Student Loan Information
Many students need a student loan for post secondary education. Plan ahead, find out how much you can save and how much extra you need. Then make a plan to pay it back.
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Post Secondary Education costs money. If you plan early enough you can prepare better and borrow less money.
Find out
how much money
you will need
Find money, preferrable money that does not have to be paid back
Where do you find the money for your education?When exploring funding options, you should be able to find money that you won’t have to pay back after you graduate. Options for free money include: - Savings
A Registered Education Savings Plan is a special savings plan in which money grows tax-free until it is withdrawn for a post-secondary education. - Gifts
Grandparents, and even aunts and uncles, may want to help out with your education through cash gifts at Christmas, birthdays or on other special occasions, or by contributing to an education investment plan.- Student contributions
Many students are expected to contribute to their education by finding a summer or part-time job.- Loyalty Programs
Many companies will contribute to a student’s RESP if you buy their products. This is managed through RESP loyalty programs such as Kids Futures. - Grants
If you are eligible, there are government grants that can help offset some debts while you are in school. - Bursaries
Investigate if this might be an option for you. -
Scholarships
CanLearn offers a comprehensive list of student scholarships through the Scholarship Search
Once the above options have been exhausted, you may have to take a student loan to make up the financial shortfall. Student loan options for money you have to pay back include: -
Government Student Loans
Government financial assistance is available for eligible students through provincial, territorial and federal governments. - Bank Student loans
You should be aware that these are not federal or provincial government-approved loans, but rather, regular loans with the word "student" attached. Interest rates may be higher than on the government-approved loans.- Other loans
If you are a dependant of military personnel you may be eligible for these loans. The Department of Veterans Affairs has information on other programs for veterans’ families.
Special or Emergency Loan Tips: Ask about what’s available. These loans aren’t widely publicized, so you must ask about them, usually at your campus financial aid office. Some smaller loans even have some flexibility whereby in dire circumstances they turn into grants (i.e., they’re non-repayable). Find out whether similar loans are available and what the conditions are.
In Ontario, federal and provincial student loans are integrated so that you only have to repay one loan, starting 6 months after you have completed your full-time studies.
Foreign Student Financial AssistanceForeign students wishing to study in Canada can find out about what financial assistance is available through the
Canadian and International Scholarship Programs
Canada Millennium Scholarship Foundation
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