Island post-secondary students receiving provincial student loans will now be served by the CIBC, the National Bank of Canada and the Credit Unions of PEI, under new contracts signed for the Provincial Student Loan Program, Education Minister Chester Gillan said today.
Minister Gillan, Provincial Treasurer Pat Mella and student representatives from PEI post-secondary institutions met with national and local representatives of CIBC, the Credit Unions of PEI and the National Bank of Canada to officially sign the new provincial student loan contracts.
"We are pleased the province was able to negotiate an agreement with three lending partners, CIBC, the Credit Unions of PEI and the National Bank of Canada, to continue the student loan program," said Minister Gillan. "This demonstrates the importance our government places on working with our partners to assist Island students who have financial need to complete their studies."
CIBC has renewed its contract with the PEI Student Loan program and students can visit any one of the nine CIBC branches in the province. "We are pleased to make this commitment to the Island and its students. An investment in our students is an investment in our future," said Peter McCreath, director of corporate communications and public affairs, CIBC (Atlantic Canada).
The 13 Credit Union branches on PEI will continue to provide PEI student loan services to its membership only. Gerard Dougan, CEO of Credit Union Central of PEI, is pleased to work in partnership with the Government of Prince Edward Island in delivering the provincial student loan program to its members.
"Credit Unions on PEI have been proactive in working with young adults in preparing for their future," Dougan said. "We believe education is an important element in building a strong foundation for our future. The provincial lending program is an important contributor in assisting young adults to achieve their education goals."
As the newest participating lender, the National Bank of Canada welcomes new customers who are participating in the PEI Student Loan Program. The National Bank offers services in both Charlottetown and Summerside.
"The National Bank of Canada has been active in Atlantic Canada for over 75 years, where it can count on a loyal customer base. This agreement with the PEI government is another example of the National Bank's commitment to providing top-notch service in each of the communities where it is present," said Philippe DesRosiers, Vice President - Atlantic Canada.
Students with PEI student loan certificates with disbursement dates January 1, 1999, or beyond, must consult with one of the three lending institutions participating in the PEI Student Loan Program to renew their loans.
Students will apply for loans the same as before, and must begin repaying their loans in the seventh month after completion of studies. The new arrangements became effective January 1, 1999, and do not affect lender arrangements for the Canada Student Loans Program.