Posts Tagged ‘canada student loans’

NB Student Loans (New Brunswick Student Loans)

October 22nd, 2010
New Brunswick student loans

New Brunswick Student Loans

There are sources of funding that you need to be aware of, starting with NB student loans (New Brunswick student loans) that are available through the Canadian federal government, and the government of New Brunswick if you are a resident of New Brunswick in Canada, and you are looking for ways to pay for your college education.

As a resident of New Brunswick, you can apply for federal and provincial student aid using one application. That application not only covers NB student loans, but also grants and bursaries that are available from the federal government and the New Brunswick government. The only financial aid that you cannot apply for using one application is aid to cover the cost of special equipment needed for disabled students. This requires a separate application for the disabled.

In order to be eligible for this NB student loan financial aid, you must be a citizen or permanent resident of Canada, and a resident of New Brunswick. You must demonstrate financial need, as it is calculated by the government. You must be enrolled in at least 60% of a full time course load, and enrolled in a program of study that will result in a degree, diploma, or certificate, and that course of study must last for at least twelve weeks. You must maintain satisfactory grades, and you cannot have defaulted on any previous Canadian student loans.

If you are twenty two years old or older, you must pass federal and provincial credit checks to be approved for student loans in NB, if this is the first time that you are applying for Canadian student loans. Additionally, you cannot be past the length of your program plus one year. For example, if the course of study was designed to be completed in one year, and you are in your third year of school, you will not be eligible for funding through this Canada student loan program. However, if you had to break the course up, and you are starting the second academic year of a program that lasts one year, you are still eligible for NB financial aid.

In terms of NB financial need, you have the option of including your parents or partners income – or not. If you are a dependent student, however, and you do not include this information, you will not be eligible for grants or bursaries, or funds from the federal government. Instead, you will only be eligible for a New Brunswick student loan.

Through the Canada Student Loan program, you can receive up to 60% of the cost of your education, and through the Government of New Brunswick, you can receive up to 40% of the needed funding. This means that you may not require any other sources of funding for your education. When it is time to repay your Canadian student loans, your loans will be managed through the National Student Loans Service Centre. This includes payments for your New Brunswick student loans.

To gather more information about student loans in New Brunswick, or to apply for a loan, visit the New Brunswick Student Financial Services website at: NB student loans. You can also get the information file for student loans in NB at New Brunswick student loans.


Related Reading for Canadian Student Loans

Canadian Student Loans for College Students

BC Student Loans in Canada

NSLSC – National Student Loans Services Centre

OSAP – Ontario Student Assistance Program

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Government of Canada Student Loans and Grants Programs

October 14th, 2010

Canada Student Loans and Grants

Canada Student Loans and Grants


Before you seek financing through the Government of Canada student loans, you should be seeking Canada student grants that are available in Canada to help pay for your education. Simply put – if you are looking for ways to finance your education, you probably know that a student loan has to be repaid, while a grant never has to be repaid.

The Canada Student Grants Program, also known as CSGP, exists for the purpose of consolidating many different financial assistance programs for Canadian students. What this means is that you can apply for several different Canada student grant programs through one program, making the process much simpler for you.

Through the CSGP program, you can apply for the Canada Student Grant for Persons from Low Income Families, the Canada Student Grant for Persons from Middle Income Families, the Canada Student Grant for Persons with Permanent Disabilities, the Canada Student Grant for Services and Equipment for Persons with Permanent Disabilities, the Canada Student Grant for Persons with Dependents, the Canada Student Grant for Part Time Students with Dependents, and the Canada Student Grant for Part Time Studies.

The grant for Canada students from low income families provides the student with $250 per month to help cover costs while studying. The Canadian grant for students from middle income families provides $100. This is, of course, above and beyond the other grants and Canadian student loans that you may receive.

If you have permanent disabilities, you may receive up to $2000 per academic year of Canada government student grants. Additionally, you may receive up to $8000 per academic year to help pay for equipment that may be needed for your education, due to your disability.

If you have dependents, you can receive up to $200 for each month that you are in school, for each child under the age of 12. You must additionally be a low income student. If you are a part time student, with up to two children under the age of twelve, you may be paid $40 per week that you are in school, and if you have three or more children, you may receive $60 per week of study. If you have no dependents, but you are a part time student, you may be eligible for $1200 per academic year under the program for part time students.

Regardless of the Canadian student grant that you receive, payments are disbursed twice a year – at the beginning of the academic year, and again in the middle of the academic year. If you live in Quebec, Nunavet, or the Northwest Territories, you are not eligible for these Government Canada student grant programs, as those territories offer their own grants programs.

It is important to realize that you can receive more than one Canada student grant at a time, if you are eligible for more than one grant. For example, if you are disabled, you should apply for both grants designed for disabled students. If you also have dependents, apply for those grants, and if you are from a middle or low income family, apply for those grants as well. To learn more go to Government of Canada Student Loans and Grants.

Related Reading

Canadian National Student Loans Program

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Student Loans for International Canadian Students

October 14th, 2010
International Student Loans for Canadian Students

Student Loans for International Canadian Students

If you are Canadian, but you will not be attending a college or university in Canada, you will be considered an International Student, and you need to know about student loans for international Canadian students. You will also be joining an estimated 30,000 other Canadians who are studying outside of Canada, with the biggest majority of those studying in the United States.

If you will be studying in the United States, there is a great deal of help available to you for financing your education. One such program is the Canadian Student Loan for Study in the USA program. This program does require a co-signer, and the co-signer must be an American citizen, or permanent citizen of the United States. Additionally, they must have good credit, and they must have resided in the United States for the past two years. Once you have completed your education, however, your cosigner can be released with the proper application.

The application process for these international student loans for Canadian students is very easy, and the application can be filled out online, in as little as twenty minutes. The minimum loan amount is $1000. Most students are advised to go with the Sallie Mae Smart Option Student Loan. This loan program will provide you with all of the funds that you need for your education, after you have exhausted other financing options, such as grants, federal loans, and scholarships that you have won.

Because this is a program that is offered in the United States, and not in Canada, you must submit a copy of your passport or a CIS Form I-551 if you have not yet obtained a passport. You must also obtain a student visa that will allow you to live and study in the United States, and submit a copy of this as well.

These student loans for international Canada students have incredibly low interest rates – as low as 2.5%. There are no application fees or origination fees, and you will also receive a .25% reduction on the interest rate when you make automated payments, after your graduation, and additionally, you will earn 2% back on each payment for making the payment on time.

You are not eligible for these international student loans for Canadian students if you are attending certain schools or enrolled in certain programs. However, you can easily find out if the school and program of your choice is an eligible school through the website. Make sure that your school and program are eligible before applying.

Another Canada student loan that is available through this program is the International Student Loan. This loan applies to Canadian students as well, but the best deal will come from the loan program designed specifically for Canadian Students, and additional loans won’t be necessary – other than Canada federal student loans that are available and grants, since you are required to apply for these funds first.

Funds received through this program can be used for anything that pertains to your education, including tuition, fees, books, supplies, transportation, and room and board. For more information go to: student loans for international Canadian students.

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Canadian Private Student Loans in Canada

October 12th, 2010

Student Loans in Canada

Canadian Private Student Loans


Canadian private student loans in Canada were once very easy to secure, but since the federal government no longer guarantees those loans – since they offer direct Candian student loans to students in Canada – these loans are harder to and obtain. You must see things from the banks point of view – if you are young, if you have no job, if you have no property, if you have no credit history, if you have no education you may never pay them back.

Some people would call this a ‘catch-22.’ You can’t get the education to get the job to pay the loan back, unless you get the loan to pay for that education. It’s a never ending circle that can get very frustrating. This doesn’t mean that you cannot obtain a private student loan in Canada – you can. You just have to know how.

First, there are traditional private Canadian student loans in Canada. These are low interest loans in most cases, and you do not start repaying the loan until you graduate from college, or leave school. In some cases, interest is charged while you are in school, and in some cases it is not. Because the loan is not guaranteed by the federal government, the bank may require you to have a co-signer or collateral for the loan.

Another option that more banks are offering is a line of credit for Canadian students. The interest rates on this line of credit are usually the prime rate at the time that the money is used. For example, if you have a $5000 line of credit available to you as a student, and you use $400 of those funds, without using the rest of it, you will be charged the prime rate of interest on the $400, and that interest plus the $400 is what you have to repay.

Some banks will require you to pay the interest on a Canadian private student loan in Canada while you are still in school, with the principle paid off in payments after you graduate, while others will have different payment schedules. The key is that you do not pay back the other $4600 that you did not use, and you do not pay interest on that $4600 either – you never spent it, and the bank still has those funds.

With a line of credit, you must also prove that you are credit worthy and that you can repay the loan. This means that you will most likely need a co-signer, and in many cases, the parents of the student open the line of credit through the bank for their son/daughter, since they are better credit established.

Before you seek out private student loans in Canada, it is essential that you get as much aid through the federal government and the government of your providence or territory first. These Canadian student loans cost less money in the long run, and of course there are many sources of financing that never have to be repaid, such as Canadian grants, bursaries, and scholarships.

If you want a bright future, you need a great education. Such an education can be very expensive, and you should tap into the funds that are available to help pay for your education. This includes Canada grants, federal student loans, bursaries, and possibly even Canadian private student loans.

For more information about Canadian private student loans in Canada, visit your bank, and other banks in your area. Remember that you may not necessarily get the best deal at the bank that you currently do business with for your student loans, and you can use a different financial institution for this purpose.

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Canadian Graduate Student Loans for Canada Students

October 12th, 2010

Graduate Canadian Student Loans for Canada Students

Canadian Graduate Student Loans


You need to know as much as possible about the options concerning Canadian graduate student loans if you are a graduate student in Canada and owe a veritable fortune in student loans by the time that you finish your program of study.

Naturally, you should exhaust all forms of free financial aid possible before you turn to Canadian student loans to finance your education. This includes all grants that you are eligible for, scholarships, bursaries, and fellowships. Only then should you consider student loans, and the first loans that you should consider are those that are offered by the federal government of Canada and the government of the territory or province that you reside in. These student loans typically have the lowest interest rates, and the easiest repayment options.

The next type of Canada graduate student loan funding that you should consider is a line of credit that is offered to students. This is not a student loan, or a private loan. It is a line of credit, meaning that a specified amount of money is available to you, as you need it, and you only repay the money that you use, plus interest. This line of credit does not have to be repaid until you graduate, but you will have to make monthly interest payments. This type of funding is usually offered at very competitive interest rates, and you don’t have to accept funds that you do not actually need, which will dramatically cut down what you will have to repay after graduation. You can apply at most any nearby local Canada bank.

The final option for funding your education should come from student loans for Canadian graduates that are offered by Canadian financial lending institutions and/or banks. This is not the same as a line of credit, but instead works just like a government student loan, with two exceptions – first, these Canadian student loans are a bit harder to get, and second these loans have a much higher interest rate in most cases. If you do not have an adequate credit rating, you will be required to have a co-signer for your student loan, and in many cases, you will have to provide collateral for your loan.

As a graduate student, your Canada student loans can really start piling up, making it very hard to repay those loans after you graduate. This is something that you need to carefully consider while you are in school and figuring out ways to fund your education. Make sure that you are considering all of the possibilities, including work/study programs that will help reduce the cost of tuition, and part time employment income that could be used for living expenses instead of student loans for canadian graduates. Take advantage of any opportunity that will give you money for college, which does not have to be repaid – but use caution in accepting funds or employment that could make you ineligible for grants or student loans as well.

As a graduate student, you should also check with the department head at your school about teaching opportunities and teacher’s aide opportunities that will also help to defray the cost of your education. You can also check into research opportunities which may award stipends, just as fellowships do instead of Canadian graduate student loans.

What option you choose will be based on your personal situation and what Canadian graduate student loans offer the best programs at the time of application.

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Canadian National Student Loans Program

October 8th, 2010
national student loan canada

Canadian National Student Loans

If you are a Canadian student, and you are planning to attend college, you will most likely be interested in the Canadian National Student Loans program and how it works. Although this loan system may seem confusing at first glance, it is one of the best student loan systems in the world.

Created in 1964 by the Canada Student Loans Act, the Canada Student Loan Program was designed to make it possible for more of the population to obtain higher education. At that time, and until 1995, the Canada student loan program always involved private or independent financial institutions, and the government guaranteed the loans, although the government did not directly make the loans to students.

In 1995 the system changed. At that time, the lending institution shared the risk of the loan with the Canadian government, which meant that the loans were not fully guaranteed. In many cases, this made Canadian student loans harder to obtain, which in turn meant that fewer people were seeking higher education. Fortunately, this change did not last long, and the system changed again in 2000.

In 2000, the “National Student Loan Centre” was created, and the Canadian Government started making direct Canadian student loans, cutting out the need for loans from private financial institutions. However, even with this newly created system, it is still possible to get Canadian student loans from those private institutions, and many students elect to do this only after obtaining all of the financial aid possible from government sources to cover educational related expenses which have not yet been met.

While this greatly improved the system, this is also where things started to get a bit more confusing. The biggest confusion comes from the appearance that people in certain provinces or territories are not eligible for loans from the federal government. The fact is that they actually are eligible, but the Canadian federal government has partnered with those territories to provide funding for the student loan and grant programs in those areas. Additionally, in other territories, you can receive Canada student loans from the federal government and the government of your province.

To take away some of the confusion and complexity of Canadian national student loans, however, it is now possible to apply for federal and local government student loans using one application – which is obtained and submitted on the local level. In fact, one application is used to apply for federal and territorial or provincial grants, loans, and bursaries. When the loans are repaid, however, you may be making those payments to two different organizations, one of which is the “National Student Loan Centre”, if you obtained a federal loan.

Students do still seek private Canadian student loans to help finance their education. The attractive thing about these private loans is that they have no bearing on whether or not you are eligible for government loans as well. The unattractive thing about these loans is that the interest rate is usually slightly higher than the rate charged by the government and credit is considered for qualifying purposes opening the door for no cosigner student loans. Either way you have options for Canadian student aid.

Try this along with [Canadian National Student Loans]

Also check with local Canada banks to find out what the interest rates are on their student loans, and what programs are available for student loans through those institutions – most banks have more than one Canada student loan program available, and you can select the program that works best for your personal situation.

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Canadian Student Loans for College Students

October 7th, 2010
Canada Student Loans

Canadian Student Loans

One of the best places to obtain Canadian student loans for Canada college students is through the government. This is important because this is typically where you will get a very good interest rate, making it easier and more cost effective to pay off the loan after your graduation. If you are a fulltime student, no interest will accumulate on the loan until you have graduated or left school. If you are a part time student, however, interest accumulates while you are in school.

In either case, payments are not required until six months after you have graduated or left school. Interest starts accumulating on your loans one month after leaving school or graduating, if you were a fulltime student, even though payments are not due for another five months. You can, however, start repaying the loans while you are still in school, and those payments are applied directly to the principle, significantly reducing the amount that is owed, including interest, once you graduate.

These “student loans in Canada” are available to Canadian students who attend a post secondary institution as a full time student or as a part time student, if financial need is demonstrated. However, regardless of how much financial need actually exists, these programs will only provide up to 60% of the need. The most that you can get from these loans is $210 for each week that you are in school. The other 40% of the financial need will be provided for by provincial or territorial Canada student loans, instead of Canadian federal student loans.

These are ‘directly financed student loans’ from the government of Canada. This is not the same as a guaranteed student loan, or a private student loan, such as a loan you may receive from a financial institution. These are also not ‘risk-shared’ loans, which is a different program. Canada student loans that are issued directly by the government are governed by the Canada Student Financial Assistance Act, and they are administered by the National Student Loans Service Centre, or NSLSC.

Applications for these student loans for Canadian students can be obtained through your high school, the university that you will attend, or through the Student Financial Assistance Office in your province or territory. You can apply online as well, which usually results in a quicker response. Apply as early as possible, since it generally takes four to six weeks for your application to be processed. Loan proceeds are disbursed twice each year – at the beginning and middle of the academic year. You will have to apply for a new loan each year that you are in school, as they do not automatically renew.

After you have applied for all of the Canada grants that you are eligible for, as well as Canadian scholarships that you are eligible for, you may find that you still haven’t completely covered the cost of your education. If this happens, and if you are a Canadian student, you need to then apply for Canadian student loans for college.

Related Reading

BC Student Loans for Canadian Students

CIBC Student Loan Program for Canadian Students

NSLSC National Canadian Student Loan Service Centre

OSAP Ontario Student Loan Assistance Program in Canada

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