If you are finding the rising cost of post-secondary education a problem, check out the Canadian Forces Personnel Assistance Fund (CFPAF) for low interest loans through the Educational Assistance Loan Program (EALP).
“The EALP is for serving and former personnel and their dependants or survivors who are attending a recognized post-secondary program full-time,” says Mr. Yves Rioux, CFPAF Manager. “Each student can receive a maximum of $4000 per year, up to $16 000 over a lifetime.”
You and your spouse/partner are eligible for the program, as are your children or grandchildren as long as they are dependant upon your earnings. Your children and grandchildren are eligible only up until the age of 27.
In order to qualify, you must have served in the Regular Force for at least one year. You are responsible for repaying the loan over a 12, 24, 36 or 48-month period. Your payments will start in the month after you receive the loan, and can be made through pay allotment if you are serving or through a pre-authorized debit if you have released. Your eligible survivors will also repay the loan through a pre-authorized debit.
“In 2006, CFPAF assisted almost 700 people through the EALP,” says Ms Andrea Ravnich , CFPAF Education Loan Co-ordinator. “Applications are processed on a first-come, first-served basis and are accepted year-round. However, those who wish to obtain a loan in time for the 2007 fall semester should submit an application by June 30.”
For an application form:
- go to the Downloads section of our website;
- contact CFPAF by telephone at 1-888-753-9828 or by fax at
613-233-5907;
- ask your base/wing/unit financial counsellor;
- visit your local Veterans Affairs Canada office or telephone 1-866-522-2122; or
- find your provincial command of the Royal Canadian Legion.
Every year the EALP budget is exhausted because of the high volume of applications. This year an amount of $2.8M has been dedicated to this popular program.
CFPAF relies in part on donations to continue providing financial assistance to CF personnel and their families. If you would like to make a tax-deductible donation to CFPAF programs, telephone CFPAF at 1-888-753-9828.
Ms Joyce Sharp
Communications and Marketing Manager
SISIP Financial Services
