Tag Archives: student loans
Student Loans in Canada & Their Features
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 students 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.
Handling Student Loan Debt
Eliminating Student Loan Debt
Ideas for Getting Rid of Debt from Your Student Loan
College is very costly. After you graduate, the pressure to pay back your student loan can be a tremendous burden. If you are living hand-to-mouth and tired of it, here is some friendly advise that may help eliminate student loan debt completely.
Get a Student Loan Consolidation.
Many lenders are happy to loan the money you must have to pay for your college expenses. However, these loans may have a high interest rate, perhaps because of no credit history or imperfect credit when you assumed your loan. And with more than one loan, that can be a burdensome problem. Consolidating your student loans can lower your interest rate and your monthly payments. It also allows one payment instead of several.
You Can Refinance Your Loan
Consolidating can save money through lower interest charges and less per month payments, but that may not be enough to really help you out. You can consider refinancing your student loan to stretch out the length of the loan. This will spread the debt over a longer period of time and thereby lower your monthly payments by as much as half. You should be very careful about this option. You could be spending a lot more over the term of your loan.
Dont Miss Making Your Payments
You want to pay down your debt for good and the most important step you can make is to pay on time every month. If you miss payments or are late, you will increase the loan debt and end up paying more in the long run. Be faithful in making payments and your debt will go away.
Consolidate All Your Student Loans Into One
Pay Less per Month by Consolidating Your Student Loans
A student loan can be a wonderful way to fund your college education and for some folks the only way, however, these loans must be paid back. When you are finished with school you may find repaying your loan is too much of a burden. If this is true for you, consider consolidating all your loans into one, or perhaps you would just like to save some of your hard earned cash.
Whats the Advantage of Loan Consolidation
Consolidating may bundle all your loans into a single package. You then have to deal with only one lender and one payment each month instead of one for each loan. Consolidation also allows you to get a lower interest rate and thereby save you a lot of money over the life of the loan.
What are the Costs of Consolidating Your Student Loans
Good news since you may lower your monthly payments significantly perhaps by as much as 60%. Regrettably, however, you could increase the amount of money you pay over time for the loan. Therefore before you decide to consolidate you should be very careful to look at the numbers (interest rate and loan terms). Take the time to learn about and compare the lenders you are considering.
These Federal Loans are Eligible for Loan Consolidation
Many federal loans have a low interest rates already. Even so, you may be able to get a lower payment by consolidating these loans. Federal loans that are typically eligible for consolidation follows:
- Stafford Loans
- Direct Loans
- Perkins Loans
- PLUS Loans
- Supplemental Loans for Students
- Federally Insured Student Loans
- National Direct Student Loans
- Loans for Disadvantaged Students
- Auxiliary Loan to Assist Students
- Health Education Assistance Loan