Canada Student Loan Application
Here’s what you need to know about filling out a Canada student loan application when you’re a senior in high school or just looking to attend college in Canada. If you are Canadian, and planning to attend college, you will need financial help, in most cases. Higher education is expensive, and these days, parents and students simply cannot shoulder the entire cost without assistance. You will have to fill out a Canada student loan application – but you need to know which application to fill out first.
The first thing that you need to know is that regardless of where you live, or where you will be attending school, you must apply for your Canadian student loans in the province or territory where you reside – where you are a permanent resident. You may also be eligible for multiple Canada student loans – those that are offered by the Canadian Government, and those that are offered by your province or territory. In some cases, you are not eligible for those that are offered by the Government if you live in certain provinces or territories however.
For example, you are eligible for Canada student loans and provincial or territory loans or grants if you live in Alberta, British Columbia, Manitoba, Nova Scotia, or Prince Edward Island. You are only eligible for the Canada student loan program if you live in Labrador, New Brunswick, Newfoundland, Ontario, or Saskatchewan, since these territories work in partnership with the federal loan programs. If you live in the Northwest Territories, Nunavut, or Quebec, you are not eligible for Canada student loans, and instead you must depend on the student loan programs in these territories. In the Yukon, there are no territory loans available, and you are only eligible for Canada student loans.
If you are a part time student, you will not be eligible for provincial or territorial student loans in most cases. In these instances, you can only get Canada student loans, and then only if you are eligible for these student loans based on where you reside.
The application process is different from one territory or province to another. For example, if you live in New Brunswick, Newfoundland, Labrador, Ontario, or Saskatchewan, you will only complete one application, and this will cover territory loans as well as federal loans. Additionally, this one application will also cover the application for any grants that you may be eligible for. Your loans and grants are all combined into the same payments, and the same repayment plan.
The same is true if you live in Alberta, British Columbia, Manitoba, Nova Scotia, or Prince Edward Island, except that you may have two loans to manage and repay. In the areas where Canada student loans are not available, the application only covers the Canadian student loans available in your province or territory, and they may or may not cover grants in that area as well. This is information that you will have to obtain through that financial aid office.
For more information go to Canada student loan applications. If you aren’t sure as to what financial aid or Canadian student loan program you are eligible for, talk to your guidance counselor at your high school, or the financial aid office in the province where you live for more information.
