Student loans in Canada are insured by a Joint Federal and Provincial program with the amount and eligibility for a loan between different provinces and therefore depends on the province you are a resident of (your province or territory of residence is determined by the location where you have lived for 12 months consecutively whilst not a student). You may, however, attend an educational institution in the country provided both the institution and program of your choice are listed by the office in your province.
There several different types of funding for post-secondary education, which include grants and scholarships (you do not have to pay back) but there are 2 main types of student loans – the federal and provincial programs. Whatever type of loan you wish to apply for any needs be started using the / provincial and territorial support for the Province you are officially a resident of.
The main attraction of a student loan is that although they are real loans to be repaid, they are interest while you remain enrolled in eligible education. Once you graduate or leave the educational conditions of repayment are set interest (usually low and you accept the repayment period) and you begin repayment. Banks and other lending institutions are no longer interested in offering new loans as all funding is provided by federal or provincial.
Quebec Northwest Territories and Nunavut do not participate in the Canadian student loans and have their own systems. If you are a resident of one these 3 provinces or territories, you must contact the particular office for that province.
To start the ball with the loan application process there are several you should consider. Your eligibility is the most important – both you (the applicant) and the course you undertake must meet the criteria set.
The applicant: The main factor of eligibility is whether you intend to be a full time student or partial. If you are a part-time student (20 – 59% of full charge cycle), you may not apply for federal assistance if you want apply at the office of provincial and territorial support.
A full-time student (60% of a full course load) May apply through the same offices, but will be considered both Federal and Provincial support (depending on the province in question), although this would to repay loans. The difference between the provinces and territories that prevails, as these provinces: Alberta, British Columbia, Manitoba, New Brunswick Newfoundland and Labrador, Nova Scotia, Prince Edward Island and Yukon, all providing for the payment of the loans back separately. If you are from Ontario or Saskatchewan then you make a payment in return NSLSC bringing the total amount borrowed both the federal and provincial programs.
The price at which you want to register to be entered on the master list of schools designated – it is strongly advised to ensure the school you want to attend is recognized by your provincial provider and the choice of courses meet the requirements before you commit to it. This also applies if you want to attend an overseas institution.
Your personal financial situation will determine the amount of aid will be offered with the Federal loan system covering up to 60% of your total assessed as needing and the provincial system contributing up to 40%. Your "needs" are assessed by the provincial office when you apply because they deal the initial request and send you the loan documents. Once the provincial or territorial student aid received and processed your request, establish the amount of loan you are entitled to apply and run credit checks. Once approved, your student loan Canada will be administered by the national Student Loans (NSLSC) until 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 (someone looking after have completed a course at a public institution such as a university or community college) and the Private Institutions Division (for those receiving instruction in a private financing institution, as a technical college or trade school).
About the Author:
The author and his family arrived in Canada in 2003 as permanent residents and have developed a Onestop information resource for Canadian Immigration and Life in Canada – http://www.onestopimmigration-canada.com
Article Source: ArticlesBase.com – Student Loans
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