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Answer Key
4Question #1: While
you are still in school, it is very important to confirm your student
enrolment to ___________________________.
- begin paying your loan at the beginning of
the school year
- apply for the "debt reduction in
repayment" program
- make sure your loan remains interest-free
- qualify for additional student loan
funding
4Question #2: Your
Schedule 1 - Certificate of Eligibility confirms your
____________________________.
- enrolment at your college or university
- acceptance into college or university
- agreement regarding the repayment of your loan
- acceptance of the terms and conditions of your loan
4 Question
#3: If
I make a Canada Student Loan payment while still in school full-time, ___________________________.
- you will then need to start paying
interest on your loan as well
- you relinquish the right to apply for
Interest Relief
- the
amount will be applied directly to the principal of the loan
- you lose full-time student status, and
need to make regular payments
4 Question
#4: After
you have been awarded a loan, and your loan was issued after August
1, 2000, _____________________.
- you
deal with the National Student Loans Service Centre (NSLSC)
- you deal with the financial institution
holding your loan
- you deal with both the NSLSC and the
financial institution
- you deal with the Student Financial
Assistance Branch
4 Question
#5: You
must start paying back your student loan ____________________.
- immediately upon university graduation
- as soon as you get a full-time job
- six
months after you have stopped being a full-time student
- at the end of your fourth year of
full-time studies
4 Question
#6: If
you are a full-time student receiving a Canada Student Loan for the first
time after August 1, 1995, you are able to receive assistance to a maximum
lifetime limit of ___________________________.
- 300 weeks
- 320 weeks
- 340 weeks
- 360 weeks
4Question #7: When you are in
the repayment stage of your student loan,
you can _______________________.
- claim an education deduction of $750 per month of study if you are in
full-time study
- receive a tax credit on the
interest portion of the amount paid on student loans each year
- claim child care expense deduction if you are in full-time study
- receive a tax credit for the first $5000 earned annually in part-time
work while if you are in full time study
4Question
#8: You
may be eligible for Interest Relief if _____________________.
- your family
income is below a certain level
- you did not sign a consolidation agreement
- you have had problems keeping your loan in good
standing
- you have exhausted the 30 month limit and still are
in financial difficulty
4Question
#9: Failure
to repay your loan as established in your consolidation agreement will
result in ___________________________.
- being expelled from university
- no added problems to your credit rating
- entering the revision of terms phase automatically
- you defaulting on your student
loan
4Question
#10: For
more information, you should contact _______________________.
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