Reference And Education

Handy Guide To Apply For Student Loans And Funds In Canada

Studying abroad to obtain higher education is every other student’s dream. We get to live independently, experience life in a new country and obtain the education we need thereby securing our career goals along the way. But a higher education anywhere requires a huge amount of money, especially if you are planning to complete your post-graduation abroad. Studying in Canada would require you to spend around 80,000$ annually and that is just too expensive. But if money is the only thing standing between you and your dream, we have got you covered. The list of options below states the various ways you can obtain student loans and funds to further your education.

  • RESP Program:

This is a relatively new program that has been made for parents who are enthusiastic about sending their child to the best possible universities in Canada. The RESP program enables parents to begin saving up for their child’s future from an early stage thereby ensuring that when they are of age they can easily send their wards of to the university desired. The program lets you accumulate your money in a savings account which you can use later for your child’s education. This method is a safe and secure process and you can count on Knowledge First Financial to help establish your child’s future. For further information and research on this specific program you can visit https://www.bnnbloomberg.ca/knowledge-first-financial-heritage-education-funds-merge-into-resp-powerhouse-1.957865

  • Government School Loan Programs:

The Federal Government of Canada goes a long way to fund the education of students in their country. The two programs that help found your higher education are the following Canada Student Loan Program (CSLP) and Canada Student Grants Program (CSGP).

  1. Canada Student Loan Program (CSLP): Any full-time or part-time student can apply for a loan via this program. If the program finds your application as eligible considering you fulfill a few requirements you can receive a loan that covers about 60% of your tuition fees. Once you have completed your education process, you will however have to pay back the loan amount plus interest back to Canadian government. The amount of money you receive as loan is subjected to change.
  2. Canada Student Grants Program (CSGP): This program works much like the CSLP except that the CSGP constitutes of all grants into one singular plan. If your application fits the eligibility criteria you will be able to receive the loan amount, which you do not have repay post your graduation either. There are also exclusive grants for individuals who students with special needs such as a disability, single mother etc.
  • Private Student Loans:

If the government aided options are not enough for you and you require extra help you can always take loans and lines of credit from local banks. If you are a student option for a professional degree such as law, doctor, business etc you will also be eligible to receive a huge sum of tuition loan.

  • School loans based on territory:

You are also eligible for receiving loan based on your area or territory of residence. The aid will be offered from your very province. Some of the popular territories offering school loans are Nova Scotia, Alberta, Ontario etc.

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