As a student in Canada, you always find yourself needing money for so many things. And sometimes it doesn’t matter how well you think you prepared financially for your studies, there is always the need for that extra funds or student loans.
It is very expensive to study in Canada, international students who come to Canada for studies often find themselves struggling and trying to adjust to the expenses of the new environment they find themselves.
Although there is a compulsory requirement that students must have a certain amount available and accessible to them for their studies at least for the first year.
What happens after your first year in terms of finance will determine whether you continue schooling or you are asked to drop over unpaid tuition. Students have an option to take up some on-campus part-time jobs or to work full-time during the holidays to support themselves.
The Canadian government has also tried to make it easier and cheap for students to study in Canada by providing student loans, grants, government scholarships and other financial aids to support. Also, a student can work on-campus without a work permit and during the holiday.
Types of Student Loans
- Federal student loans made available to students by the government to aid students in their studies. They offer different options for students and they include;
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- Parent PLUS Loans
- Graduate PLUS Loans
- Direct Consolidation Loans
- Private Student loans are made available to students by private firms or individuals to aid them to finance their studies. They don’t offer a variety of options just like federal loans. They offer the following options;
- Private Student loans
- Private Parent loans
How to qualify for students loans
- To qualify for a student loan in Canada, you must have or meet the following requirements;
- You must have a social security number
- Be a citizen of Canada, a permanent resident or a protected person to qualify for any government loan. You can be a non-citizen and qualify for a private loan.
- There must be a genuine need for the loan, and it must be academic-related issues.
- You must be an undergraduate actively enrolled in a university for a program with at least 12 weeks duration.
- have not exhausted your maximum lifetime limit of financial assistance (including interest-free status)
Easy Ways To Get A Student Loans
- Ensure you meet the requirements
- Decide on which loan is good for you. There are so many governments and private loans available to you to choose one and apply.
- Ensure your school is approved for loans
- You have to fill a Free Application for Federal Student Aid (FAFSA), it is the first step to applying for any federal loan
- Then you should calculate how much you may need to borrow.