Canada student loans represent the main financial aid for post-secondary students that need to pay for their college studies. Financial aid programs are available only for Canadian citizens and permanent residents, as well as for persons with a protected status. Interest-free loans for the studies period are thus available to students in this system. Canada student loans are also provided to students with permanent disabilities or to those that follow doctoral programs. Calculating the length of the studies and the maximum loan amount in comparison is very important in order to fully understand the extent of the program to which you can get access. Here is a clear example of how things stand.
For instance, most Canada student loans cover a maximum of 400 weeks for graduate degree programs. Yet, if we think that some people will need a BA, an MA and a PhD, the number of the academic years will be around 11. According to this calculation system, lots of graduate students will not longer be eligible for loans. At the end of the 400 weeks period, the student has to start repayment for the full-time studies.
With Canada student loans, repayment starts the moment they are no longer students. Some other obstacles related to post-secondary education can be faced by applying for grants as a form of supplementation for the loans. The assessment of needs is usually made before the approval of the loan. There are some maximum amounts of debt that can be accumulated by one student alone. Thus, normally, Student loans in canada cover around $210 per week in the case of full-time studies. For part time loans the maximum sum is of $4,000 at a time. The province of residence may however allow access to further assistance in the form of grants.
Canada student loans have fixed interest rates or floating interest rates. Many people face difficulties when it comes to repayment, but there are some solutions that could improve your situation. If you are currently unemployed or you have a low income, you can apply for an interest relief. The interest relief is granted for a period ranging between 6 and 30 months. Another solution is the debt reduction in repayment that brings the monthly rate-plus-interest at an affordable level on the basis of the family income.