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Student loans in Canada are provided by a joint Federal and
Provincial program with the amount of and eligibility for
a loan different between the Provinces and so depends upon
the Province you are a resident of (your Province or territory
of residence is decided by where you have lived for the last
12 months consecutively whilst NOT a student). You may, however,
attend any educational establishment in the country provided
both the establishment and the program of your choice are
listed by the assistance office in your province.
There are several different types of funding for post secondary
education that include grants and bursaries (which you wouldn’t
have to pay back) but there are 2 main types of student loan
– the Federal and Provincial programs. Whichever type of loan
you wish to apply for it all has to be started off by applying
to the Provincial/Territorial Assistance office for the Province
you are officially a resident of.
The main attraction of a student loan is that although they
are REAL loans that do have to be repaid, they are interest
free while you remain enrolled in an eligible education program.
Once you graduate/leave education the repayment terms are
set (normally low interest and you agree the repayment term)
and you begin to pay them back. Banks and other lending establishments
are no longer involved in offering new loans as all funding
is provided by the federal or provincial governments.
Quebec, Northwest Territories and Nunavut are NOT involved
in the Canada Student Loans program 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.
To start the ball rolling with the application for a loan
there are several processes that you should consider. Your
eligibility is the most important – both you (the applicant)
and the course you wish to undertake must meet the criteria
laid down.
The applicant: The main factor of eligibility is whether
you are intending to be a full or part time student. If you
are a part time student (20 – 59% of full course load) you
may only apply for federal assistance though you would apply
through the provincial/territorial assistance office.
A full time student (60% + of a full course load) may apply
through the same offices but will be considered for both Federal
and Provincial support (depending upon the province in question)
though this would have to repay both the loans. The difference
between the Provinces and Territories is prevalent here as
these provinces: Alberta, British Columbia, Manitoba, New
Brunswick, Newfoundland and Labrador, Nova Scotia, Prince
Edward Island and the Yukon all would entail paying the loans
back separately. If you are from Ontario or Saskatchewan then
you would make one payment back to the NSLSC which would cover
the total amount borrowed from both the federal and provincial
programs.
The course you wish to enroll on must be listed on the Master
List of Designated educational Institutions – it is strongly
advised that you ensure the establishment you wish to attend
is recognized by your provincial provider and the course choices
meet the necessary requirements before you commit to it. This
also applies if you wish to attend an overseas establishment.
Your personal financial status will determine the amount
of assistance you will be offered with the Federal loan system
covering up to 60% of the total you are assessed as needing
and the provincial system contributing up to the remaining
40%. Your “needs” are assessed by the provincial office when
you apply as they handle the initial application and will
forward you the loan documents. Once the Provincial or territorial
Student Assistance office has received and processed your
application, it will establish the amount of loan you are
entitled to apply for and carry out credit checks. Once approved,
your Canada Student Loan will be administered by the National
Student Loans Service Centre (NSLSC) through to 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 (looking after anyone attending a course at a Public
facility such as a University or Community college) and the
Private Institutions Division (for those who are receiving
instruction at 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
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: http://EzineArticles.com/?expert=Dave_Lympany
http://EzineArticles.com/?Student-Loans---The-Essential-Information-Resource!&id=152184
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