How to receive your Canada student loan money
After you or your school has received your certificate of eligibility and Canada student loan agreement in the mail, follow these steps to cash your loan.
1. Confirm your enrolment
Before your student loan money can be released, your school must confirm that you are enrolled in an eligible, full-time post-secondary program for the entire study period for which you have been awarded funding.
If you attend a B.C. public post-secondary institution, your school will automatically confirm your full-time enrolment electronically with StudentAid BC.
After your school has confirmed your enrolment, your certificate of eligibility and Canada student loan agreement will be sent either to your home or to your school, as indicated on the notification of assessment.
If your notification of assessment says your funding should be "sent to home," your Canada student loan agreement will be mailed to the address you put in your application.
If your notification of assessment says your funding should be "sent to school," your certificate of eligibility and Canada student loan agreement will be sent to your post-secondary institution. There, a school official (financial aid officer or registrar) must:
- Confirm your full-time enrolment.
- Complete, sign and date the educational institutions section of the document.
Then the school official will release the certificate of eligibility and Canada student loan agreement document to you with instructions on how to receive your money.
2. Confirm your identity at Canada Post
After your enrolment is confirmed, take your certificate of eligibility and Canada student loan agreement to a designated Canada Post outlet.
Make sure to bring all the following personal documentation with you:
- Your social insurance number card, or a copy of your Canada Revenue Agency notice of tax assessment.
- Official government-issued photo identification, such as a driver’s licence, B.C. identification card or passport.
- A void, personalized cheque with your bank account number.
Your loan will be processed only if you provide all the documentation listed above. If you do not have a personalized cheque, have your bank or credit union complete the electronic funds transfer section of your certificate of eligibility and Canada student loan agreement.
At the postal outlet, staff will:
- Make sure your Canada student loan agreement is valid for processing.
- Confirm that you have provided proper identification.
- Forward your Canada student loan agreement to the National Student Loans Service Centre.
3. Money released on or after disbursement date
After your identity and enrolment have been confirmed, your Canada student loan funds will be deposited electronically into the bank account you have specified, and/or will be forwarded to your school. The transfer usually occurs within seven business days of the disbursement date on the Canada student loan document (or the notification of assessment).
You can then use the funds for the purposes set out in the Canada student loan agreement.
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The Canada student loan agreement is valid for up to 30 days after your enrolment has been confirmed. The loan cannot be cashed after the study end date on the certificate/agreement. |
More information about Canada student loans
National Student Loans Service Centre
PO Box 4030, Mississauga, ON L5A 4M4
1-888-815-4514 (within North America)
Country Code + 800-2-225-2501 (toll free outside North America)
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