Canada offers financial assistance to its student population by providing student loans and grants. While student loans require that these be paid back after the student’s graduation, student grants do not require repayment.
A student loan is meant to help students in their post-secondary education. It does not allow full subsidy but instead requires that the student shares in the cost of his or her education.
Student loans are open to full-time students, part-time students, those with physical disabilities, and for those with dependents.
Goverment student loans
The federal government of Canada is the primary provider of student loans. However, there are also student loans that are provided by the provincial or territorial governments. The Government of Canada and most provincial or territorial governments work hand-in-hand to deliver student loans and grant programs.
Such partnerships simplify the application process, management, and repayment of student loans.
Each province has its own student loan program, but if student loan programs are provided by both the federal and provincial governments, they coordinate together for a more cohesive process.
The application process
If you live in a province wherein both federal and provincial government student loans are offered, you just need to send one application for these types of student loans.
Another provider of student loans are the private banks. Their main differences are in the loan amounts that they extend, the interest that is levied, and the payment term or timetable. Other institutions that may offer student loans or grants are private companies.
The loans offered by private companies also vary in amount, term, and requirements. If you think getting your university degree is impossible because of your financial situation, be aware that you have several options when it comes to student loans.