All students who received a Nova Scotia Student Loan (NSSL) in the time period of August 1, 2003 to July 31, 2008 can apply for Debt Reduction when they graduate. Awards will be applied against the balance of your Nova Scotia Student Loan. All awards are calculated based on the loan amount outstanding after awards received from the Canada Millennium Scholarship Foundation.

Applications are available by contacting the Student Assistance Office or by clicking here.

To qualify for the program, you must meet each of the following criteria:

• Qualified for and negotiated a Nova Scotia Student Loan between August 1, 2003 and July 31, 2008.
• Studied at an Educational Institution in Canada.
• Successfully graduated from the program for which you obtained the Nova Scotia Student Loan. The program may be completed at an institution other than that at which the borrower began their studies. However, the institution must be within Canada.

Include with your completed application:

• University Graduates: a complete transcript, including transfer credits (if applicable) and date of graduation.
• Community Colleges or Private Career College Graduates : copy of your transcript and diploma.

Debt Reduction is awarded based on a student’s loan profile, with a graduated rate awarded for each year of Nova Scotia Student Loan, up to a maximum of program length plus one extra year.

The table below shows the percentage of Debt Reduction you would qualify for based on your Nova Scotia Student Loan year for academic years after 2003/2004.

Year of Nova Scotia Student Loan	NS Student Loan	Debt Reduction %	Debt Reduction Award
Yr 1 of NSSL for program	$5100	15%	$765
Yr 2 of NSSL for program	$5100	25%	$1275
Yr 3 of NSSL for program	$5100	35%	$1785
Yr 4 of NSSL for program	$5100	45%	$2295
Yr 5 of NSSL for program (extra year)	$5100	15%	$765

NOTE:If you received a Millennium Scholarship for a loan year, this award will be deducted from your Nova Scotia Student Loan and Debt Reduction will be calculated on the remaining amount.