Tag Archives: canada

Student Loans in Canada & Their Features

June 5, 2018   Personal Loan

Most of the countries in the world today provide facilities for pursuing higher education and extend various types of loans and grants. Canada is no exception. Especially the student’s loan program and grants program both help the students with financial assistance for pursuing their education and building up their career.

Types of Student Loans in Canada

Features of the loans and grants for students in Canada are as follows.

– Student loans in Canada and various grants are available in most of the states and cities in Canada;

-In case of grants the students do not have to pay back the amount sanctioned in their favor;

– Loans are amounts that are sanctioned but have to be repaid in future; and

-Student loans in Canada are available from the federal and state governments, private organizations, religious institutions, and even from the college where the student is pursuing graduation.

Why Student Loans in Canada is Important

Reasons for importance of the student loans in Canada is that few students become eligible for grants that are non-refundable. Hence, many others who are not eligible for the grants opt for the student loans in Canada. Pursuing higher secondary education opens up numerous avenues for building up career in the country.

Main Resources for Canada Student Loans

Some of the major resources for Student loans in Canada and grants sanctioned in favor of the students are as follows.

– Canada Student Grants Program;

– Canada Students Loans Program;

-Repayment Assistance website; and

– All the related links.

Moreover, the aspirant borrower can visit the official website of higher education department of Government of Canada for more information on student loans.

More about Student Loans in Canada

Student loans in Canada is offered to both full time as well as the part time students pursuing post-secondary courses and require financial assistance for the same. Such facilities are available in most part of the country.

– CSLP or the Canada Student Loans Program that works in collaboration between Government of Canada as well as the state governments;

– Usually it is a partnership between state and federal government;

– Central government in Canada offers 60% of the students loan offered and the upper limit for such loans is $210 per week of study for the student; and

– Provincial and territorial loans constitute 40% of such loan extended to students.

A Brief Overview of Student Loans in Canada

Since it started in the year 1964, the CSLP has covered around 4.5 million students offering around $34 billion of loans. Such expenses were incurred in form of part time and full time student loans for approximately 350,000 students. Besides such loans, the Canadian Government has also provided huge amount of grants of around $142 million that is non-refundable to students.

However, coverage of student financial assistance is much greater in form of student loans in Canada.

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Mastering Student Loans: Canada Student Loans, Help For Grad School

January 2, 2018   Home Mortgage

While there are many resources available for Bachelor’s level students there is somewhat less available for graduate students. Aside from fellowships and scholarships, there are few other grant resources available. This means that loans are a key to financing graduate school.
Canada Student Loans
Residents of Canada have an option that is both reliable and affordable. Canada student loans provides graduate students the same low interest terms as undergraduates with many repayment options to insure that no student need default.
Before 2001, the loans were administered through private lending institutions and guaranteed by the government. Since 2001, The Student Support Branch, Ministry of Training, Colleges and Universities, branch of the Canadian federal government administers all student loans. They insure that each student receives equal and fair treatment as well as equal and fair access to higher education.
Canada student loans, like other student loans are set at a low rate of interest and are scheduled for beginning repayment six months after graduation. In addition to this, students are required each year to check in with the loan agency to insure they are still enrolled in school.
Repayment
The real advantage of these loans comes at the repayment end. Canada student loans offer many options for students who have difficulty in repayment. As long as the loan remains out of default Canada student loans are ready to work with the student in repayment.
The government takes into account many factors when deciding how to work with their payees. Those who find themselves on permanent disability can, under the right circumstances, have their debt forgiven. In addition to this, the program offers reductions in principle up to $26,000 dollars over the life of the loan for those who meet the necessary criteria.
Also, payment deferral and interest deferral are options. Payment deferral can be as much as six months, with interest not accruing. Any payment made during this time goes toward the principle. During this time, the government pays the interest on the loan.
The two main requirements other than income are that the loan not be in default and any late payments be brought up to date with interest.

Higher Education Is Never Out of Reach
Many students look at graduate school and despair of ever being able to attend. This need not be. Canada student loans provide a way for the student to focus on their academics and less on their finances.

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