The Nova Scotia Loan Forgiveness Program can eliminate all Nova Scotia debt for eligible borrowers who study at Nova Scotia universities.
As of 1 August 2019, students graduating from Nova Scotian undergraduate programs will no longer have to repay a Nova Scotia Student Loan. The debt threshold of $28,560 that students previously had to exceed to be eligible for forgiveness has been removed.
Students who graduate can receive 5 years of loan forgiveness.
Students who graduate prior to 1 August 2019 must have a total combined government student loan debt greater of than $28,560 to qualify for loan forgiveness.
Nova Scotians graduating after 1 August 2019 from their first undergraduate, non-professional degree program at a Nova Scotia university are eligible.
How to apply
All students assessed under the Nova Scotia Loan Forgiveness Program when they graduate.
Once Student Assistance receives notice from your school that you have graduated, they will assess your forgiveness amount on any Nova Scotia Student Loans you have received since August 2015 based on the program criteria.
You will receive a letter by mail that informs you that you’ve been assessed for the Nova Scotia Loan Forgiveness Program and the amount of your Nova Scotia Student Loan that will be forgiven.
If you owe any amount on your Nova Scotia Student Loan, the program will pay up to 100% of any outstanding Nova Scotia Student Loan amounts.
If you owe less on your Nova Scotia Student Loan than you receive in Loan Forgiveness (i.e. if you have already paid back some of your loan) the difference will be paid toward your Canada Student Loan, if any. Any remaining amount will be sent to you in the form of a mailed cheque.
How long it takes
It should take 3-6 weeks to receive a letter about your assessment for the Nova Scotia Loan Forgiveness Program.
For more information, visit the below Nova Scotia website: