Getting Financial Help in College

There are many jokes about college students always being strapped for cash. However, the reality is anything but funny. When you’re in college, costs can pile up. Whether it’s tuition, living expenses, buying textbooks, or paying for other resources — studying can be an expensive affair. Add to that, your college days are supposed to be the best days of your life. It is a time to make memories, be carefree, and enjoy your youth. Unfortunately, most activities like socializing, traveling, dating, and gaining new experiences also come at a price. You may be able to use your student discount for most things, but a discount simply means a lower price. You still have to pay.

So, how do you deal with all these expenses? Depending on your degree and course, getting a part-time job may not always be a good idea. You may find yourself distracted, tired, stressed out, and unable to study properly. On the flip side, maybe your course load is so heavy that taking on any kind of work is impossible. If you can’t work, you can’t depend on a fixed income. In that case, you’re probably asking yourself just how do I get financial help while in college? Lucky for you, you’ve come to the right place.

At Innovation, we offer plenty of different loans and credit options to cover all your costs as a student. Let’s find out what these include.

Education Loan

An education loan is perfect for you if you’re planning to attend college, university, or a technical or trade school. You can use it to finance your tuition, books, and general living costs. We offer two types of education loans at Innovation. The first is for students between the ages of 17 and 24. For those students who are 25 years or older, we have a second type of education loan. It is called a Mature Student Education Loan. So, no matter your age or stage in life, as a student, you can always opt for an education loan from Innovation. In fact, we don’t even discriminate between part-time or full-time students. Whether you’re studying part-time or full-time, you are still eligible for an education loan. So, just how much financial help can you get in college with an Innovation Education Loan? Let’s look at the amounts available.

The maximum advance per school year is $10,000, whereas the maximum total advance per student across their years attaining their degree or diploma is $40,000. You can also take a smaller education loan. The minimum total advance per student is $1,000. If you don’t require the full maximum advance per school year, you can borrow those additional funds in subsequent school years.

Bear in mind that you don’t need to apply for a Canada Student Loan or Saskatchewan Student Loan to qualify for an Innovation Education Loan.

Professional Studies Package

If you’re a post-graduate student working towards a professional designation, then the Innovation Professional Studies Package is the best option for you. The Professional Studies Package is an enhanced student loan program from Innovation. It has been designed to help young professionals save money even as they borrow money.

Who qualifies for the Innovation Professional Studies Package? If you are getting your post-graduate degree to become an accountant, chiropractor, dentist, engineer, lawyer, medical doctor, optometrist, pharmacist, or veterinarian, then you can opt for the Innovation Professional Studies Package.

The advantages of the Innovation Professional Studies Package include:

  • No application fee: You won’t have to pay any application fee to apply for the Innovation Professional Studies Package
  • Large loan limit: You can borrow up to $120,000 over 8 years of higher education. This includes up to $40,000 for the first 4 years of post-secondary studies and up to $20,000 per year for up to 4 years of post-graduate studies.
  • Favourable interest rate: You can enjoy a great interest rate which is just 1% more than the Prime Rate.
  • Flexible payments: You can choose to pay only the interest or defer payments entirely while you are still studying. The principal loan amount or entire loan can be repaid after you have completed your education.
  • Long amortization period: You can pay back your loan over a period of 11 years.
  • Flexible terms: Apart from the terms mentioned above, the Innovation Professional Studies Package loan also allows you to use the funds to pay out existing student loans at other financial institutions.
  • Free banking: As if all this weren’t enough, you can also enjoy free personal banking with Innovation through our No-Fee Bank Account.

Our financial advisors will assist you to find the best financing options for your post-secondary education. Contact us today to discuss how this package can work for you.

Line of Credit

A line of credit is a sort of continuous loan, that is attached to your existing operating account. It only requires one-time approval. After getting the initial approval, you can borrow money as you need up to a set limit. When you need more cash and haven’t reached your limit, you can borrow some more. Interest is charged only on the amount you borrow. Getting a line of credit has many advantages:

  • It guarantees that you always have convenient access to cash - whether it’s regularly or as a backup.
  • It guarantees that you can get cash instantly. After all, there’s nothing worse than the feeling of urgently needing cash and having to wait.
  • The interest rates charged on your line of credit are much lower than retail credit cards.
  • You are protected against ever over-drawing your account.
  • You will never have to be in an embarrassing situation where cheques you provide are returned due to inadequate funds in your account.

Sound like a good idea?  You can apply for a line of credit right now.

Personal Loan

While a line of credit or a quick loan are both excellent ways to get financial help during college, you may find that they do not necessarily suit your requirements. What do you do if you need to borrow a larger amount for one-time use? Then, you should go for a personal loan. A suitable personal loan is one that can meet your borrowing requirements. This means it should be a large enough sum to cover the expenses that made it necessary to take a loan. It should also be able to adequately meet your repayment needs. That means, the rates of interest, repayment period, monthly instalments, etc. should be suitable to your financial situation. Remember, a loan should help you, not become a source of stress later down the line. Talk to our Innovation loan specialists to find a suitable personal loan for you today.

Fresh Start Loan Program

One of the key factors that influence the loans you can get is your credit rating or credit score. However, if you’re just starting out on your financial journey as a student, you may need to build your credit rating. The Innovation Fresh Start Loan Program helps you do just that, while also giving you access to money that you need.

How does it work?

You can get a loan of any amount between $2,000-$5,000. The loan amount is put into an Innovation Term Deposit or Guaranteed Investment Certificate (GIC). The interest rate for this kind of loan is about 14.99%, and it needs to be repaid within a maximum term of 24 months or two years.  Your loan payments will help build your credit. Added to that, you will also earn investment income. Once the loan is paid off you will have cash that you can keep invested or you can use the funds for any major expenses.

Unlike the other loans mentioned above, the Fresh Start Loan Program won’t offer you immediate financial help while you’re in college. However, it will pay off in the long run and help you during the later years of your education. Most importantly, it will help you build your credit rating allowing you to access even better loans in the future. Plus, it’ll help you get a kick-start on your savings. Just like your college degree, the Fresh Start Loan Program helps you work towards a better future for yourself and your finances. If that sounds like something you would like to do, you can contact us or apply for a Fresh Start Loan today.

So, there you have it! There are many options available to get the financial help you need while in college. Now, it’s up to you to choose which one suits your exact needs best. Don’t hesitate to get in touch with Innovation financial advisors to help select a suitable loan or line of credit option for you. We’re always happy, and on-hand to help.