Your eligibility to receive assistance will be determined by assessing your financial need using the following formula:
This is done by adding the costs of your education and living expenses while in school, and then subtracting any money determined to be available to you. The result is your assessed need.
If the above calculation results in a positive need, you may be eligible for funding. If the result is negative, you are considered to have enough financial resources to cover the cost of going to school and you would not be eligible for funding.
Note: In some situations, student aid will not be enough to cover the full cost of your schooling as there are maximum levels of assistance available. If this is the case, you may need to find additional sources of funding.
A standardized process is used to assess the application to calculate the amount of assistance you are eligible to receive.
Student category determines living costs:
A standard weekly living allowance is determined, based on your student category.
|Student Category||Living Allowance/week|
|Single student living at home||$102|
|Single student living away from home||$234|
|Married or common-law student||$455|
A combination of the following:
Other Costs Considered
Your financial resources (including your parents or spouse, if applicable) will be used to calculate the amount you are expected to contribute toward your education. These include earned income, Employment Insurance benefits, training allowances, pension benefits and scholarships.
Allowable Costs - Available Resources = Assessed Need
Once the costs of attending post-secondary studies have been determined, the financial resources available will be subtracted from those costs. This results in an assessed need.
Here is a detailed example of how financial assistance is calculated for the 2016-17 academic year, including a breakdown of possible costs and resources.
Once assessed, you will receive a Notice of Assessment detailing the amount, if any, of student financial assistance you are eligible to receive. If your application is reassessed, you will receive a new Notice of Assessment - Revised. The Notice of Assessment will outline the breakdown of federal and provincial funding, and the amounts in loans and/or grants.
Your assessment details are also available at www.AESL.gov.nl.ca/studentaid by logging into your account.
Note: If you are a first time applicant or you had a break in studies of more than two years, you will require a Master Student Financial Assistance Agreement (MSFAA) if you are eligible for an amount of funding. This will be sent to the address on your application.
If your circumstances—such as your course load or financial situation—change after your application is processed, your file will be reassessed, resulting in one of three outcomes:
An over-award means you have received funds for which you are not eligible.
Often, due to changes in students circumstances, a reassessment occurs and it is determined that more funds were issued than allowable under Student Aid guidelines.
Example: Your fall semester application was re-assessed because of a change in income. Through the re-assessment it was determined you were not eligible for $500 of the total amount of funding you received. When your funding is disbursed the following winter semester, it will be reduced by $500.
When over-awards are applied to a student’s file, they are recovered as follows:
|Canada Student Loans||
|Canada Student Grants||
* as outlined in the Master Student Financial Assistance Agreement (MSFAA) and the Canada Student Financial Assistance Regulations (CSFAR)
|NL Student Grants||
|NL Student Loans||
Note: You have the right to appeal over-awards placed on your file by providing documented evidence that your withdrawal from studies or your change from full- to part-time studies was as a result of unforeseen and unavoidable circumstances beyond your control, the decision to convert the grant into a loan may be reconsidered.