by: Dave Lympany
Student loans in Canada are provided by a joint federal-provincial program in the amount of and eligibility for a loan different between the provinces and so dependent on the province you are a resident of (your province or territory of residence is determined by where you lived for the past 12 months consecutively while not a student). You can, however, attend any educational institution in the country provided the setting and the program of your choice is listed by the aid office in your county. "There are
several different types of funding for post secondary education, including grants and scholarships (that you wouldn? T have to pay back) but there are 2 main types of student loan? federal and provincial programs. Any type of loan you wish to apply it all has to be started to apply to the provincial / territorial support for the province that you are officially a resident.
The main attraction of a student loan is that although they are REAL loans that have to be compensated, are interest-free while still enrolled in an eligible program of education. Once you graduate / leave education the repayment terms are fixed (typically low-interest and agree the repayment term) and start to pay back. Banks and other lending institutions are no longer involved in offering new loans as all funding is provided by federal or provincial governments.
Quebec, Northwest Territories and Nunavut are not involved in the program of student loans in Canada 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.
Starting the ball rolling with the application for a loan there be multiple processes to consider. Your eligibility is the most important? both you (the applicant) and the course you wish to undertake must meet the criteria placed.
Applicant: The main factor of eligibility is whether you are intending to be a student full or part time. If you're a part-time student (20? 59% of full course load) you can apply for federal aid only if you apply through the provincial / territorial support.
A full-time student (60% + of a full course load) can be applied through the same offices but will be considered for federal and provincial (depending on the province in question) though this would have to compensate both the loans. The difference between the provinces and territories is common here how are you provinces: Alberta, British Colombia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island and the Yukon all would require paying the loans back separately. If you are from Ontario or Saskatchewan then you would make a payment back to NSLSC to cover the total amount borrowed from the federal and provincial programs.
Does the course you wish to enroll on must be listed on the main list of institutions schools you listed? is strongly advised to ensure the establishment you wish to attend are recognized by your provincial provider and the meeting of the options of the course requirements before you commit to it. This also applies if you want an establishment serving overseas.
Your personal statement will determine the amount of aid they will offer with the federal housing loan system to 60% of the total you need and determine how the provincial system contributing up to 40%. Do you? Need? are determined by the provincial office when you apply while handling the initial application and will forward the loan documents. Once the provincial or territorial student aid has been received and processed your application, set the loan amount you are entitled to request and carry out credit checks. Once approved, your Canada Student Loan is administered by the national service center student loan (NSLSC) through to completion (full refund).
This agency is responsible for all loans provided from the August 1, 2000 and has two distinct sections. The division's public institutions (which deals with any person attending a course at a public facility such as a university college or community) and private institutions division (for those who are receiving instruction in 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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About the author
Lympany Dave and his family arrived in Canada as permanent residents in 2003 and has developed an information resource for immigration Onestop canadiense y vida en Canadá? http://www.onestopimmigration- canada.com .
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