Where to get a student loan
The Government of Canada offers student grants and loans to full-time and part-time students. Grants and loans help students pay for their post-secondary education.There are three major options:
Federal government The Canada Student Loans Program (CSLP)can satisfy a critical part of your monetary requirements. Insofar as you meet their qualification necessities, you could get up to 60% of the expense of educational cost. It’s essential to note there are lifetime limits on government acquiring. You can get help for a specific number of weeks, which might add up to five or six years. This is liable to change, so check with the CSLP while applying.
Provincial or territorial government Then, search for educational loans and awards from your area or region. You may likewise have the option to apply for grants. To apply for both federal and provincial loans, you just have to apply through your provincial or territorial government.
Private institutions Eventually, if you need more help, you can apply for a student line of credit from your bank. This reusable form of credit can help you pay for things like textbooks, housing and transportation as costs arise.
The difference between a student loan, personal loan and a student line of credit
A student loan can be used towards larger expenses, such as your tuition, residency and textbooks. Student loans are issued only by government agencies. Learn more at www.canlearn.ca.
A student line of credit, available from the bank, provides a pool of funds that can be accessed whenever needed. Once a portion of the funds are paid off, the line of credit can be used again when needed. There are also a number of options in terms of paying off a line of credit, such as making interest only payments each month.
Personal loans are another good option for funding your education. You can get a personal loan from a financial institution and they can be secured against your assets or those of your parents to give you lower rate than an unsecured loan would. You can also pay back the loan at any time without any penalties.
Student loan repayment
Upon graduation, students are given a six-month grace period during which interest is accruing but no payments have to be made. At the end of that grace period, students receive documentation from the government detailing the interest rate and repayment amounts owed.