Canadian Student Loans
Canadian Student Loans Programs are offered for both full-time and part-time students.
For students in Canada who are keen in pursuing higher education but couldn’t afford the fees, Canadian student loans can provide the needed financial aid. There is a Canadian federal program, which runs parallel with the provincial programs. Financial aids come in the form of provincial loans, grants, and scholarships. The program can help students take advantage of the opportunity to go to college now and just prepare for the payments while in school or after graduation.
All students whether full-time or part-time in college can be granted with the loan, but only those who are enrolled full-time are eligible for the provincial loans. Only Canadian citizens and permanent residents can get approved for this loan. It is also a requirement that the course a student is taking will lead to a degree, a diploma, or certificate for his application to get approval.
The good thing about this student loan is that the student need not worry about any payments to be made monthly while he is in school. He can concentrate on his studies and can start preparing for the full payment soon after he graduates. The Federal government is the one paying for the interest charges while the student is in school.
Once he graduates, he has about 6 months grace period to gather himself up for the payment of the accumulated interest charges. In Canada, the major qualifier is the locations of residence. Those who reside in Newfoundland, Nova Scotia, New Brunswick, Alberta, Yukon, Manitoba, British Columbia, and Prince Edward Island are eligible for both the federal and the provincial loans. The student can apply for both using just a single application form. The payments will be given to the federal government through the NSLSC (National Student Loans Service Center), and to the provincial government through a bank or the lender who issued the Canada student loans.
The amount to be loaned depends on the credit rating of the applicant. If the applicant has a very impressive record, he can be granted a loan of up to $25,000 or more but if the credit history is a little frustrating, the amount is less that $25,000.
Canadian student loans are also referred to as National Student Loan and are being supervised by the National Student Loan Service Centre, which is an agency of the Human Resources and Social Development Canada. These loans are given to those enrolled in universities, colleges, trade schools, or vocational schools.
To apply for the Canada Student Loans Program (CSLP), the students must go to their provincial governments. The specific province of an applicant is that province where he has lived for at least 12 consecutive months, not including the time he spent as a student in any post-secondary school.
Loans of up to $210 weekly are given to full-time students. This is equivalent to 60% of the student’s needs based on the assessment made during his application. For part-time students, loans of up to $4,000 can be given but any student shouldn’t have more than $4,000 in total debt at any given time.