| Student loans in Canada are provided by a joint | | | | apply through the same offices but will be considered |
| Federal and Provincial program with the amount of | | | | for both Federal and Provincial support (depending |
| and eligibility for a loan different between the | | | | upon the province in question) though this would |
| Provinces and so depends upon the Province you are | | | | have to repay both the loans. The difference |
| a resident of (your Province or territory of residence | | | | between the Provinces and Territories is prevalent |
| is decided by where you have lived for the last 12 | | | | here as these provinces: Alberta, British Columbia, |
| months consecutively whilst NOT a student). You | | | | Manitoba, New Brunswick, Newfoundland and |
| may, however, attend any educational establishment | | | | Labrador, Nova Scotia, Prince Edward Island and the |
| in the country provided both the establishment and | | | | Yukon all would entail paying the loans back |
| the program of your choice are listed by the | | | | separately. If you are from Ontario or Saskatchewan |
| assistance office in your province. | | | | then you would make one payment back to the |
| There are several different types of funding for post | | | | NSLSC which would cover the total amount |
| secondary education that include grants and bursaries | | | | borrowed from both the federal and provincial |
| (which you wouldn't have to pay back) but there are | | | | programs. |
| 2 main types of student loan - the Federal and | | | | The course you wish to enroll on must be listed on |
| Provincial programs. Whichever type of loan you wish | | | | the Master List of Designated educational Institutions |
| to apply for it all has to be started off by applying to | | | | - it is strongly advised that you ensure the |
| the Provincial/Territorial Assistance office for the | | | | establishment you wish to attend is recognized by |
| Province you are officially a resident of. | | | | your provincial provider and the course choices meet |
| The main attraction of a student loan is that although | | | | the necessary requirements before you commit to it. |
| they are REAL loans that do have to be repaid, they | | | | This also applies if you wish to attend an overseas |
| are interest free while you remain enrolled in an | | | | establishment. |
| eligible education program. Once you graduate/leave | | | | Your personal financial status will determine the |
| education the repayment terms are set (normally low | | | | amount of assistance you will be offered with the |
| interest and you agree the repayment term) and you | | | | Federal loan system covering up to 60% of the total |
| begin to pay them back. Banks and other lending | | | | you are assessed as needing and the provincial |
| establishments are no longer involved in offering new | | | | system contributing up to the remaining 40%. Your |
| loans as all funding is provided by the federal or | | | | "needs" are assessed by the provincial office when |
| provincial governments. | | | | you apply as they handle the initial application and will |
| Quebec, Northwest Territories and Nunavut are NOT | | | | forward you the loan documents. Once the Provincial |
| involved in the Canada Student Loans program and | | | | or territorial Student Assistance office has received |
| have their own systems. If you are a resident of one | | | | and processed your application, it will establish the |
| of these 3 provinces or Territories then you need to | | | | amount of loan you are entitled to apply for and |
| contact the particular office for that Province. | | | | carry out credit checks. Once approved, your Canada |
| To start the ball rolling with the application for a loan | | | | Student Loan will be administered by the National |
| there are several processes that you should consider. | | | | Student Loans Service Centre (NSLSC) through to its |
| Your eligibility is the most important - both you (the | | | | termination (full repayment). |
| applicant) and the course you wish to undertake | | | | This agency is responsible for all loans supplied since |
| must meet the criteria laid down. | | | | 1st August 2000 and has two distinct sections. The |
| The applicant: The main factor of eligibility is whether | | | | Public Institutions Division (looking after anyone |
| you are intending to be a full or part time student. If | | | | attending a course at a Public facility such as a |
| you are a part time student (20 - 59% of full course | | | | University or Community college) and the Private |
| load) you may only apply for federal assistance | | | | Institutions Division (for those who are receiving |
| though you would apply through the provincial | | | | instruction at a privately funded facility like a technical |
| territorial assistance office. | | | | college or trade school). |
| A full time student (60% + of a full course load) may | | | | |