Provided by federal gov. through Canada Student Loans Program

Aims to supplement, not replace financial contributions you and your family should make

Important to establish grant vs loan

Types of Loans:

• Canada Student Grants Program

• Canada Student Financial Assistance Program

• Provincial Student Loans

• Private Student Loans

• Government/Federal Sponsored Student Loans 

Eligibility:

• Citizen or permanent resident in Canada

• Demonstrate financial need

• Enrolled in at least 60% of a full course load as a full-time student and 20-59% of a full course load if you’re a part-time student

• Be enrolled in a degree, diploma, or certificate program offered by a post-secondary school that runs for at least 12/15 consecutive weeks

• If you are 22+, you must complete a credit check

Benefits:

• Education more accessible

• Flexible repayment terms

• Interest-free borrowing (in some cases)

• Lower Interest rates (generally for government)

Disadvantages: 

• Starting employment with debt

• Failing to meet terms of loan agreement or defaulting negatively affects your credit score and higher interest/extra fees can be imposed

• Interest rates can increase