Applying for a Student Loan
The 2025/26 student aid application is now open will remain open until July 31, 2026. (If you plan to attend post-secondary after August 1, 2026, do not complete the 2025/26 student aid application.)
The 2026/27 student aid application will be available on June 15, 2026.
Budget 2025 announced that the Government of Canada will generally limit access to the Canada Student Grant for Full-Time Students to students attending public educational institutions and not-for-profit private institutions in Canada.
Beginning on August 1, 2026, most students at for-profit private institutions, including for-profit private career colleges, will no longer be eligible for the Canada Student Grant for Full-Time Students. Students attending for-profit private for-profit institutions in Canada will continue to have access to most supports provided by the Canada Student Financial Assistance Program including interest-free Canada Student Loans as well as Canada Student Grants for Students with Dependants, Students with Disabilities, Part-Time Studies, and the Grant for Services and Equipment for Students with Disabilities.
Starting August 1, 2026, or later, students enrolled at private for-profit institutions outside Canada will no longer be eligible for federal student financial assistance, including Canada Student Loans and Canada Student Grants.
Island students enrolled full-time in a designated post-secondary program can apply for financial assistance through both the federal and provincial student financial assistance programs by simply filling out one application. When you complete our online application, you will be assessed all at once for federal and provincial funding, in the form of grants, bursaries, and student loans.
Apply for a Student Loan now or check your Student Loan status
Am I eligible for a student loan?
You may apply for a student loan in Prince Edward Island if you are:
- A PEI resident;
- A Canadian citizen or landed immigrant/permanent resident (Record of Landing required);
- A full-time student at a designated post-secondary institution.
Can I apply for a student loan if I recently moved to PEI?
You can declare you are a resident of Prince Edward Island if:
- For dependent students, your immediate family established residency in PEI and have not spent 12 consecutive months in another province prior to your study period start date; or
- For all other students, prior to starting your post-secondary education, PEI is the most recent province in which you have lived for the last 12 consecutive months and, during this time, you were not a post-secondary student; or
- You established residency in PEI based on your spouse’s employment while you were married and chose to remain here to study after your relationship ended.
What is the deadline to apply for a student loan?
Your application will not be processed until you provide all documentation and all appropriate signatures.
The following deadlines are strictly enforced:
July 15: It may take 4-6 weeks to process your completed application. If you wish to receive funding in September, submit all necessary documentation before this date. (The earliest payment you may receive funding is 5-10 days after your classes begin. Your post-secondary school must confirm your enrollment before funding is released.)
November 15: To receive loan funding for both semesters, submit your application by mid-November of your year of study. A complete application must be received a minimum of 6 weeks before the end of the fall semester.
Mid-Point of Study: Federally-funded loans are paid at the beginning of your study period. Provincially-funded loans are paid at the mid-point of study. For a 34-week program beginning in September, the mid-point of study is after 17 weeks, which is January 1st. For longer programs beginning in September, the mid-point of study would correspond to the halfway point in the study period. Banking information forms for provincially-funded loans must be submitted a minimum of 6 weeks prior to your mid-point of study to avoid payment delays.
Note: You must submit all required information at least six weeks before the end of your study period for full- time students and three weeks before the end of your study period for part-time students. Awards are not retroactive and cannot be issued after your study period has ended.
If you wish to appeal your assessment, submit a completed appeal form six weeks before the end of your study period.
How much money can I borrow?
The amount you can borrow in combined federal and provincial student loans is determined according to your assessed financial need and within the weekly maximum amount.
Your financial need is the amount you are expected to contribute (financial resources) subtracted from your total allowable expenses. For current allowable expenses and expected contributions based on your student category.
The combined weekly maximum amount you can borrow is as follows:
Canada Student Loan - $300 per week of study;
Prince Edward Island Student Loan - $226 per week of study (for 2026/27 academic year).
| Example: | 34-week program | 37-week program |
| $300 × 34 weeks = $10,200 | $300 × 37 weeks = $11,100 | |
| $226 × 34 weeks = $7,684 | $226 × 37 weeks = $8,362 | |
| Total available $17,884 | Total available $19,462 |
For information on loan payment dates, please see our Timetable for Loans, Grants, & Bursaries.
What is my student category?
In order to complete your application properly, you must first determine your student category. Choose the option below that best describes your situation before you begin your program of study:
CD – common-law relationship with dependent children, i.e. you and your common-law partner:
- both are the natural parents of the children you are raising; or
- filed your income tax return as common-law partners in the most recent taxation year.
CN – common-law relationship without dependent children (You must verify two years of co-habitation or shared income tax returns.)
DE – single dependent student, none of the other categories apply to you
ID – current or former ward of a government agency or both parents are deceased.
IM – widowed, separated or divorced and are not the custodial parent of any children
IW – out of high school for at least 2 years, and have made a minimum of $9,000 per year while not studying full-time at a post-secondary institution (must provide verification)
IS – out of high school at least 4 years
MD – married with dependent children
MN – married without dependent children
SP – You are a single parent (single, separated, divorced or widowed) with dependent children living with you full time during your period of study.
What is considered a full-time student?
University: You must be enrolled in at least 60 per cent of full course load per semester, three of five courses.
Public or private college: You must be receiving at least 20 hours of instruction per week.
Spring and summer sessions: You must take minimum three (3) academic university courses from May to August or attend an approved program at least 12 weeks in length with at least 20 hours of instruction per week.
If you have a documented permanent disability, you have full-time status if you take a reduced course load 40% (or 2 courses).
Restrictions on number of weeks for full-time funding
Full-time students are no longer entitled to receive further financial assistance (loans, grants, or in-study interest free status) once they complete a study period in which they reach/exceed their maximum of 340 weeks of financial assistance over the entire course of their post-secondary education.
PhD candidates are eligible for a maximum lifetime financial assistance limit of 400 weeks.
Students with permanent disabilities have a lifetime financial assistance limit of 520 weeks.
What if I don’t pass my courses?
For university students, you must successfully pass at least 60 percent of a full university course load each year to remain eligible for student loans. If you attend a community college, trade school, or a private training school, you must successfully complete each year.
- If you are unsuccessful in one study period, you will be placed on probation and must pass all remaining years of your program.
- If you are unsuccessful in two study periods, you will not be eligible for a student loan for 12 months.
- If you are unsuccessful for three study periods, you will not be eligible for a student loan for 36 months.
Are my parents expected to contribute?
If you are a single dependent student (DE), your parents are expected to contribute based on family size, income level, and number of children in your family attending a post-secondary institution. Your expected parental contribution is added to your resources on your application. To calculate the expected parental contribution, visit the Parental Contribution Calculator on the CanLearn.ca website.
Your parents’ signature is required on the declaration and consent form that you will download at the end of the online application. Make sure you and your parents report your complete income tax information correctly. All files are subject to audit and all information will be verified with the Canada Revenue Agency.
- Parents who are separated or divorced: Provide information for the parent who has full or primary custody of you, or with whom you reside most of the time. If this is your first application, you do not need to provide proof of marital status. However, if your parents’ marital status changed since your previous application, provide a copy of the separation/divorce papers, and confirm which parent has custody of you as well as the amount your non-custodial parent has agreed to contribute.
- If you are under age 18 and your custodial parent remarried or entered a common-law relationship, provide financial information for your step or common-law parent.
- Your parents’ contribution is based on the income tax return from the previous year. If your parents’ income in the current year is lower than the previous year, you can request your application be reassessed based on the income for the current year. Income will be verified through the Canada Revenue Agency.
How will family-related expenses affect my student loan?
If you are married, both you and your spouse are expected to contribute towards the cost of your education.
You can claim certain family-related expenses which will be factored into your student loan assessment.
Dependents - You can claim anyone accepted as a dependent on a CRA income tax return:
- Children, 18 years of age or younger, fully dependent on you for support or for whom you have legal custody or control;
- Children, 19 years of age or older, enrolled full-time in a post-secondary program and considered a single, dependent student.
Child-care costs – You may be asked for proof of child-care costs. You can claim for the following:
- Children under age 12 (but not if a parent is at home, unemployed, or studying through correspondence).
- A disabled child over age 12 (providing you include a letter from your doctor verifying the need for child care. You do not need to provide a letter each year; simply specify that a letter is on file at Student Services.)
Spousal information - If both you and your spouse are applying for student financial assistance from PEI, you do not need to provide duplicate information. Your files can be cross referenced.
If your spouse is unable to provide support, please provide a note explaining the situation. For example:
- Your spouse is unemployed.
- He or she is a seasonal worker or temporarily off work; state the expected date to return.
- If your spouse is unable to work, explain why, e.g. illness, care of young children.
Am I eligible for other student financial assistance?
In addition to a student loan, you may be eligible for a non-repayable grant or bursary, depending on your student category, family size, income level, and the length and location of your study program. When you complete a student loan application, you will be considered for grants and bursaries first. If you have any remaining financial need, then you will be eligible for a student loan. If you wish to only receive a grant or bursary, please enter $1 for the "How much financial assistance are you requesting" question on the student loan application.
- Canada Study Grants
- Provincial Study Grants
Other PEI Bursaries & Grants
Island students planning to attend any post-secondary institution may receive a Community Service Bursary for volunteering while in grade 10, 11 or 12.
Island students enrolled in post-secondary programs at UPEI, Holland College, and Collège de l'Île may receive a George Coles Bursary There is no application form to complete for this bursary. Your school will forward your information to our office each fall. The bursary is sent directly to your school each January. If you do not receive the bursary automatically by January 31, please submit a George Coles Bursary Missing Information webform. Deadline for this form is May 31.
If you decide to live and work on PEI after your graduate from post-secondary, you may be eligible for a Debt Reduction Grant. This grant would reduce any provincially funded student loans you may have, but it does not include Canada Student Loans.
Who can I contact about student loans?
Student Financial Services
Atlantic Technology Centre
176 Great George Street
Charlottetown, PE
C1A 7N8
Telephone: (902) 368-4640
Email: studentloan@gov.pe.ca