Master Student Financial Assistance Agreement
If you qualify for student financial assistance for the 2011-2012 school year (beginning August 1st, 2011), you'll receive a student loan agreement called the Master Student Financial Assistance Agreement (MSFAA) (see a sample  ). You must sign and submit your MSFAA to receive funding.
What is the Master Student Financial Assistance Agreement (MSFAA)?
The MSFAA replaces the provincial Master Student Loan Agreement (MLAG) and the federal Certificate of Eligibility and Student Loan Agreement (CE/SLA). The MSFAA is a multi-year agreement so you won't have to sign a new agreement the next time you apply for funding through StudentAid BC.
Your loan responsibilities and the terms and conditions of accepting and repaying your student loans are outlined in your MSFAA. When you sign your MSFAA, you are signing two contracts: one between you and the Government of Canada, and the other between you and the Government of British Columbia*.
Your MSFAA doesn't specify the amount of assistance you qualify for. You'll receive a separate Notification of Assessment that tells you how much you'll receive in Canada and B.C. student loans, as well as, any Canada Student Grants and/or BC Grants that you may qualify for. Loans have to be repaid; grants do not.
If you have a master student financial assistance agreement
- Confirm your identity at a Canada Post outlet or NSLSC on-campus kiosk
As soon as you receive your Master Student Financial Assistance Agreement, take it to a designated Canada Post outlet or an on-campus NSLSC kiosk. Outlets and a list of on-campus kiosks can be found at CanLearn.ca.
Make sure to bring all the following personal documentation with you:
- your social insurance card, or a copy of an official Government of Canada document that includes your social insurance number, such as your Canada Revenue Agency Notice of Tax Assessment; and
- official government-issued photo identification, such as a driver’s license, B.C. identification card or passport; and
- a void, personal cheque with your bank account number. If you do not have a personal cheque, your bank or credit union can help you complete the electronic funds transfer section of your Master Student Financial Assistance Agreement. If you lose your agreement, contact StudentAid BC to have the document reprinted and sent to you.
- At the Canada Post outlet or NSLSC kiosk, staff will:
- make sure your Master Student Financial Assistance Agreement is valid for processing;
- confirm that you have provided proper identification; and
- forward your Master Student Financial Assistance Agreement to the NSLSC.
- Confirm your enrolment
Before your student loan and/or grant 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 or other school that offers electronic confirmation of enrolment, your school will automatically confirm your full-time enrolment electronically with StudentAid BC. Your school may ask that some of the funds be paid to them to cover your academic fees.
Most schools in B.C. confirm student enrolment online directly to StudentAid BC.
If you attend a school that does not access electronic confirmation of enrolment, a confirmation of enrolment form will be mailed to you or your school about a month before you are eligible to receive the student loan funds. The form will not be mailed until your completed Master Student Financial Assistance Agreement has been received at NSLSC. If your school is in Canada, the form is mailed to the school; if outside of Canada, the form is mailed to you and you must take it to your chool for them to mail or fax to StudentAid BC.
Once your confirmation of enrolment form is processed, your student loan and/or grant funds can be released.
If you lose your paper confirmation of enrolment form, you can print a copy by logging on to check your student loan application status on www.StudentAidBC.ca.
Note: The school may instruct the lender (NSLSC) to send all or part of your funding directly to the school to pay for your tuition and mandatory fees.
- Money released on or after the disbursement date
After your Master Student Financial Assistance Agreement has been processed and your enrolment has been confirmed, your funds will be either deposited electronically into the bank account you have specified, or forwarded to your school. The deposit usually occurs within seven business days of the disbursement date on the notification of assessment.
Note:
If you are receiving more than one student loan disbursement during your application period (check your notification of assessment), your school must confirm your enrolment each time before the money can go out to you.
What about the next time I apply for funding?
When you sign and return a MSFAA to the NSLSC you are agreeing to receive all funding you are assessed to receive from that date forward, so the next time you apply for student financial assistance, you won't have to sign and submit a new MSFAA. Just complete and submit a StudentAid BC application form and wait for your Notification of Assessment to come in the mail. The funds you're eligible for will be deposited electronically into your account and/or forwarded to your school to pay your academic fees.
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