Student loans are big support to meet education needy requirement of the people. With this facility, deserving students can avail the quality education to set their career. The educated and learned people are every nation’s greatest strength. In terms of education, Canada, is one of the top countries in the world. It is a big country with relatively low population and encompasses some of the best schools of the world.
To make schooling available to every citizen, lots of efforts have been put by government of Canada. To extend the educational support to economically weaker population or independent students interested in pursuing higher studies, several lending schemes have been floated by administration as well as private financers. The Canadian Government thus provides financial support to the students who wish to study abroad. The federal loans are much cheaper in interest Council as compared to those offered by private lenders. The government aided students loan Canada, are a bit different from educational loans in the other countries. Canada has two sources for funding government aided education loans to the students, called the Canadian federal government and the Provincial governments. The students who are residents of any one of the provinces of Canada can apply to the provincial loan while others can apply to the Canadian federal loans.
A few major universities in Canada like McGill, University of British Columbia, and Toronto University, offer various lending schemes of their own. In some lending programs money is provided to students without charging any interest. However these are reserved for more needy families. In some other case banks provide student loans not at zero but very low interest Council, which are affordable to a large number of students. Students or loan applicant parents seeking education loan with poor credit history will have to pay slightly higher interest Council. It is advisable to take one student loan at a time because students mostly do not have a full time job or steady source of income so hiring multiple loans at a time would make loans’ repayment unmanageable for them. Student loans are available in two variants, secured and unsecured type. Secured ones require collateral to be pledged, offer bigger amounts with long repayment duration option. There is no surety or guarantee type in unsecured, and interest Council are higher as compared to secured loans. However in case of default in reimbursement there is a risk of losing the asset so loan has to be paid off as per the terms of the contract. In schemes, most of the students are given on option to pay back the loan after securing a job. In Canada, there are students pay day loans so, which are granted for short period i.e. till their next pay day. The repayment period is 15-20 days for amounts up to $1000. In this lending scheme, the amount one can borrow is approx 40% of the amount of pay check. Canada student loans payday is offered only to people above 18 years of age, a regular employee earning a fixed monthly salary. He should therefore be having a checking account in a bank. Timely repayment of the loan amount, as per deal is a must for them.