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Canada Student Loans

Student loans are available to provide financial assistance during the course of your education. The Canada Student Loans Program enables students to attend a post-secondary institution by providing them with loans to cover the costs of going to school. The amount of the loan is different for each student and is based on the individual’s assessed financial need. It is important to note, however, that Canada Student loans are meant to supplement your resources, not replace them.

The Student Loans Programs in Canada differs by province and territory. There are 4 different programs across Canada:

  • Separate federal and provincial programs- where Canada Student Loans are available in addition to provincial or territorial assistance.  Separate federal and provincial loans are offered in:
    • British Columbia
    • Alberta
    • Manitoba
    • Nova Scotia
    • Prince Edward Island
  • Integrated federal and provincial programs- where provincial and federal loans programs are integrated and are accessed through a single application.  Integrated student loans are offered in:
    • Ontario
    • Saskatchewan
    • Newfoundland and Labrador
    • New Brunswick
  • Federal programs only- where there are no provincial programs available.
    • Yukon
  • Provincial programs only-where Canada Student Loans are not available.
    • Nunavut
    • The Northwest Territories
    • Quebec

Full-Time Student Loans

As a full-time student, you are eligible for up to $210 per week in federal loans. One of the benefits of the full-time Student Loans Program is that it does not charge interest until you have left school. Interest accumulates from the month after you graduate or stop going to school, but you are not required to make payments until six months later.

To be eligible for a full-time student loan:

  • You must be enrolled in a degree, diploma or certificate program that runs for at least 12 weeks in a 15-week period at a designated institution
  • You must be taking at least 60% of a full course load

Part-Time Student Loans

As a part-time student, you are eligible for up to $10,000 total in federal loans.  Part-time Canada Student Loans differ from full-time loans in that interest accumulates while you are in school. However, part-time students are not required to make principal payments until they graduate or stop going to school.

To be eligible for a part-time student loan:

  • You must be enrolled in a degree, diploma or certificate program that runs for at least 12 weeks in a 15-week period at a designated institution
  • You must be taking between 20% to 59% of a full course load

Canada Student Loans for Students with Permanent Disabilities

The Canada Student Loans Program recognizes that physical and learning disabilities may mean that it takes longer to complete a program of study. As a student with a permanent disability in Newfoundland and Labrador, your reduced requirements include:

  • For full-time funding: You must be enrolled in at least 40% of a full course load
  • For part-time funding: You must be enrolled in between 20% to 39% of a full course load. However, if you are studying between 40% to 59% of a full course load, you can choose to be considered a part-time student.
  • To accommodate a reduced course load, you have an extended eligibility of up to 520 weeks of study

CANLEARN
Web: http://www.canlearn.ca/
Email: info@canlearn.ca
National Student Loans Service Centre
Within North America: 1-888-815-4514
Outside North America: 1-800-2-225-2501
TTY: 1-888-815-4556
P.O. Box 4030
Mississauga, ON, L5A 4M4