1. What type of student loans can I get in Canada?

You don’t need to have thousands of dollars stacked up in an account before going to school. Student loan can help you achieve your dream while you pay it off later. You can get your student loan from either the federal government or the provincial government where you live, like Ontario. They both have special plans to lend you money for your classes and books. There is also private student loan if you’re interested.

2. How do I ask for a student loan in Canada?

You will fill out a form in your province to ask for a student loan. Some places make it easy and let you ask for both the federal government and provincial government student loan with just one form. Others might ask you to fill out two different forms.

3. Can anyone get a student loan in Canada?

Not everyone can get a student loan. The body in charge will look at a few things before deciding if you’re eligible for a student loan. A few considerations like, where your home is, if you really need the money, what you’re studying, and if you’re doing well in your classes. This is important because they need to make sure they help the students who need the loan the most.

4. When do I start paying back the student loan?

Once you’re done with school, you will get a little break, usually about six months, before you start paying the money back. This is a grace period to help you get ready by getting a good job. But for some loans, they might start adding interest after you finish school.

5. How do they decide how much money to give me?

They look at your situation, like checking your account record and your school costs, to figure out how much help you need. It’s their way of making sure they give you enough to cover your classes and maybe a bit for your living expenses.

6. What if my credit isn’t good? Can I still get a loan?

Yes, even if your credit isn’t good, you can still get a student loan.

7. What if I find it hard to pay back the loan later?

You can talk to your lender about making your monthly payment smaller or even taking a short break from paying.

8. What if I want to keep studying more? Can I get more loan?

Yes, if you decide to stay in school longer for more learning, you can ask for more loan. You’ll need to tell them again that you need help, and they’ll check to make sure everything’s still okay to give you more money.

9. What happens to my student loan if I declare bankruptcy?

You usually have to wait 7 years after finishing school before your student loan can be considered in bankruptcy.

10. Can I pay off my loan faster than planned?

Absolutely! If you have the means or have extra money that can go towards your student loan debt, you can pay off your loan early. There’s no penalty for getting rid of it faster.

11. Is the federal government and provincial government loan the same?

They can both give you student loan but they may not have the same terms, and most people would prefer federal government loan because it’s more favourable. The provincial government loan depends on your province, and each province has its own rules. 

12. How can you check how much you still owe on your loan?

You can check how much you owe by visiting the National Student Loans Service Centre website for your federal government loan. For the provincial government loan, check the website or service that your province uses. 

Conclusion 

Getting a student loan is a good thing and when you get a good job, you can easily pay off your debt and move on with life. If you’re carrying credit card debts and other unsecured debts that are stressing you out, there’s good news for you. You can reduce your debt by up to 80%, and interest will stop immediately. Call us at (416) 900-2324 to schedule a free consultation with us. Being debt-free feels good!