You’ve graduated high school and you’re looking into pursuing your post-secondary studies. Universities are prohibitively expensive and there is no way you can afford all that much money. Although taking out a loan sounds daunting, it is inevitable for those who want that degree but can’t afford to pay thousands of dollars. Here are answers to some of the most asked questions about Canadian student loans to help you understand what you’re getting yourself into.
When Should I Apply for My Student Loan?
The student loan application is an annual process that you have to go through. It usually opens up around May 1st for students to start preparing for their classes in September. You should usually apply as soon as possible so they can process your loan when they aren’t as busy. However, most people apply 6-8 weeks before their first day of school. Once you submit your application, you will start getting notifications about your loan status and if they require additional information.
Who Qualifies for Student Loans in Canada?
For you to qualify for Canadian Student Loans, you should meet all of the following criteria:
- Be a Canadian citizen, a permanent resident, or a designated protected person.
- Be a resident of a Canadian province that takes part in the Canada Student Loans Program (CSLP)
- Need financial aid to pursue your post-secondary education.
- Be enrolled in 12 out of 15 weeks of your certificate, diploma, or degree program.
- Be enrolled in 60% of full course load if you are a full-time student and 20-59% of full course load if you are a part-time student.
- Pass a credit check if you are 22 or older and applying for your first student loan.
- Must not have exceeded your maximum lifetime limit of federal financial assistance.
- Maintain a satisfactory academic record to keep receiving financial aid.
How is My Loan Processed by Financial Services?
You will need to submit financial documents showing your income, program of study, registration load, and tuition. Not all students receive enough loan money to cover the tuition gap. In this situation, the student is responsible for covering this amount without delays, otherwise, he might be subject to additional fees.
Have you applied for your loan or not? Share with us in the comments below other questions that you might have about Canadian Federal Student Loans.