PEI Student Loan Rehabilitation Program
The PEI Student Loan Rehabilitation Program provides you with a six-month payment schedule as a way to bring your defaulted PEI Student Loan back into good standing. Once you complete the plan, your loan will be transferred back to Edulinx PEI, where you will continue with regular monthly payments.
Am I eligible for the rehabilitation program?
To be eligible for the PEI Student Loan Rehabilitation Program, you must:
- Have defaulted on the provincial portion of your student loan; and
- Have less than two prior attempts to rehabilitate your PEI student loan.
What is the loan rehabilitation process?
- To begin the process, contact PEI Student Financial Services at (902) 368-4640 to let us know you want to discuss the PEI Student Loan Rehabilitation Program.
- After receiving your request, your eligibility to apply for this program will be assessed. If you are approved, a representative of PEI Student Financial Services will contact you to:
- review when your payments are to begin;
- tell you the amount of each payment, which is calculated based on the principal outstanding balance on your PEI student loan; and
- provide instructions on how to pay via on-line banking.
- Once you've met all the requirements, your loan will be considered rehabilitated. If you get behind on the rehabilitation payments for two months in a row, or do not complete your required payments by the rehabilitation end date, your rehabilitation attempt will be considered unsuccessful.
- Rehabilitated loans will be transferred to Edulinx PEI, where you will be required to adhere to the same regular monthly payment schedule, or apply for the (Interest) Repayment Relief program, or provide proper documentation confirming you have returned to full-time study.
What are the benefits of successfully rehabilitating my PEI Student Loan?
- Interest free status;
- De-registration from Canada Revenue Agency’s Refund Set-Off Program;
- Eligibility to apply for further PEI student financial assistance (assuming the Federal portion of your student loan is in good standing);
- Eligible to apply for the Payment (Interest) Relief Program; and
- Improved personal credit rating.
Student Financial Services
176 Great George St., P.O. Box 2000
Telephone: (902) 368-4640
Fax: (902) 368-6144
May 24, 2016