Answer Key

4Question #1: While you are still in school, it is very important to confirm your student enrolment to ___________________________.

• begin paying your loan at the beginning of the school year
• apply for the "debt reduction in repayment" program
• make sure your loan remains interest-free
• qualify for additional student loan funding

4Question #2: Your Schedule 1 - Certificate of Eligibility confirms your
    ____________________________.

• enrolment at your college or university
• acceptance into college or university
• agreement regarding the repayment of your loan
• acceptance of the terms and conditions of your loan

4Question #3: If I make a Canada Student Loan payment while still in school full-time,  ___________________________.

• you will then need to start paying interest on your loan as well
• you relinquish the right to apply for Interest Relief
• the amount will be applied directly to the principal of the loan
• you lose full-time student status, and need to make regular payments 

4Question #4: After you have been awarded a loan, and your loan was issued after August 1, 2000, _____________________.

• you deal with the National Student Loans Service Centre (NSLSC)
• you deal with the financial institution holding your loan
• you deal with both the NSLSC and the financial institution
• you deal with the Student Financial Assistance Branch

4Question #5: You must start paying back your student loan ____________________.

• immediately upon university graduation
• as soon as you get a full-time job
• six months after you have stopped being a full-time student
• at the end of your fourth year of full-time studies

4Question #6: If you are a full-time student receiving a Canada Student Loan for the first time after August 1, 1995, you are able to receive assistance to a maximum lifetime limit of  ___________________________.

• 300 weeks
• 320 weeks
• 340 weeks
• 360 weeks

• claim an education deduction of $750 per month of study if you are in full-time study
• receive a tax credit on the interest portion of the amount paid on student loans each year
• claim child care expense deduction if you are in full-time study
• receive a tax credit for the first $5000 earned annually in part-time work while if you are in full time study

• being expelled from university
• no added problems to your credit rating
• entering the revision of terms phase automatically
• you defaulting on your student loan

• CanLearn Interactive at www.canlearn.ca
• The NSLSC website at www.canlearn.ca
• Your university's student assistance office
• The Canada Student Loans program at www.canlearn.ca