When planning to attend college, students hope to get a scholarship and other sources of financial aid. Not everyone is so lucky to have their tuition fully covered, and parents are not always able or willing to help their children financially. In this case, students should look for other options, including applying for student loans. Most applicants look for a low interest student loan, which is more affordable in terms of monthly payments and interest payments.
In Canada, students have two options for obtaining financing, personal loans from financial institutions and the government. If you choose the second option, there are two possibilities, the first being to apply for a loan. Students have to pay the money back. The second possibility is to apply for a grant with the Canada Student Grants Program, and students do not have to pay this back. Under the Canada Student Loans Program, the government offers loans to part-time and full-time postsecondary students with demonstrated financial need. Students from most Canadian territories and provinces can apply for financing. The government works in cooperation with the territories and provinces and provides financing in the amount of sixty percent of the assessed need. This is equal to $210 weekly. Territorial and provincial loans cover the remaining forty percent.
Those who choose to apply for a personal loan may want to check with the financial aid department of their university of choice. The latter may offer information about lenders that offer low interest personal loans. You may want to look for student loan programs as well. Some companies have developed such programs, and loans are offered with lower interest rates, compared to financing obtained from separate lenders.
Even before you do all this, you should find out the amount you have to borrow. The total amount should include college accommodation, tuition fees, textbooks and books, meal plans, transportation, and anything else that is not covered by financial aid or a government loan.
Where to shop for student loans? You may want to check with the big banks first. The Royal Bank of Canada, for instance, offers loans and lines of credit to students. The Royal Credit Line for Students is offered to parents and students, ensuring that money is available to them when needed. Loans are offered to students who attend colleges outside of Canada as well. The limit of this credit line is set at $10,000 a year. TD Canada Trust also offers financing to students who plan to attend undergraduate, graduate, and professional programs. In addition, this establishment offers funding to students who attend dental and medical schools, as well as student credit cards. One option is to apply for the TD Canada Trust Student Line of Credit. Funds can be used for a variety of purposes, including paying your tuition, supplies, groceries, and rent. You can access your credit lines through ABM Interac, telephone banking, at your local branch, through EasyWeb internet banking, etc. The credit line is in the amount of up to $10,000 a year.