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.