Receiving Your Funds

Notice of Assessment/Reassessment

Once StudentAidNL has assessed your application, you will receive an email notifying you of the results. You can view your Notice of Assessment by logging into your StudentAidNL account. Your Notice of Assessment details the amount of student financial assistance you are eligible to receive. At any time, if StudentAidNL reassesses your application, you will receive an email advising you to access your account to view your revised Notice of Assessment.

There are a number of federal and provincial loans and grants available through the Canada-Newfoundland and Labrador Student Financial Assistance Program. The steps you must follow to receive your eligible funding will depend on the type of loan(s) and/or grant(s) you are eligible to receive. Please review the sections below to determine the process you need to follow.

Master Student Financial Assistance Agreement (MSFAA)

Students must have a valid Master Student Financial Assistance Agreement (MSFAA) on file at the National Student Loan Service Centre (NSLSC) to receive their funds. The MSFAA is a legal agreement that outlines a student’s responsibilities and the terms and conditions of accepting and repaying your student loans.

There are separate MSFAAs for full-time and part-time students with unique terms and conditions for each. If you receive an email indicating a new MSFAA is required, you must complete the registration process using your new MSFAA number to receive your funds.

Note: The terms and conditions of the full-time and the part-time MSFAA are subject to change with each new academic year.

You will require a MSFAA if:

  • You are a first-time loan or grant recipient enrolled in full-time or part-time studies;
  • You have previously submitted an MSFAA but have left full-time studies or part-time studies for two years or more; or
  • You have previously received student loan(s) and/or grant(s), but have since established residency in another province/territory.

If an MSFAA is not required, the NSLSC will email you when your student loan(s) and/or grant(s) are disbursed. You can also view this information by logging on to your National Student Loan Service Centre (NSLSC) online account: National Student Loans Service Centre (canada.ca).

Submitting the MSFAA

Submitting the MSFAA is an online, electronic process. It will take approximately 20 minutes to complete.

Within 1-2 business days from the date of receiving the Notice of Assessment, StudentAidNL will send you an email indicating your unique 10-digit MSFAA number is available. You simply login to your StudentAidNL online account to obtain your MSFAA number.

Within 1-2 business days from the date of receiving your MSFAA number, the NSLSC will send you a “Welcome Email” with the subject line “Complete your MSFAA/Remplissez votre EMAFE” including a link to begin the online process. You are then ready to proceed with registering your MSFAA.

Before proceeding with the online process, you must ensure you have available:

  • Your bank account information – including transit number, institution number and account number;
  • Your Social Insurance Number (SIN);
  • Your unique 10-digit MSFAA number (located in your online StudentAidNL account); and
  • Your date of birth.

You must complete the MSFAA registration process in one session. The process includes:

  1. Linking into the NSLSC website and confirming identity;
  2. Registering for an online NSLSC account; and
  3. Completing the online MSFAA registration.

If you have questions about the registration process with the NSLSC, please contact the NSLSC via telephone toll free at 1-888-815-4514 (within North America) or 800 2 225-2501 (outside North America).

Important: If you do not require a new MSFAA and your personal banking information has changed, you can update your banking information online by logging into your NSLSC account.

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Confirmation of Enrolment

Before disbursing funds, StudentAidNL is required to confirm enrolment for all students.

An official at your educational institution is responsible for confirming your enrolment. After your educational institution confirms your enrolment, the NSLSC will deposit your approved student loan(s) and/or grant(s) directly into your bank account less any amounts owed to your educational institution to cover all or a portion of your outstanding tuition and fees.

It can take three to seven business days for funds to deposit to your account from the date your educational institution confirms your enrolment. Federal funds usually deposit a day before provincial funds. You can track the progress of the release of your funds on your NSLSC online account.

Students attending International Educational Institutions

Before disbursing funds, StudentAidNL is required to confirm enrolment for all students.

An official at your educational institution is responsible for confirming your enrolment. Please see below for the process to confirm your enrolment as you are attending an institution outside of Canada.

  1. The National Student Loan Centre (NSLSC) will mail a Confirmation of Enrolment form and prepaid envelope to you using the mailing address you have on file no earlier than 21 days prior to your period of study start date. This form must be completed by your educational institution and returned to the NSLSC.
  2. To ensure you receive your eligible funding as soon as possible, take this form to your educational institution to have your enrolment confirmed including how funds will be remitted (i.e., to the school or you) and submit the completed form to the NSLSC within 30 days of the educational institution signing it and before your period of study end date indicated in Part B of the form.
  3. The NSLSC will process the form following the remittance instructions on the completed form within two business days of receiving the completed form.

This process is handled by the NSLSC but requires collaboration between the NSLSC, the student, and the educational institution. Please contact the NSLSC at 1-888-815-4514 if you require assistance with this process.

It can take three to five business days for funds to deposit to your account from the date your completed Confirmation of Enrolment form is processed at the NSLSC. Federal funds usually deposit a day before provincial funds. You can track the progress of the release of your funds on your NSLSC online account.

Provincial Grant Disbursement

The National Student Loan Services Centre (NSLSC) administers the majority of student financial assistance funding; however, if you are eligible for any of the following grants or are entitled to a refund, you will be asked to provide your banking information directly to the provincial Department of Finance, as these funds are administered by the Province:

  • Provincial Part-Time Incentive Grant;
  • Canada Student Grants for Services and Equipment for Students with Disabilities;
  • Provincial Debt Reduction Grant; and
  • Provincial Early Childhood Education Grant.

Please see the Provincial Grant Disbursement section for more information.