A loan is a type of debt. Like all debts, a loan entails the redistribution of financial assets over time, between the lender and the borrower. The borrower initially receives an amount of money from the lender, which they pay back. This service is generally provided at a cost, referred to as ‘interest’.

Student Loans are ‘loans’ that are offered to students to assist in the payment of their costs of professional education. Luckily, these loans carry lower interest rates than other loans and are issued by the government.

For example; Canadian students are normally eligible for loans provided by the federal government, in addition to loans they receive by their province of residence. The loans are generally interest free, until one graduates and are sometimes supplemented with grants, depending on need.

Students that are looking to get a student loan must apply for the Canadian and provincial loans through their province of residence. The rule for what determines your ‘province of residence’ varies, but generally the territory or province of residence is defined as ‘where you have lived most recently for at least 12 consecutive months, not including any time you spent as a full-time student at a post-secondary institution’. Basically this means, the province of residence is normally the province you lived before you were a student.

“The Canada Student Loans (CSL) provides for a maximum of $165 per week of full-time study, and more money from their province of residence. All Canadian students may also be eligible for the Canada Millennium Scholarship Foundation Bursary (CMS Grant), and other grants provided by their province of residence.

StudentLoansCanada.net is a site that has built to help students just like you find free information on Student Loans. If you have no idea where to begin and are looking at getting a loan for your schooling our site can give you the knowledge and tools you need to make the right choice.

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