you stop going to school.
- They offer interest relief and/or debt reduction assistance for eligible students, depending on their situation.
Basic Loan Information
- You can begin applying on or after June 15 for the fall and winter semesters of the next academic year.
- You must apply to the province of your permanent residence. Go to www.CanLearn.ca and follow the links to your province.
- A percentage course load calculation is needed for your student loan application. To calculate the percentage course load, divide your credit hours for the year by the number of credit hours you need to take each year to complete your degree. It looks like this:
- % Course Load for a Bachelor of Arts = credit hours for year /30
- % Course Load for Bachelor of Music = Credit hours for year /32.5
- % Course Load for of Music Therapy = Credit hours for year /33.25
- If you previously had a student loan and will be in either part-time or full-time studies for the current academic year, but will not be applying for a student loan, make sure you get a Confirmation of Enrolment form (Schedule 2) completed by the Student Financial Services Administrator for both your provincial student loan and for Canada Student Loans, otherwise you will have to begin repaying your student loan(s).
- You will receive 60% or your loan in the fall semester and then 40% in the winter semester – budget accordingly.
- Ensure you have valid government issued photo ID, a SIN card and access to a voided cheque or Direct Deposit information from your bank when school begins each semester.
- Make sure your contact information, such as permanent address, is kept up to date with your provincial student loan office.
- You must maintain full-time status according to Canada Student Loan’s definition of 9 credit hours per term in order to obtain and/or keep your loan in an interest free state.
- If you are only studying for one semester (i.e fall OR winter) and are taking 9 or more credit hours in that one semester, then you are considered full-time for this semester period. For instance, if in the one semester you take 9 credit hours you are considered to be 60%, if you take 12 credit hours you are considered to be 80%, and if you take 15 credit hours you are considered to be 100%.
- Loans for part-time studies are available but are not interest-free.
Online Resources for Government Student Loans
Application forms for the Canada Student Loan Program may be obtained from your high school, the Department of Education in your home province, admissions staff at CMU, or by clicking on your home Province or Territory from the list below. Those marked with an * allow for you to apply for a student-loan for studies at CMU.
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