The most important form of financial aid for post-secondary education in Canada comes in the form of Canada student loans. Financial aid programs are available only for Canadian citizens and permanent residents, as well as for persons with a protected status. Full-time students can receive interest-free loans for the complete period of their studies.
Canada student loans are also provided to students with permanent disabilities or to those that follow doctoral programs. In order to determine what kind of program you may have access to, it is important to determine the extent of the studies as well as the length of the education. Take the following example to understand how things stand.
For instance, most Canada student loans cover a maximum of 400 weeks for graduate degree programs. But if one needs to follow a BA, an MA and a PhD, the period will be significantly longer, somewhere around 11 years of academic studies. This means that many graduate students will discover that they no longer meet the criteria of eligibility for student loans. At the end of the 400 weeks period, the student has to start repayment for the full-time studies.
Once you graduate, you are good to pay, and this system applies to most Canada student loans. Some other obstacles related to post-secondary education can be faced by applying for grants as a form of supplementation for the loans. Carefully determine your needs before you apply for the loan. One single student is limited to a certain debt extent.
Thus, normally, Canada Student Loans can provide around $210 per week for full-time education. The sum does not exceed $4,000 for part time studies. Further financial aid is available in each province depending on what grants are available.
Canada student loans have fixed interest rates or floating interest rates. Many people face difficulties when it comes to repayment, but there are some solutions that could improve your situation. If you are currently unemployed or you have a low income, you can apply for an interest relief.
The interest relief is granted for a period ranging between 6 and 30 months. Debt reduction is also possible, meaning that the family’s monthly rate-plus-interest can be adjusted so as not to be higher than the debtor’s capacity to pay.
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