Posts Tagged ‘canadian student loans’

OSAP – Ontario Student Loans in Canada

October 26th, 2010
OSAP Ontaio


If you are a resident of Ontario, Canada, and you will be attending college, you need to know about the OSAP (Ontario Student Assistance Program) so that you can obtain Ontario student loans in Canada to help pay for your education. Even if you have a Registered Education Savings Plan, or RESP, you will probably need additional funds to finance your college education.

The Ontario Student Assistance Program, also known as OSAP, is a part of the Ontario Ministry of Training, Colleges, and Universities. Funds received through this department can be used for tuition, books, transportation, and living expenses while you are attending school.

How the OSAP Ontario Works

You can apply for Canadian federal student aid, including loans, grants, and bursaries, as well as Ontario student aid with one application. The federal loan will cover up to 60% of your financial need, with additional funds provided through Ontario. However, there are maximums that you can receive. These maximums are set to keep you from having too much debt when you finish college. For example, if your program is only two terms in length, you can only receive up to $7300 in aid.

It is vital that you understand that this Ontario student loan program was not established to fund your entire education, but instead to supplement the other sources of funding that you have in place for your education, including your RESP, grants, bursaries, scholarships, employment, and work/study programs, among other Canada financial sources.

However, if all of your education is not funded, and you are out of financial sources, you may be eligible for the Student Access Guarantee, provided by Ontario. Through this program, all colleges and Universities in Ontario are required to provide the financial assistance that you require, beyond what is provided by OSAP, so that you can get an education. Only the costs of tuition, books, and mandatory fees are covered under this program. If this funding is needed, and you are a first time student, this will be determined when you fill out your application for funding through the OSAP. If you need this funding, you will be instructed to fill out a separate application through your college or university. The college or university will provide these funds through bursaries, scholarships, summer employment programs, or work/study programs.

OSAP – Ontario Student Assistance Program Criteria

In order to be eligible for funding through OSAP, your program and school must be approved by OSAP, it must be at least a twelve week program that results in a diploma, certificate, or degree, and you must have financial need for the funding. Each program administered through the OSAP may have additional eligibility requirements that you must meet as well. If you have defaulted on a Canadian student loan, exceeded your lifetime maximum, or been less than truthful on your OSAP application, you may be barred from receiving financial aid through these programs.

When you have finished your education, and your grace period has ended, the loans that you obtained through the federal government and the Ontario government are managed through the National Student Loan Service Centre. For more information regarding Ontario Student Loans, visit the Ontario Student Assistance Program website. You can also obtain information through NSLSC student loans in Canada.

NS Student Loans (Nova Scotia Student Loans)

October 21st, 2010
Nova Scotia Student Loans

NS Student Loans

Getting NS student loans in Canada is a little confusing at first glance but it’s a pretty simple process. As a resident of Nova Scotia in Canada, there is certain financial aid to help fund your college education. Canada National Student Loans are not available to residents of Nova Scotia, so you need to apply for Nova Scotia student loans instead.

There is just one application to fill out for Nova Scotia grants and student loans. If you apply for the Nova Scotia Student Grant, and you are eligible, you will receive 20% of your financial need in the form of a grant, which does not have to be repaid, with the other 80% in the form of a NS student loan, which does require repayment. For example, if your need is assessed at $5000, you will receive a $1000 grant, and a $4000 loan. The most that you can receive under the NS student grant program, however, in the form of grant money is $150 per week of study.

Under the Nova Scotia Dependent Grant program, you can receive an extra $20 per week of study, and this is considered a grant. You must have dependents to qualify for this program, and you can qualify for the dependent grant program and the student grant program simultaneously.

While you are not eligible for student loans through the federal government of Canada, you are still eligible for Canada federal grants. This includes the Canada student grant for students from Low-Income Families, the grant for middle-income families, the grant for students with dependents, and the grant for students with permanent disabilities. You must apply separately for these Canada grants, through the Can Learn website.

In order to be eligible for the Nova Scotia Student Grant and Loan Program, you must be a Canadian citizen and a resident of Nova Scotia. The program must be a full time program, but there is also aid available for part time students, using a separate application. The program must be an approved program, and it must lead to a diploma, a degree, or a certificate, and it must be obtained through an approved college, university, or trade school in Canada. Additionally, the program must be at least twelve weeks in length.

It is vital that you make sure that the school and the program of study are both approved by funding through this program. A school may be approved, but the program of study that you have chosen may not be approved, so make sure that you double check this to be sure.

You must be taking at least 60% of a full time course load, unless you are disabled, in which case you must be taking at least 40% of a full time course load. You must not have any Canadian student loans in default, and any Canada student loans that you do have must be in good standing. You must maintain satisfactory grades to continue to be eligible for funding, and you must pass the Nova Scotia Student Assistance Credit Check as well.

For more information regarding NS student loan program in Canada, visit the Nova Scotia Student Assistance Higher Education Branch at NS student loans. To find out more about Canada NS Grants that you are eligible for visit the Can Learn website.


Related Reading on Student loans in Canada

BC Student Loans

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.