You’ve graduated! (Congratulations!) And you’d like to go to a university or college in Canada. Great news!
According to a UN Survey, Canada is ranked one of the world's most preferred education destinations because we’re viewed as peaceful, friendly, and safe. The top-notch universities provide many experiences and opportunities, maintaining high standards of educational excellence with a vast range of professional programs…with some fun to be had too of course.
Now for the bad news. The dream of pursuing a higher education in Canada often comes with financial challenges. Scholarships do not make the cut to meet the expenses of living and studying. That’s where education loans come into play.
This blog covers everything you need to know about student loans for Canada, including types, eligibility criteria, top loan providers, and more!
What Are Canada Student Grants?
Canada Student Grants are available to students from low to middle-income income families who are enrolled in a part-time or full-time program at a designated post-secondary institution. In many circumstances, Canada Student Grants do not need to be repaid upon successful completion of your program.
What are Canadian Student Loans?
A Canadian Student Loan is a loan provided by the government intended to pay for post-secondary education costs—such as university or college tuition. The amount you receive from federal student loans in Canada depends on factors like your province or territory of residence, family income, tuition fees, living expenses, etc.
When you apply for a student loan, you don’t choose the amount of money you apply for. Instead, the amount of your student loan is based on several different factors related to your financial situation, such as income, number of dependents, and tuition costs.
There is also the option of getting a student line of credit, but they are very different from a government student loan. Also, student lines of credit aren't eligible for the same student loan forgiveness or assistance programs that government-backed loans may qualify for.
Canada Student Loans are available for full- or part-time students who meet the eligibility criteria within their province and are enrolled at a designated school. When you graduate, you will owe the loan amount, plus interest, back to the government after a 6-month grace period.
What are the eligibility criteria for getting an education loan in Canada?
An education loan has the following requirements:
- You must have an acceptance letter from a recognized Canadian institution for a full-time program.
- You must 18+ years of age. If you’re younger than 18, a parent will have to apply for your education loan.
- An outstanding academic record is not mandatory but will help you get a study loan for Canada.
- The course you apply for must be job-oriented or have good career prospects.
To calculate your exact loan amount, try the Student Aid Estimator.
How can we help?
If the Canada Student Loan program isn’t for you, we also offer student loans to help with tuition, books, and living costs:
Education Loans
We offer two types of education loans:
- For students aged 17 to 24
- For mature students aged 25+
You can receive $10,000 per school year to a maximum of $40,000.
We understand you might want to focus on your studies while you’re attending school. Having a part-time job while at college is difficult! To help make your payments more affordable, you only need to make interest-only payments while going to school AND for six months after your schooling is complete.
Post-Graduate Loans
Our post-graduate education loans are for students pursuing professional designations in the following fields: Accounting, Chiropractor, Dentist, Engineer, General Practitioner, Lawyer, Medical Doctor, Optometrist, Pharmacist, or Veterinarian.
You can receive $10,000 per year while in general studies then $20,000 per year once in your professional college to a maximum of $120,000.
There is no application fee for our professional studies package. Moreover, your interest rate is set to Prime +1. It’s a low rate that will save you money while you earn your new designation.
Earn cash-dividends!
With either an education loan or a post-graduate loan, you’ll earn cash dividends for banking with us! With our Member Rewards program, the more you bank with us, the more you benefit.
There you have it! Here’s one last quick summary of your next steps:
- To save money on interest, find the lowest interest rate you qualify for.
- Check out your options with the Canada Student Loan Program and Grant Program.
- Check with the lender to see whether they will accept delayed or reduced interest payments while you’re attending school.
- Select a set rate of interest: Choosing a fixed interest rate will help you save money over time by lowering your interest rate.
- Speak with an advisor who can answer any questions you have about education loans and the application process…like us! We’d love to help.