Official Guidelines Updated: March 2026
Key Facts for 2025–2026:
PEI Student Loans are interest-free on the provincial portion. One application covers both federal and provincial funding. The provincial loan is paid at the mid-point of study; the federal loan is paid at the start. Repayment begins 12 months after your last day of full-time attendance.
The Prince Edward Island Student Loan program provides financial assistance to eligible Island students pursuing full-time post-secondary education. One online application assesses you simultaneously for both provincial and federal student loans, grants, and bursaries — including the PEI Provincial Grant and the Canada Student Grants.
The provincial portion of the PEI Student Loan is interest-free, making it one of the more borrower-friendly provincial loan programs in the country.
Eligibility Criteria
To apply for a PEI Student Loan, you must:
- Be a Canadian citizen, permanent resident, or protected person with a valid Social Insurance Number.
- Be a resident of Prince Edward Island. For dependent students, your immediate family must have established residency in PEI and not spent 12 consecutive months in another province before your study start date. For independent and married/common-law students, you (or your family) must have most recently maintained a home in PEI for at least 12 consecutive months before beginning post-secondary education.
- Be enrolled full-time at a designated post-secondary institution.
- Demonstrate financial need — your assessed need is the difference between your allowable education expenses and your expected financial contribution.
How Much Can You Get?
The combined federal and provincial weekly maximum is determined by your assessed financial need and your student category. Your amount may also include non-repayable grants and bursaries assessed at the same time. For information on current weekly maximums by student category, visit the PEI Student Financial Services website at studentloan.pe.ca.
Payment Schedule
Federal and provincial loans are paid on different schedules:
- Federally-funded loans — paid at the beginning of your study period.
- Provincially-funded loans — paid at the mid-point of study. For a 34-week program beginning in September, the midpoint is in January.
Banking information for provincially-funded loans must be submitted at least 6 weeks before your mid-point of study to avoid payment delays.
Important — Application Deadlines:
Applications take 4–6 weeks to process. To have funding in place for September, submit all documentation by July 19. To receive loan funding for both semesters, apply by November 15. Awards cannot be issued retroactively after your study period ends.
Repayment
The provincial portion of your PEI Student Loan is interest-free — you only repay what you borrow, with no interest charged. Repayment begins 12 months after your last day of full-time attendance. This 12-month grace period includes an initial 6-month standard grace period followed by a 6-month zero-payment schedule.
If you are completing a medical residency, you may apply to have your provincial loan placed in non-repayment status until your residency program is complete.
Once repayment begins, your account is managed through EDULINX-PEI. Contact EDULINX-PEI at 1-877-560-1389 or register online at pei.edulinx.ca to manage your loan, set up payments, or obtain verification of your loan balance.
How to Apply
Apply online through the PEI Student Financial Services portal at studentloan.pe.ca. Your single application will assess you for federal and provincial loans, the PEI Provincial Grant, and bursaries such as the Island Advantage Bursary. You do not need to complete separate applications for each program.
Other Financial Aid Options
In addition to the student loan, Island students may be eligible for the PEI Provincial Grant, the Debt Reduction Grant after graduation, and Canada Student Grants. First-time students at UPEI, Holland College, or Collège de l’Île are automatically assessed for the George Coles Bursary.
Ready to find a program? Explore eligible schools today.
