People say that the higher you go, the cooler it gets, but that is not what we see as we grow. It applies to practically everything in life, including schooling, that is, the higher you go, the more difficult it becomes. As you progress through the post secondary levels, they grow more difficult. You must pay for housing, food, books, and a variety of other expenses in addition to your tuition. Some people only have themselves to rely on at some point, and things never seem to get better with time. It’s bill after bill and payment after payment, all while maintaining your grades.
School funding is one of the most difficult hurdles facing a huge population, but the good news is that both the government and the private sector are working hard to ease the burden by providing loans.
Grants and loans from the government
Government student loans have a fixed or variable interest rate and begin accruing interest as soon as you graduate. Grants are government monies that you do not have to repay.
Repayment after graduation
There is a 6-month non-repayment period after graduation. During this time, no interest is charged on your loan. After this time has passed, you must begin making payments on your Canada Student Loan. For details on interest charges on that portion of your loan, contact your province or territory. The six-month grace period begins when you:
- complete your final academic term
- Reduce your studies from full-time to part-time, or drop out of school.
You will receive a packet describing your payment terms and repayment alternatives within six months of graduating from high school. Payments made in the first six months after graduation will be applied to the loan’s principal. During this time, you will not be charged interest. You will not pay any interest if you pay off your debt.
Private loans and credit lines.
Banks, credit unions, and online lenders can all provide these. Interest is usually (but not always) higher than on a government loan, and it begins accruing as soon as you withdraw funds. Depending on the lender, you may be required to begin making payments on your loan as soon as it is given or after a grace period following the completion of your studies.
For both government and private loans, there are the basic eligibility criteria that have to be met. To qualify for an education loan in Canada, students must meet certain demands and standards. Among them are:
- For a full-time program, you must have an acceptance letter from a recognized Canadian institution.
- You must be at least 18 years old to participate. If the candidate is under the age of 18, the parents must apply for an education loan in Canada.
- A strong academic record is not required, but it will greatly assist you in obtaining a study loan in Canada.
- You must apply for a course that is either job-oriented or has high career prospects.
- To obtain a secured loan in Canada, you must be able to pledge some form of collateral security.
The applicable terms and conditions vary from firm to company, as does the application process. However, in general, government loans and grants should be your first consideration, with commercial loans being explored only if there are no other options. This should not deter you from taking out a private loan with us since you will never be sorry. Cashin24’s services are quick, simple, and available online, so you’re only a click away from a smile. Our professionals will guide you through the entire process from start to finish, ensuring that you have the most incredible experience possible.