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Getting a post-secondary education nowadays is tough enough as it is without the financial hassles. But with tuition fees outpacing inflation rates, many students depend on student loans to get by. If you need to borrow money for your education, try to obtain a Canada Student Loan. This is the best method of financing because these loans do not require you to make any interest payments while you're in school. After you leave school, interest will be your responsibility and you will be expected to make regular monthly principal and interest payments. To be eligible for a Canada Student Loan, you will have to fill out an application form stating your and your parents' incomes, the university you're attending, and other important information. Since the rules and forms change every year contact the Ministry of Education in your province or the Registrar's Office at your school. Your eligibility for a Canada Student Loan is determined by the federal government but you will be obligated to repay the loan to the bank. The government no longer guarantees the Loans. Provincial government loan programs
are also available to students.
Due to the bureaucracy in government programs, make sure your applications
for government sponsored loans are completed and delivered at least 10
weeks in advance of the start of the school year to ensure that they
are approved.
I didn't get approved for a government student loan but I need the money. What can I do? Don't worry; you're not alone. There are many reasons why the government didn't approve you: your parents' income is higher than the set threshold, your university is too close to home, etc. Canadian banks
have designed student loan programs specifically designed for you. Although
similar in nature, most bank programs will require you to make interest
payment while you are attending school. It's best to find out all
the details before agreeing to any contract.
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