Important Information in Response to COVID-19

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.
To be eligible for a loan under the EALP, the applicant must:
  • have served in the Canadian Armed Forces (Regular Component or Reserve Force) or be the widow/widower* or the dependent of a former member
 
AND
 
  • be capable of repaying the loan without imposing personal financial distress and/or compromising the security of Support Our Troops Fund assets
AND
  • 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.

Application Process

Applications are accepted year-round, as there is no official deadline to apply. To ensure funding is received in time for the fall semester, applicants should submit their application prior to the end of June.
The following supporting documentation is required when applying for the Education Assistance Loan Program:

  • 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

*These forms may also be obtained at your local SISIP office or in person or email (See Contact Us).


Adjudication Process

Applications will be assessed based on the following criteria:

  • Eligibility

  • 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.

 
Decision Process

Following the adjudication procedure by the Grants/Loan Coordinator, the completed application is submitted to the Fund 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 formed 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 under EALP:
  • Royal Military College courses if not subsidized
  • Online and distance courses
Support Our Troops
 
613-943-8756 or toll free 1-888-753-9828
 
supportourtroops@cfmws.com
 

Apply for an Education Assistance Loan
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