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Canada student loan

The Canada Student Loans Program provides loans and grants to Canadian students who wish to attend a University, College, Trade School, or Vocational School in Canada.

What is the eligibility for these Canadian loans?

To be eligible for a Canada Student Loan, for further studies, the following criteria has to be satisfied,

  1. You mst be a canadian citizen, a permanent resident of Canada or a protected person which may include refugees.
  2. You should be able to demonstrate financial need.
  3. You should be enrolled for a full course load or a part time course which has to be a degree, diploma, or certificate program at least 12 weeks in length at a recognized educational institution.Your scholastic standard should be above par.
  4. You should be able to pass a credit check if you are 22 years of age or older and applying for a Canada loan.
  5. For each type of program, students are eligible for student loans for the amount of time it would take to normally take to finish the study and acquire a degree, plus one extension. In other words, if it should usually take five years to complete a Dental degree, a student may receive student loans for five years, plus one additional year.
  6. Some provinces may have additional eligibility requirements and documentation. To check whether you can receive a Canadian Student Loan, contact the Provincial or Territorial Student Assistance Office in your province or territory of residence.

What are the student’s loans available to the Canadian student?

  1. Loans allotted to full-time students are interest free, as the government pays the interest while a student is in full-time studies. Students receiving a Canadian Student Loan for the first time on August 1, 1995 are eligible for up to 6.5 years of interest-free assistance. Students in PhD programs are eligible for 7.5 years. Students with permanent disabilities are eligible for up to10 years of assistance.
  2. Funding is also made available for part-time students through the Canadian Student Loan Program but part-time students usually have to pay interest payments while studying and start making payments of principal and interest when they stop being a part-time student and start working full time.
  3. Grants may are also available to supplement loans to aid students who have to face particular obstructions to accessing further education, such as students with permanent disabilities or students from poor families.

What are the payback facilities available?

CSLP offers a large variety of programs to aid students who find that they are facing financial trouble during repayment such as:

  1. Interest Relief which is planned to help students if they are for the time being, unable to make payments on their student loans because of redundancy or low earnings.
  2. Debt Reduction in Repayment is also planned to help students facing long-term economic troubles.
  3. Revision of Terms is a feature that provides students with the flexibility to control loan repayment with respect to their current financial condition.
  4. Permanent Disability Benefit allows for the reduction of loans for students who are going through financial poverty due to a permanent disability.

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