Students are now benefiting from a streamlined administration of the student loans program beginning in 2014-15.
"Our government is working to make it easier for students to pursue their post-secondary studies and find a job in our growing economy," Advanced Education Minister Kevin Doherty said. "This more manageable process will save time, reduce paper transactions and administration, and ultimately improve student service and access."
The One-time Signature for Student Loan Consents and Canada Revenue Agency Release will replace the current requirement for the student to sign the designated consents, authorizations and agreement forms each year when applying for student financial assistance.
It will also include one-time signatures (if applicable) for parents, guardians/sponsors and spouse (for married students) using the designated forms. These forms will only need to be signed once instead of each time the student applies, unless there is a break in student financial assistance for a period of two or more years.
As of October 31, 2014, more than 10,000 loan applications were authorized for the 2014-15 loan year. The value of assistance authorized is approximately $119 million, of which $72 million is federal assistance and $47 million is provincial. This is approximately 3.0 per cent higher than the same time last year. The average amount of assistance authorized to individuals is approximately $12,000, which is 3.0 per cent higher than the previous year.
This is in addition to other recent improvements to the student loan process. These include reducing interest rates to prime from prime plus 2.5 per cent, no longer counting vehicles as a resource when determining loan eligibility and no longer considering part time employment income while in school.
These improvements to overall client service delivery for student loan borrowers are the result of a Lean process. Students will save time in the application process and receiving their assessment results more quickly. The Ministry is also reducing administration time by processing less paper.
Approximately 56 per cent of overall Saskatchewan financial assistance to students is non-repayable.
Since 2008, the Government of Saskatchewan has invested $5.5 billion in post-secondary institutions and students including student financial assistance supports.
More information on Saskatchewan Student Loans can be found at www.saskatchewan.ca/studentloans or by calling 1-800-597-8278.
