Are you struggling to fund your education? Even if you have savings especially for school, it still might not be enough to pay your way through. It’s possible your full-time job doesn’t entirely cover the costs of tuition, fees, books, rent, travel, and other expenses. Sometimes, applying for a student loan may be your only option. If you find yourself in this situation, here are four things you should know before applying for a Canadian loan:
#1: The Canadian Government Can Help
Did you know that the federal government will help pay for your education? If you are studying at a designated post-secondary college or university in the country, you may be eligible for a Canada Student Loan. The funding system varies from province to province, so you may have to apply for your federal loan alongside a provincial loan. To be eligible, you must be a Canadian citizen or permanent resident and be enrolled in full or part-time studies. Click here for more details.
#2: Your Provincial Government Can Help
If you live in Quebec, Northwest Territories, or Nunavut, you will have to apply for a student loan separately, as the Canadian government does not provide student funding. However, if you live in Ontario, British Columbia, Saskatchewan, New Brunswick, and Newfoundland and Labrador, you may be eligible for a joint provincial and federal student loan. Students in Nova Scotia, Alberta, Manitoba, and Prince Edward Island may be eligible for a separate provincial loan. For more information, consult your province’s government page.
#3: Your Repayment Plan Varies
Depending on who your lender is, your repayment plan might start immediately after graduation. Government student loans provide you a six-month grace period before your payments start. While this plan may be suitable for those who are fortunate enough to find jobs straight out of school, many students have difficulty finding suitable employment in their field of study so soon after graduation. Keep in mind that no matter what the outcome of your education, you will have to start paying off your debt as soon as you leave school.
#4: LoanConnect Can Help
The rising cost of tuition, books, and housing means that government financial assistance might not be sufficient to help you through college or university. You may have to seek a lending institution outside the government. If you have zero or low credit, your student loan application may not be approved by a traditional bank. Fortunately, LoanConnect can help. We act like a search engine for loan applicants seeking loans at rates and terms that suit their budget. We help people with many types of credit find financial solutions to help them pay for school. Experience the freedom of being able to choose the loan that works for you.