Here’s some info you might not know! When you apply for a student loan, you are also applying for a Canada Millennium Scholarship Bursary (CMS). It’s available for full-time students who have the highest assessed need and who meet all the program’s eligibility requirements.
If you’re enrolled in an eligible undergraduate program at a post-secondary institution in Canada and are at least 60% of the way through the year, you could earn a Millennium Award that will reduce your student loan debt. All you have to do is make sure your Pre-Study Report is completed and that you’re working hard in school!
The bursary amount varies by province. For instance, every year in Nova Scotia $8,600,000 is invested in this program, with approximately 3700 award recipients. I did some math, and that equals an average of $2,324 per recipient!
The awards are distributed according to the level of assessed need. So don’t be surprised if you are happily nearing graduation only to be told that as much as $2300 of your student loan doesn’t need to be paid back!
More information at: https://studentloands.ednet.ns.ca/cms01.shtml
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