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Students Loan in Canada

Finance, credit and allowances are given to the students willing to take up higher studies, like attending college, university, vocational school in Canada under the Canada student loans program.
Eligibility criteria for these loans are as follows:
• You should be a citizen and has always been a resident of Canada. Also he can be a sheltered person like refugee.
• You should be in monetary need of the loan and be able to reveal the same.
• Registration in a full time or a part time programme is a must, which should be a certificate, diploma or a degree course with a minimum of 12 weeks period from a well known, standard educational organisation. Also your academic abilities and standard have to be above average.
• If you are above the age of 22years when submitting an application for the loan in Canada, you ought to able to clear a credit check.
• For every course, students are entitled to student’s loan for the time period it would ordinarily take to complete the course plus an additional one period.
• Some extra eligibility conditions and requisites might be needed by few provinces. To ascertain your eligibility status, you may ask the provincial or territorial student assistance officer in your territory.
Loans available to the students in Canada
• The students involved in full time educational programmes are given loans free of interest, as the interest is paid by the government during the time the student is studying. Those receiving student’s loan on august 1, 1995 can avail this interest exemption help for 6. 5years. For those doing PhD courses can avail it for 7. 5 years, and for the physically challenged the support is given for 10years.
• Finance is also given to students enrolled in part time courses under the Canadian student loans program, but interest has to be paid by the students while studying and once the course is over and they work full time, the instalments of principal amount and interest is to be paid.
• Allowances are provided to some students, confronting difficulties like disability or poverty, apart from the loan to support them for further studies.
Facilities for payback
A wide range of choices are offered to the students regarding repayment in case of any monetary constraints by the Canadian student loans program. Few are as follows:
• Interest exemption for the time period in which the student is not able to pay that due to low income.
• Reducing the debt at the time of repayment can be planned for students facing financial problem for a long time.
• Revising the terms of the loan is an attribute that gives the students flexibility in managing the repayment of loan according to their present financial position.
• Reducing the loans under the Permanent Disability Benefit helps students suffering poverty as result of permanent disability.

   

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