Your Guide To Student Loans Posted By Americap Family Loans – Americap Family Loans
January 14, 2018
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Student loans are designed to help students in Canada pay for their education at a college or university. The Government of Canada is in charge of dispersing government funds through the Canada Student Loan Program while each province may choose to handle their own student loan funding or they may also choose to integrate their loan programs for students with that of the Canadian government.
Canada Student Loan Program
The Canada Student Loan Program is available to college students in Canada that had a financial need. The program assists with loans and grants to help fund the student’s college education. In order to qualify for one of these loans, students must first apply for a territorial or provincial student aid loan. Once they apply for one of these loan types, the student is considered automatically for a Canada Student Loan. The Canadian government administers these college loans. In order to be eligible for a Canada Student Loan Program, the student must be a citizen of Canada as well as a Canadian resident. In addition, they must have a financial need for the funds, must be enrolled as a full time student with a 60% course load or a part time student with a 20% to 59% course load, must be enrolled in a program that is a minimum of 12 weeks in length, must be able to pass a credit check if the student is at least 22 years of age and applying for their first student loan and must not have used the maximum limit for lifetime use regarding financial aid. If you have received a student loan for college in the past, there are maximums that you can receive for student loans throughout your lifetime. After this lifetime maximum has been exhausted, you will start to accumulate interest. In addition, once the maximum has been reached, you will need to begin making payments on the loan for repayment after you have been out of college for six months, by either leaving school or graduating. The maximum lifetime limits will vary but for the most part, students who are full time and have received a student loan after August 1, 1995, is able to receive a maximum of 340 weeks of aid, students who are full time and enrolled in a doctoral program can get a maximum of 400 weeks of financial aid while students who are permanently disabled may receive a maximum of 520 weeks of support.
Alberta Learning Information Service
Student Aid Alberta gives college students in Canada access to student loans and grants. Students applying for loans through the Alberta Learning Information Service must be an Alberta resident. There are several benefits to these provincial loans. For one, the application process is fast and easy since you can complete the application online for immediate estimated results. Other benefits include not having to make any payments on the loan as long as you are enrolled in college full time, once you graduate from college you have six months before you start having to make payments on the loan, you get high interest rates once you begin your repayments, and you may be eligible for a tax credit on your monthly interest payments.
Student Aid BC
An integrated Canada British Columbia loan may be managed through the National Student Loans Service Centre. The integration loan is simply merged with your federal student loan. What this means is that you do not have to deal with managing two different student loans any longer. You will sign a joint loan agreement for both the federal and the provincial loans as well as check the status of your loan through the National Student Loans Service Centre. If you are in the repayment status, you will now make one payment for both of your loans as well as check your loan status through the National Student Loans Service Centre. If you are applying for the first time loan, you will apply through the website for Student Aid BC. Upon approval, you will get a Master Student Financial Assistance Agreement, which you will sign and send back to the appropriate Canada Post Outlet, which in turn will send it to be processed to the National Student Loans Service Centre.
Manitoba Student Aid
To be eligible for Manitoba student aid, you must be a citizen of Canada, a resident of Manitoba, taking classes at an approved school that is designed to accept Manitoba Student Aid, taking classes that are a minimum of 12 weeks long, have a financial need for the loan funds, keep the minimum academic year course load requirement, have good credit history if you are over the age of 22 and a first time applicant, not be in default of any other federal student loan or provincial student loan and have good attendance at college as well as grades.
New Brunswick Student Financial Services
The Brunswick government provides qualified students with funding via New Brunswick Student Loans. You may be eligible for 40% of your financial need, and the maximum cap is set at $140 for each week that you are enrolled in courses. To be eligible for these funds from the New Brunswick Student Financial Services, student must be a Canadian citizen,be a New Brunswick resident, must have a financial need, must be enrolled a minimum of 60% of their course load for full time students and 20% to 59% of their course load for part-time students, must be enrolled in a college program that is a minimum of 12 weeks long, must maintain satisfactory grades, must not be defaulted on any other federal or provincial student loan,have good credit if you are applying for the first time and over 22 years old and must not have reached your lifetime time for student loan funding.