If you`re a master`s student, you may be eligible for financial assistance in the form of a Master Student Financial Assistance Agreement (MSFAA). This agreement is a legal document that outlines the terms and conditions of your funding, and it`s important to understand its contents before you sign.
Here`s what you need to know about your MSFAA:
What is it?
Your MSFAA is a contract between you and the National Student Loans Service Centre (NSLSC). It details the amount of funding you are eligible to receive, the terms of the loan, and the obligations you have as a recipient of financial assistance.
How do I apply?
To apply for financial assistance, you`ll need to complete an application through your provincial or territorial student aid office. This office will assess your eligibility and determine the amount of funding you`re eligible to receive. Once your application has been approved, you`ll receive an MSFAA to sign.
What are the terms and conditions?
The terms and conditions of your MSFAA will vary depending on your province or territory, but they will generally include:
– The amount of funding you`re eligible to receive
– The interest rate on your loan
– When repayment of your loan begins
– The length of the repayment period
– The consequences of missing a payment
It`s important to read through your MSFAA thoroughly and understand the terms and conditions before you sign. If you have any questions or concerns, don`t hesitate to contact your provincial or territorial student aid office.
What are my obligations?
As a recipient of financial assistance, you have certain obligations. These may include:
– Making payments on time
– Informing the NSLSC of any changes to your contact or financial information
– Completing your program of study
– Maintaining satisfactory academic standing
– Using the funds only for educational purposes
If you fail to uphold your obligations, you may face consequences such as late fees, default on your loan, and damage to your credit score.
In conclusion, your MSFAA is an important document that outlines the terms and conditions of your financial assistance. By reading it carefully and understanding your obligations, you can ensure that you receive your funding and avoid any negative consequences. If you have any questions or concerns, don`t hesitate to reach out to your provincial or territorial student aid office for guidance.