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IT'S A WONDERFUL LIFE IF YOU CAN AFFORD IT: FINANCING YOUR EDUCATION IN CANADA.

Oh joy of joys. You and your parents (where applicable) are responsible for the costs of post-secondary education! But don't fear…..the federal student loan is here!

The federal student loan program is available throughout Canada, except in Quebec and the Northwest Territories where they have their own student assistance plans. Alongside your federal loan, you may also be eligible for a student loan from the province or territory where you live. See your provincial or territorial student aid office for more information on this.

How to apply for a federal loan:

Application forms are available from your educational institution or from the provincial or territorial student assistance office nearest you. Find out if your province requires you to submit your application directly to your educational institution. In some provinces/territories, you must apply directly to their student aid office.

Information materials and applications forms for both the federal and provincial/territorial loans are available from the financial aid offices at most universities, colleges and training centers.

Eligibility criteria for full-time students

To be eligible as a full-time student for a Canada Student Loan you must meet all of the following criteria:

  • Be a Canadian citizen or permanent resident of Canada
  • Be a resident of a province or territory that participates in the Canada Student Loans program. (This is the province/territory where you have lived most recently for at least 12 consecutive months excluding full-time attendance at a post-secondary institution.)
  • Demonstrate to the provincial or territorial student assistance office, by completing an application form, that the financial resources available to you are not enough to cover your educational costs.
  • Enroll or be qualified to enroll in at least 60 percent of a full-time course load at a designated post-secondary educational institution.
  • Students with permanent disabilities may enroll in 40 percent of a full-time course load
  • Enroll, or be qualified to enroll, in a program leading to a degree, diploma or certificate. (The program must be at least 12 weeks in length within a period of 15 consecutive weeks.)

How much funding is available?

The maximum amount of Canada Student Loan assistance available for full-time students is $165 for each week of the study period. Provincial/territorial assistance is available to make up the remainder of your needs.

Fast Facts: Full-Time Student Loans (information supplied by Human Resources Development Canada)

  1. Most students in full-time studies at designated institutions are eligible to apply.
  2. You may be able to borrow up to $165 per week of study, depending on your need.
  3. The Government of Canada pays the interest on your loan while you are in school. You make no payments until six months after you leave full-time studies.
  4. $4,000 on a $25,000 debt over 4 years is interest subsidy paid by the government on your behalf.
  5. To apply, obtain an application form from your educational institution or a student assistance office.


Fast Facts: Loans for Part-Time Studies

  1. Eligibility depends on your gross family income level.
  2. The amount you can borrow depends on your individual circumstances.
  3. You are responsible for paying interest on the loan while studying, and to start full repayment six months after your studies end.
  4. To apply, contact your educational institution or a student assistance office.
  5. Low-income part-time students may be eligible for a non-repayable Canada Study Grant.
  6. Part-time students may be eligible for interest relief when they begin repaying their loans.

Link to: http://www.hrdc-drhc.gc.ca for government information regarding student loans.

For further information contact:

The Learning and Literacy Directorate
Human Resources Development Canada
P.O. Box 2090, Station "D"
Ottawa, Ontario K1P 6C6
Tel. (819) 994-1844
Toll Free 1-888-432-7377 (English)
1-800-733-3765 (French)
TTY Line: (819) 994-1218



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