Student loans in Canada are given out through a programme that is run by both the federal government and the provinces. The amount of a loan and who can get one depend on which province you live in (your Province or territory of residence is decided by where you have lived for the last 12 months consecutively whilst NOT a student). You can go to any school in the country, though, as long as both the school and the programme you want to take are listed by the office that helps people in your province.
There are many ways to pay for post-secondary education, like grants and bursaries, which you don't have to pay back. However, the Federal and Provincial programmes are the two main types of student loans. No matter what kind of loan you want, you have to start by filling out an application at the Provincial/Territorial Assistance office for the Province you live in.
The best thing about a student loan is that, even though it's a REAL loan that has to be paid back, you don't have to pay interest on it while you're in school. Once you graduate or stop going to school, the terms for paying back the loans are set (usually low interest and you agree on how long you'll pay them back) and you start paying them back. Banks and other places that lend money no longer give out new loans. Instead, the federal and provincial governments give out all new loans.
Quebec, the Northwest Territories, and Nunavut do not take part in the Canada Student Loans programme. Instead, they have their own ways of giving out loans. If you live in one of these three provinces or territories, you should call the office for that province.
There are a few things you should do before you apply for a loan. The most important thing is that you are eligible. Both you and the course you want to take must meet the requirements.
This person: The main thing that determines eligibility is whether you want to go to school full time or part time. If you are a part-time student (20–59% of a full course load), you can only apply for federal aid, but you would do so through the provincial/territorial assistance office.
Full-time students (taking 60 percent or more of a full course load) can apply to the same offices and will be considered for both Federal and Provincial support (depending on the province), but they would have to pay back both loans. In this case, the difference between Provinces and Territories is clear, as Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, and the Yukon would all have to pay back their loans on their own. If you live in Ontario or Saskatchewan, you would make one payment to the NSLSC that would cover the total amount you borrowed from both the federal and provincial programmes.
The course you want to take must be on the Master List of Designated Educational Institutions. Before you enrol, you should make sure that the school you want to go to is recognised by your provincial provider and that the courses you want to take meet the requirements. This is also true if you want to go to school in another country.
The amount of help you get will depend on your own financial situation. The Federal loan system will cover up to 60% of the total amount you are estimated to need, and the provincial system will cover up to 40% of the rest. When you apply, the provincial office looks at your "needs" and handles the first part of the process. They will then send you the loan documents. After the Provincial or Territorial Student Assistance office receives and looks over your application, it will figure out how much of a loan you can get and check your credit. The National Student Loans Service Centre (NSLSC) will be in charge of your Canada Student Loan from the time it is approved until it is paid off (full repayment).
This agency is in charge of all loans given since August 1, 2000, and it has two different parts. The Public Institutions Division, which takes care of people who take classes at public places like universities and community colleges, and the Private Institutions Division, which takes care of people who go to private schools (for those who are receiving instruction at a privately funded facility like a technical college or trade school).
