Prince Edward Island students access funding through StudentAid PEI — a single application that covers both the federal Canada Student Loan and the PEI provincial student loan. PEI is home to two main post-secondary institutions: the University of Prince Edward Island (UPEI) and Holland College.
PEI Student Aid at a Glance
| Feature | Details |
|---|---|
| Application portal | studentaidpei.ca |
| Federal loan | Canada Student Loan (CSL) |
| Provincial loan | PEI Student Loan |
| Interest — federal portion | 0% (since January 2023) |
| Interest — PEI portion | Interest charged (see current rate at studentaidpei.ca) |
| Grace period | 6 months after leaving full-time studies |
| Non-repayable component | PEI Bursary (need-based) |
Institutions Served
| Institution | Type | Location |
|---|---|---|
| University of Prince Edward Island (UPEI) | University | Charlottetown |
| Holland College | College | Charlottetown + regional campuses |
| Maritime Christian College | Faith-based college | Charlottetown |
Students attending eligible institutions in other provinces are generally also eligible for PEI student aid, provided they meet residency and enrolment requirements.
How to Apply
| Step | Action |
|---|---|
| 1 | Create your account at studentaidpei.ca |
| 2 | Complete the online student aid application |
| 3 | Submit income documents and school enrolment confirmation |
| 4 | Receive assessment notice (allow 4–6 weeks) |
| 5 | Sign the Master Student Financial Assistance Agreement (MSFAA) |
| 6 | Funds are sent directly to your school or to you |
Apply at least 6–8 weeks before your study period begins. Late applications may delay funding past the start of your term.
How Loan Amounts Are Calculated
StudentAid PEI assesses financial need based on:
| Factor | Description |
|---|---|
| Cost of education | Tuition, fees, books, supplies |
| Living costs | Rent, food, transportation (whether living on campus or at home) |
| Your income | Earned income during the study period |
| Parental income | If you are a dependent student, parental income is assessed |
| Spousal income | If applicable |
| Scholarships | Any external awards reduce assessed need |
The difference between allowable costs and expected contributions determines your loan and bursary amount. Students with the highest financial need receive the most non-repayable bursary funding, reducing the loan component.
Canada Student Grants Available to PEI Students
Federal grants are assessed automatically through the same StudentAid PEI application and do not need to be repaid.
| Grant | Who it’s for | Maximum amount |
|---|---|---|
| Canada Student Grant — Full-Time | Low-to-middle income full-time students | Up to $3,000/year |
| Canada Student Grant — Part-Time | Part-time students with demonstrated need | Up to $1,800/year |
| Canada Student Grant — Disabilities | Students with permanent disabilities | Up to $20,000/year |
| Canada Student Grant — Dependants | Students with dependent children | Up to 60% of childcare costs |
See: Canada Student Grant Guide for full details.
Repayment
Federal and provincial loans share a 6-month non-repayment grace period after leaving school. After that:
| Loan type | Managed by | Online portal |
|---|---|---|
| Canada Student Loan | National Student Loans Service Centre (NSLSC) | nslsc.ca |
| PEI Provincial Loan | StudentAid PEI | studentaidpei.ca |
The NSLSC handles your federal repayment, including setting up autopay, making extra payments, and applying for the Repayment Assistance Plan (RAP).
Repayment Assistance Plan (RAP)
If your income after graduation is low, the federal Repayment Assistance Plan can reduce or eliminate your federal loan payment. Under RAP, payments are capped as a percentage of income — potentially $0 for borrowers earning below the income threshold. Apply through your NSLSC account every 6 months.
PEI may also have a provincial repayment assistance program for the provincial loan portion. Contact StudentAid PEI for details.
PEI Remaining-in-Province Programs
PEI has historically offered remission or incentive programs for graduates who remain in PEI after graduation and contribute to the local economy. These programs recognize the island’s population retention challenges.
Eligibility criteria and program availability change. Check studentaidpei.ca or contact the PEI Department of Workforce, Advanced Learning and Population for current offerings.
Strategies for PEI Students
| Strategy | Why it matters |
|---|---|
| Apply for all available grants first | Grants reduce total borrowing; bursaries are not repaid |
| Maximize scholarship applications | External awards reduce your assessed loan need |
| Make extra payments on the PEI provincial portion | This carries interest — pay it down faster than the 0% federal loan |
| Enrol in RAP early if income is low | Don’t miss payments — defaults hurt your credit and can reduce future federal funding eligibility |
| Ask UPEI/Holland College about in-house bursaries | Institutional aid stacks with StudentAid PEI |
Related Guides
- How to Pay Off Student Loans
- Canada Student Grant Guide
- Repayment Assistance Plan Canada
- NSLSC Guide
- Student Loan Forgiveness Canada
- Student Loan Repayment Calculator
Sources
- Government of Prince Edward Island. “StudentAid PEI.” studentaidpei.ca
- Employment and Social Development Canada. “Canada Student Financial Assistance.” canada.ca
- National Student Loans Service Centre. nslsc.ca