In all places of the world, education is considered as a major investment for people. And in most cases, especially in developed countries like, the price of education is ever increasing which effectively discriminates against students who do not have enough money for this. Hence, people found a solution for this problem- Canada students loans.
Canada student loans is quite common since it is offered by both private sector and the government. There is the Canada Student Loans Program offered by the national government for all students except for Northwest Territories, Nunavut and Quebec because these regions/territories have student loans program of their own for their students. Moreover, these loans are governed by the terms and conditions that the government has laid out.
These loans are available to all students regardless of whether they are full time student or not, they just have to adequately justify that they are financially needy in order to avail of these things. What’s good about these is that these are interest free as long as the student is still studying. But these interest free terms are valid only within the time span that the law had determined and such time differs according to the level of study of the student (post secondary, master’s or doctoral). During the time of repayment, the student can choose whether they want to have fixed prime interest rate or the floating interest rate.
Payment assistance is also available so that it would be easier and more customized to the status of the students to pay for such loans. For instance, when they are unemployed or in dire financial straits, they can have interest free for up to six months (longer for other territories). They can also avail of debt reduction in repayment wherein the principal is reduced three times in order to diminish the monthly payments in accordance to the family income if the family is in a more lasting financial difficulty.
They can also opt for revision of terms where the students can decide about the terms of payment (duration and amount of monthly repayment) according to his/her situation. And lastly, the permanent disability benefits where the student can be granted debt reduction due to the difficulties in payment because of permanent disability. Usually, students need to accomplish their application in designated offices in each territory. If they are deemed in need of such help, their application would be acceptable and they can renew the loan annually.
But students who avail of these loans should be able to show proof of enrolment six months after the study period so that the loans would still be interest free. The case is different for part time students. For one, students in the province areas cannot avail of these loans. Moreover, these loans are not interest free. And the moment they cease being part time students, they have to start paying such loans including the interest. For many of the students, both part time and full time, they try to augment their finances by getting access to study grants, the students need not pay for these financial assistance.
Private sectors like banks also come in the picture in some cases especially when the students are in professional studies like Medicine. With Canada student loans impossible is nothing! With enough diligence and patience, education would just be a breeze for a better life!