Nova Scotians Get Fastest Online Student Loan Service
Nova Scotians are getting the fastest service in the country when they apply online for student loans.
Online applications are currently being processed in as few as one or two days. When applications peak in July, it may take up to one week, compared to three or four weeks for a paper application.
"We've built a very smart system that eliminates most of the errors that occur with written applications," said Education Minister Angus MacIsaac. "As a result, our students get a response to their applications much faster. If they apply early, they'll know well before the school year begins how much assistance they will get."
The Department of Education receives about 21,000 applications for student loans each year. About 18,000 students are eligible for loans. The department approves about $41 million in Nova Scotia Student loans each year.
The province's online application was introduced in June 2001. About 67 per cent of students applying for loans did it online that year. The rate was up to 85 per cent in 2002. So far this year, 90 per cent of applicants are choosing the online route.
"The changes and upgrades to the online system mean the overall application process is faster and more convenient for students," said Michelle Fougere, financial aid counsellor at Saint Mary's University. "It also makes our job a lot easier."
The online system, located at http://studentloans.ednet.ns.ca , is more user-friendly than the old paper application form. It guides students through the form, prompting them to provide only necessary information. For example, if students identify that they do not have children, no further questions regarding dependents will appear.
About half of all paper applications are delayed because of missing information. The online system allows a student to submit the form only after all information is included.
The online process also makes future applications faster and easier for students. It saves most personal information, making re-entering the information unnecessary.
To complete the application process, all students must fax or mail a signed consent form allowing the department to get income information from Canada Customs and Revenue Agency. Students who apply online will automatically receive the form either by mail or e-mail.
"Now that our online application is in place and working well, we're looking for more ways to serve students better," said Mr. MacIsaac. "We're working on adding new features to the system so we can e-mail student notices, such as reminders at graduation time to apply for the new student debt reduction program."
Students who receive Nova Scotia student loans for the 2003-04 academic year can apply for the student debt reduction program when they graduate.
The $5.1-million program was announced in March. It will reduce up to 40 per cent of an eligible, graduating student's debt.