Health and other associated issues - Tips, Information and Guides
Student Loans
by: Dave Lympany Student loans in Canada are provided by a joint Federal and Provincial
program with the amount of and eligibility for a loan different between the
Provinces and so depends upon the Province you are a resident of (your Province
or territory of residence is decided by where you have lived for the last 12
months consecutively whilst NOT a student). You may, however, attend any
educational establishment in the country provided both the establishment and the
program of your choice are listed by the assistance office in your province. There are several different types of funding for post secondary education
that include grants and bursaries (which you wouldn’t have to pay back)
but there are 2 main types of student loan – the Federal and Provincial
programs. Whichever type of loan you wish to apply for it all has to be started
off by applying to the Provincial/Territorial Assistance office for the Province
you are officially a resident of. The main attraction of a student loan is that although they are REAL loans
that do have to be repaid, they are interest free while you remain enrolled in
an eligible education program. Once you graduate/leave education the repayment
terms are set (normally low interest and you agree the repayment term) and you
begin to pay them back. Banks and other lending establishments are no longer
involved in offering new loans as all funding is provided by the federal or
provincial governments. Quebec, Northwest Territories and Nunavut are NOT involved in the Canada
Student Loans program and have their own systems. If you are a resident of one
of these 3 provinces or Territories then you need to contact the particular
office for that Province. To start the ball rolling with the application for a loan there are
several processes that you should consider. Your eligibility is the most
important – both you (the applicant) and the course you wish to undertake
must meet the criteria laid down. The applicant: The main factor of eligibility is whether you are intending
to be a full or part time student. If you are a part time student (20 –
59% of full course load) you may only apply for federal assistance though you
would apply through the provincial/territorial assistance office. A full time student (60% + of a full course load) may apply through the
same offices but will be considered for both Federal and Provincial support
(depending upon the province in question) though this would have to repay both
the loans. The difference between the Provinces and Territories is prevalent
here as these provinces: Alberta, British Columbia, Manitoba, New Brunswick,
Newfoundland and Labrador, Nova Scotia, Prince Edward Island and the Yukon all
would entail paying the loans back separately. If you are from Ontario or
Saskatchewan then you would make one payment back to the NSLSC which would cover
the total amount borrowed from both the federal and provincial programs. The course you wish to enroll on must be listed on the Master List of
Designated educational Institutions – it is strongly advised that you
ensure the establishment you wish to attend is recognized by your provincial
provider and the course choices meet the necessary requirements before you
commit to it. This also applies if you wish to attend an overseas establishment. Your personal financial status will determine the amount of assistance you
will be offered with the Federal loan system covering up to 60% of the total you
are assessed as needing and the provincial system contributing up to the
remaining 40%. Your “needs†are assessed by the provincial office
when you apply as they handle the initial application and will forward you the
loan documents. Once the Provincial or territorial Student Assistance office has
received and processed your application, it will establish the amount of loan
you are entitled to apply for and carry out credit checks. Once approved, your
Canada Student Loan will be administered by the National Student Loans Service
Centre (NSLSC) through to its termination (full repayment). This agency is responsible for all loans supplied since 1st August 2000
and has two distinct sections. The Public Institutions Division (looking after
anyone attending a course at a Public facility such as a University or Community
college) and the Private Institutions Division (for those who are receiving
instruction at a privately funded facility like a technical college or trade
school). For more, detailed information on Student Loans in Canada please visit
http://www.onestopimmigration-canada.com/student_loans.html
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