Canada Student Loans | Helping Articles

While there are many resources available for Bachelor?s level students there is somewhat less available for graduate students. Aside from fellowships and scholarships, there are few other grant resources available. This means that loans are a key to financing graduate school.Residents of Canada have an option that is both reliable and affordable. Canada student loans provides graduate students the same low interest terms as undergraduates with many repayment options to insure that no student need default.

Any amount borrowed will have to be repaid after graduation, or if the student drops below part-time status or drops out of school.Since 2001, The Student Support Branch, Ministry of Training, Colleges and Universities, branch of the Canadian federal government administers all student loans. They insure that each student receives equal and fair treatment as well as equal and fair access to higher education.

Stafford Loans have two options, one in which the loan is granted by the school and the other is when a private lending institution grants the loan, which is guaranteed by the federal government.In addition to this, students are required each year to check in with the loan agency to insure they are still enrolled in school. The real advantage of these loans comes at the repayment end. Canada student loans offer many options for students who have difficulty in repayment. As long as the loan remains out of default Canada student loans are ready to work with the student in repayment.

Other non- deferred student loans available for students and their parents, such as the Federal Direct Parent Loan for Undergraduate Students will issue a loan based on the amount estimated by the school for classes and other expenses minus any scholarships or other aid received by the student. Those who find themselves on permanent disability can, under the right circumstances, have their debt forgiven. In addition to this, the program offers reductions in principle up to $26,000 dollars over the life of the loan for those who meet the necessary criteria.

Many of these loans are considered for students not qualifying for need-based assistance and they are considered unsecured loans. Any payment made during this time goes toward the principle. During this time, the government pays the interest on the loan. The two main requirements other than income are that the loan not be in default and any late payments be brought up to date with interest. Many students look at graduate school and despair of ever being able to attend. This need not be. Canada student loans provide a way for the student to focus on their academics and less on their finances.

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