September 19, 2020

Student Loans in Canada

Student Loans in Canada

Canada’s education system is renowned and considered to be one of the best worldwide. Degrees achieved from the Universities of Canada are recognized globally. You can develop your knowledge and learn a lot of both theoretical and practical knowledge from their universities. But as they maintain a great quality of teaching, so the cost of education in Canada is a bit expensive also. An average cost of $80,000 is needed for post-secondary education. This amount is huge for most students. This is where the student loans come to rescue students and provide them the opportunity to complete their study.

 

There are different types of student loans in Canada, such as federal, private, and provincial. Before guiding you to these student loans, there are some other things which you must learn to apply for these loans.

First thing is what makes you qualify for a student loan in Canada? This is the first and foremost thing to know about. There are some certain eligibility criteria to receive student loans in Canada and you have to meet all these criteria for getting student loans.

  • First criteria is you must have to be a Canadian citizen.
  • Secondly, you must have to possess a permanent resident or at least a status of being a protected person.
  • Thirdly, you must have to have a valid and legit Canadian social insurance number.
  • Lastly, you must have to be an inhabitant of British Columbia to become eligible.

As you can see from these criteria that there are no scope for international students to get loan in Canada. Even with the study permits, international students are not eligible to get loan from government or bank in Canada. But if you can get a landed immigrant status, you will become eligible for student loans. Some colleges and universities also came up with emergency loans to provide student loans to the international students. These emergency loans is a one-time offer only.

Now, as a resident of Canada and after fulfilling all the criteria, how much you will be able to get as student loan? Government will provide 60% of the total need through Canada Student Loans Program. This amount is up to $200 per week. But for the remaining 40% of your assessed need, you must have to manage a provincial student loan.

These are some important things you needed to learn before starting the guide to get a student loan in Canada. Let’s get into the main discussion now. How a student can get a student loan in Canada is discussed briefly below:

Federal Student Loans

This one is issued by the government of Canada and they have two programs to provide loans to the needy students to fund their education. One is Canada Student Loans Program (CSLP) and the other one is Canada Student Grants Program (CSGP). You can visit their site to learn more details of these two program. You will also see how you can apply by visiting www.canlearn.ca

Provincial and Territorial Student Loans

Sometimes federal loans won’t be enough to cover your whole amount of study. Then, you must have to take loans from your own province or territory. Even when your federal assistance will be denied, you can apply for getting a provincial or territorial student loans. But to get this loan you must have to be the resident of some specific province and territory. Otherwise, you won’t be eligible for this loan. Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Ontario, Northwest Territories, Quebec, Saskatchewan, and Yukon Territory are the eligible province and territory to get this loan. Each and every above mentioned place has a Student Financial Program. If you are eligible by your own province or territory, you will be able to get provincial student loans. So, to get a provincial student loan, you have to apply in your territorial Student Financial Program on the first place.

Private Student Loans

If you are maxed out from both the option of federal and provincial student loans. Then you have to take private student loans from CIBC. They have two different types of credit to offer the student loans. One is Education Line of Credit, by which you can purchase books, and can pay your rent, tuition, transportation and many more things. Other one is Professional Edge Student Program, by which students who are currently studying for professional degree can take a huge tuition loans to fulfill all their requirements to complete their study. You can visit their site or can contact to a CIBC advisor on phone at 1-866-525-8622.

Wrap Up

I hope you got all your questions answered and ready to take the next steps by following this article. We tried to make a proper guide to student loans for the students in Canada.

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