Education Assistance Loan Program
The Education Assistance Loan Program (EALP) is an opportunity for military members and their families to pursue further education at ease with the support of a low-interest study loan.
Whether you’re a serving member, former member, military spouse or dependent in need of recertification courses, supplementary courses and/or training to increase opportunities for employment, the EALP is there to help!
The following loan amounts are offered under the Education Assistance Loan Program (EALP) to eligible applicants:
- Minimum loan of $500, with increasing increments of $500 to a yearly maximum of $5,000 per eligible student.
- The lifetime maximum loan amount is $20,000, which may be used for consecutive years of instruction.
The EALP offers low-interest loans (3.45% APR OAC), which are awarded for the student’s current scholastic year.
There may be only one application per student request and one loan per student in any 12-month period. Loans are granted to and reimbursed solely by the applicant, who is generally the Canadian Armed Forces member.
Due to COVID-19, we have noticed an increase in queries around potential support for the purchase of items for homeschooling / virtual schooling. Effective immediately, until further notice, families can access the education assistance loan program for the purpose of purchasing items such as but not limited to computers, desks and chairs. The loan may also be used to support tutoring expenses. Applications must include cost estimates.
To be eligible for a loan under the EALP, the applicant must:
- Be a current or former member of the Canadian Armed Forces (Regular Component or Reserve Force), military spouse or dependent or the widow/widower* of a former member
- be capable of repaying the loan without imposing personal financial distress and/or compromising the security of Support Our Troops Fund assets
- be the student by whom the funds will be used must be registered in a course at a recognized post-secondary institution or an adult re-training centre.
* A widow/widower ceases to be eligible once/if they remarry.
The EALP does not provide assistance for students who have completed their studies.
The following Support Our Troops Schedules and supporting documentation is required when applying for the Education Assistance Loan Program (EALP):
Completed Schedules A & I
Proof of current income (pay and/or pension stubs)
T4s and/or tax assessments (self-employed members only)
Discharge certificate or Record or Service (retired or released members only)
Proof of tuition fees
Proof of attendance/acceptance at a recognized post-secondary institution and/or retraining center. This may follow the application, however, it is required prior to the issuing of funds.
Applications are accepted year-round, as there is no official deadline to apply. They can be submitted through your local SISIP Financial Counsellor or sent directly to email@example.com. To ensure funding is received in time for the fall semester, applicants should submit their application prior to the end of June.
Applications will be assessed based on the following criteria:
Not a current debtor under any financial distress program
Current credit card status (loans, notes, previous loans and/or assistance)
Assessment of Consumer Credit Report
In some instances, an applicant may be required to submit a budget.
Support Our Troops will not normally consider any application or lend any more funds until six years has elapsed following discharge from bankruptcy or write-off of a previous Support Our Troops loan.
Following the adjudication procedure by the Loans and Grants Coordinator, the completed application is submitted to the Loans and Grants Manager for decision. Each applicant is notified of the decision in writing.
All decisions are final; there is no appeal process.
Loan Disbursement Process
Loans within the EALP are unlike government student assistance loans or programs in that payments are not deferred until completion of a course or program.
Successful applicants are not required to submit proof of completed course our program to receive their loan.
Approved funds for loans are normally paid to the Canadian Armed Forces member affiliated with the application.
The following rules apply to the repayment of EALP loans:
- Loans are repayable over a 12, 24, 36, or 48-month period, which is at the applicant’s discretion
- Repayment commences the month following the issuance of funds
- Approval of subsequent loans – principal balances of both loans (existing and new) are combined, repayable over the term indicated on new application
- Repayment by serving members – monthly pay allotment
- Repayment by former members – monthly pre-authorized debit
Requests for early payout are to be directed to the Support Our Troops Office (See Contact Us).
The following programs do not qualify
under the Education Assistance Loan Program (EALP):
- Canadian Forces subsidized programs, such as UTPNCM, ROTP, etc.
The following programs do qualify
- Royal Military College courses if not subsidized
- Online and distance courses
Application forms and contact lists