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Reduce Your Debt: Debt Reduction Grant

Debt Reduction Grant (formerly Loan Remission)

The Loan Remission program has been replaced by the Debt Reduction Grant Program. Graduating students may be eligible for debt reduction grants.

The Government of Newfoundland & Labrador remits a portion of the provincial student loan to the lender, thereby reducing the student loan debt for qualifying graduates.

* For more detailed information on the Newfoundland Debt Reduction Grant Program, click here.

Students qualify for Debt Reduction Grant if...

  • they graduate from a qualifying program of study of at least 80 weeks in duration;

  • borrow more than $165 per borrowing week during a given semester; and,;

  • are successful in at least 80% of a full course load; and,

have applied and been deemed eligible for assistance for at least half of the required length of your post-secondary program.

  • You may qualify for an exemption to the 80% success rate and the requirement to study in the Province, provided you submit a written request along with supporting documentation to demonstrate exceptional circumstances.

    If you pass 100% of a full course load during a semester, your grant will be equal to the total amount you borrowed in excess of $165 per study week. If you pass 80%, it will be half of the amount you borrowed in excess of $165 per study week.

    While calculation of grant eligibility is semester based, it is not applied to your outstanding loan balance until you have met all of the eligibility criteria.

    There is no Application Form required; however, you must respond to all requests for required documentation from the Student Financial Services Division within five years of graduation.

Government of Newfoundland & Labrador Student Aid Division