Educational costs in Canada are quite affordable when compared to the figures associated with studying in the United States or abroad. This is due to the fact that Canadian citizens pay a high amount of tax to support colleges and universities. 

However, even after such low costs, it is important for the students to receive some financial assistance from the government in order to fully finance their studies. This assistance comes in the form of scholarships, grants, loans and bursaries. As Canada has a provincial setup, the eligibility criteria and the amount of financial assistance offered varies from province to province.

The Atlantic provinces in Canada consist of four provinces: New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. Each of these provinces has a separate financial assistance program for students who are pursuing their post-secondary studies.

The Government of New Brunswick and the Government of Canada work in co-ordination to provide financial support to the students of this province. However, not everyone in the province is eligible for this assistance as certain requirements must be fulfilled. These requirements include being a resident of New Brunswick, demonstrating financial need, having a sound academic record and being enrolled in a course that lasts for at least 12 weeks. 

The financial assistance offered under this system comprises loans, grants and bursaries. One point of consideration here is that the amount granted will be calculated based on the student's financial need, and not on the amount applied for. Financial need refers to the difference between the available financial resources of the student and the total cost of education.

The Nova Scotia Student Loan (NSSL) and the federal Canada Student Loan (CSL) provides needs-based finances to students pursuing their higher education. The main purpose of this financing is to supplement the financial resources of an individual getting enrolled in a Canadian university. In order to receive this loan, the student must be a resident of Nova Scotia applying to a minimum 12-month program at a recognized university.

The Government of Prince Edward Island, along with the Government of Canada, offers student loans to individuals to complete their post-secondary education. Students who are permanent residents of Prince Edward Island, enrolling in a course having more than 12 months duration and displaying financial need are eligible for this assistance.  

Under the Prince Edward Island financial assistance scheme, certain eligible students can also obtain loans that do not need to be paid back. One feature of the loans is that they remain interest-free during the entire duration of your course as well as during the six-month grace period.

All residents of Newfoundland and Labrador who are pursuing their post-secondary education are eligible for financial assistance under the Newfoundland and Labrador Student Loans Program (NLSLP). Loans, grants and bursaries are offered to students faced with inadequate funds and who require the assistance of the Government to finance their studies. The repayment process of these loans starts six months after you complete your course of study.•

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