Posts Tagged ‘canada student loan program’

CIBC Student Loan Centre in Canada

October 21st, 2010
CIBC Student Loan Centre

CIBC Student Loan

Canadian students can access a CIBC student loan program in Canada if you are likely to find that you still need more college funds to help pay for your Canada school tuition. When you start looking at the money needed for college, even after obtaining grants, bursaries, and government student loans, you may find that you falling financially short so a good Canada student loan program makes sense.

CIBC stands for Canadian Imperial Bank of Commerce, which is the marriage of two banks that merged in 1961 – the Canadian Bank of Commerce and the Imperial Bank of Canada. Both of those banks were established in the late 1800s, and now the merged bank has a history that dates back almost two hundred years.

When you apply for a CIBC student loan through CIBC, you are not actually applying for a standard student loan in Canada. Instead, you will be applying for a line of credit, referred to as the CIBC Education Line of Credit. It is the CIBC version of a Canada student loan. There are two possibilities for this line of credit – the credit available to undergraduate students, and the credit available to graduate students.

Unlike a traditional loan, you do not pay the principle of the credit that you have used until a year after you graduate, or six months if you leave your program of study without graduating. Unlike a Canadian student loan, however, you do have to pay interest on the credit that you have used while you are still attending school. This is the rule for the undergraduate line of credit and the graduate line of credit.

CIBC Student Loan Centre Program in Canada Explained

Under the undergraduate line of credit program, you can use up to $40,000 of your credit line through your four years of school. Those who are in graduate programs can use up to $150,000. Only certain graduate programs are approved for this extended line of credit. But other graduate students are still eligible for the funds available through the undergraduate program, even if they are already graduate students. If you are a full time undergraduate student, you can use up to $15,000 of credit annually, and if you are a part time undergraduate student, you can use up to $7500 annually in CIBC student loans.

The funds obtained from this line of credit are not paid to your school. Instead, you use your ATM card to draw the funds out of an ATM, or you can write a check for the funds. You only pay back the funds that you use, plus interest – not the entire line of credit that was available to you. Once the loan becomes payable, it is converted to a personal loan, and is no longer an educational line of credit. The interest that is added to the amount that you owe is based on the prime rate at the time that you start making payments, and this is also true for the interest that you pay on the line of credit while you are still in school. This is how simply a CIBC student loan works. It’s flexible for Canadian students when they need access to money fast all they have to do is write a check from the CIBC student loan checkbook.

Because these are actual lines of credit through a financial institution, you must either have good credit to be approved, or you must have a co-signer who has good credit. For more information go to CIBC student loan.

Non Government Student Loans in Canada

October 14th, 2010

Non government Canada student loans

Non Government Canada Student Loans

There are ‘other’ non government Canada student loans that you should consider to cover those unexpected expenses or to finish paying for your educational tuition cost when other student aid programs really don’t cover all you had hoped for. When you are ready to attend college, there are many options available to help you pay for your education. Naturally, you will apply for grants, Bursaries, scholarships, and the standard Canada student loans through the federal government and provincial or territorial governments, but there are other non government of “Canada student loans” that you should consider as well.

For this purpose, you may need to look into non government Canadian student loans, also known as student loans from private financial institutions. Most financial institutions have some sort of program for Canada student loans, and special credit cards for students as well.

Ideally, you will work with a financial institution that offers you a Canada line of credit. What this means is that a line of credit is made available to you, and you only use it if or when you need it. You only have to repay the credit that is actually used – not the credit that is available, but unused. Because you can never be sure as to what expenses will arise while you are attending school in Canada, this is an attractive type of program.

Unlike traditional Canadian student loans, which do not have to be repaid until you graduate, these types of non government Canada student loans, or lines of credit do have payments that are due while you are still attending school. In the best cases, however, you ony make interest payments until you leave school or graduate, and only then do you start making payments on the principle of the line of credit that you have used. Typically, you will have up to one year to start repaying the principle of the credit you’ve used after you graduate or leave school.

When this Canada line of credit is set up with you, a personal banker should meet with you to go over your expected educational expenses, and the financial aid that you have already secured, to determine how large your line of credit needs to be. Most financial institutions have a minimum starting limit around $5000 for undergraduate students and $10,000 for graduate students. This Canadian line of credit for students is available to you each academic year.

These funds are not paid to your school – or even to you. Instead, the funds are put into an account that you have access to, and you can actually withdraw money as you need it from an ATM machine. You can also write a cheque on the account.

For this type of non governmental Canadian student loan or line of credit, you will need an acceptable credit rating. Many college students have no credit rating at all, and in this case, you may need a Canada co-signer. Another option is for a parent or guardian to set up the line of credit for your use. In some cases, collateral will be required for the credit line.

Aside from having good credit or a co-signer, you will need proof that you are enrolled at a post secondary school in Canada, and an estimate of the cost of your tuition, an accounting of your resources – such as income, savings, and other financial aid that you have or expect to receive.

For more information, visit your bank, or your parent’s bank to obtain a non government of Canadian student loan line of credit, or a Canada student loan through that private financial institution. If you do not have a bank, you might consider RBC Royal Bank which is known for the best programs concerning non government [Canada student loans] financial help for students.

Canada Student Loan Program for Canadian Students

October 12th, 2010
Canadian Student Loan Program

Canada Student Loan Program

When considering what best Canada student loan program Canadian students should look into, getting it right the first time around will save you from redoing things over. If you are planning to attend college, the chances are very good that you will need some level of financial assistance to help pay for it. This is often even true for those who have college savings. If you plan on securing a Canadian student loan, there are things that you need to do before applying for the Canada Student Loan Program.

Scholarships before a Canada Student Loan Program
The first thing that you should do is to apply for any scholarships that you may be eligible for before any Canadian student loan program. Check with private foundations, community service organizations, corporations, and small businesses. Consider all of your talents and your academic standing when you are searching for potential scholarship opportunities, and don’t forget to include scholarships that are awarded based on physical characteristics, your heritage, illnesses, or other factors. Scholarships, of course, do not have to be repaid.

Bursaries before a Canada Student Loan Program
The next step is to look into Bursaries. Bursaries are essentially scholarships that are awarded by the Federal Government of Canada, but some provinces or territories also have Bursaries available. These do not have to be repaid, and they are awarded based on academic need, but a show of outstanding citizenship will also help you to win these awards.

Canada Federal Grants before a Canadian Student Loan Program
Following Bursaries, you should look into federal grants, as well as grants that are only offered in your province or territory. Grants are available to those who are permanently disabled, those who have children, and those who have financial need. Additionally, if you are a woman and you are working towards a doctorate degree, you will also be eligible for grants. Grants, like scholarships and Bursaries, do not have to be repaid. This amounts to anywhere from $2000 to $8000 per academic year in free funds to help pay for your education.

Canada Work/Study Jobs before Student Loan Program from Canada
Another option for financing your education in Canada is Work/Study Jobs. These jobs are available through your college or university, and it is essentially a part time job. This work/study program helps to fund your education, which will significantly reduce the amount that you might owe in student loans when you finish school. Work/Study jobs get snapped up fairly quick, and there are a limited number of jobs. Make sure that you apply for the work/study program through your school as soon as possible.

Federal Government Canada Student Loans
The final option is to apply for Canada student loan programs. You need to apply for loans that are available from the Federal Government in Canada, as well as the Government of your providence or territory. In providences or territories where it is possible to obtain both types of loans, one application takes care of everything. These are the least expensive Canadian student loans that you can get, but if you need more funds to pay for your education, you can additionally apply for Canada student loans through private financial institutions as well.

For more information regarding how to pay for your college education in Canada go to: Canada student loan. You also need to visit the Canada student loan service center for your providence or territory to make sure that you are getting all of the aid that you are eligible for.

Related Reading

BC Student Loans for British Columbia Students

CIBC Student Loan Program

NSLSC (National Student Loan Service Centre)

OSAP Ontario Student Loans