Student Loans

Here is an article more about information giving on student loans, than about debt restructuring, but everyone knows that student loans lead to mass amounts of debt.

In Canada, student loans are granted to students pursuing postsecondary degrees as to help them finance their education. The Canada Student Loan Program is funded by the federal government while the provinces may run and finance their own programs parallel with the government program. The Canadian banks also feature commercial loans that are intended for students enrolled in professional programs.

The government offers two types of financing that are specially tailored to the needs of the student population: grants that are not to be paid pack and student loans. Under the CSLP, loans are extended to part- and full-time postsecondary students who study in most territories and provinces in the country and demonstrate financial need. To qualify, one must be a Canadian citizen or permanent resident living in Canada for more than a year.

The Canadian government provides a maxim of $210 in loans per study week or 60 percent of the student’s assessed need. The remaining amount could come in the form of territorial or provincial loan. Nine territories and provinces work in partnership with the program, determining eligibility and assessing financial need, based on criteria provided by the federal government. Although Nunavut, the Northwest Territories, and Quebec do not participate in the program, they have developed their own Student Assistance Programs, and the Canadian Government provides alternative payments toward the latter.

Part-time students also benefit from the funding provided through CSLP, but provincial loans are not extended to them. In addition, they have to make interest payments while pursuing their degree and start paying off the interest and principal when they cease to be enrolled as past-time students. Students who face special difficulties in accessing postsecondary level education may apply for grants. Persons who come from low-income families or have permanent disabilities qualify for grants.

Provincial student loans are available through one’s province of residence which is typically defined as where one’s whereabouts have been for 12 or more consecutive months, excluding the time spent as a full-time student enrolled in a postsecondary establishment. Typically, one’s province of residence is defined as the province where the student lived before the onset of his or her postsecondary studies.

The student loans extended through provincial programs normally suffice to provide students with funding that covers their assessed need’s balance. Part-time loans are in the sum of up to $4000, and the debt of students cannot exceed this amount at any time. In addition, students may also qualify for grants extended by the Canada Millennium Scholarship Foundation Bursary, as well as for other grants offered by their provinces of residence.

The majority of Canadian charter banks offer funding to students enrolled in professional programs, and these are typically extended as a line of credit going with lower interest rate. On top of it, students may also qualify for interest-free loans provided by the government as private student loans do not count against the grants and loans extended by the federal government.


Please feel free to call or email us at info@integrabenefits.ca for more information on how to tackle your student loan debt.  There is a certain amount of time that has to pass before any debt consolidation can be considered.  Our phone number is (403) 331-4567.  Happy reading!