Student Loan Ontario – Robertson College > Blog > Study at Robertson > How to Get Student Loans in Canada A complete guide
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Student Loan Ontario
To get a student loan in Canada, complete the application for your territory or province and submit it by the deadline. The government will approve or deny your request based on your financial status and student status.
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With the average cost of a post-secondary education ranging from $2,500 to $11,400 per year, it’s no secret that further education is expensive. However, these costs shouldn’t stop you from changing your career and getting the role you want the most.
There are a number of student loan options in Canada that can be crucial to your education, with different options for both full-time and part-time students.
But how do you know if you qualify and how do you apply? In this guide, we’ll explain how to understand student loans in Canada and eligibility criteria, outline the application process, and answer common questions about the loan process.
Student loans are loans that students can use to pay for tuition, study materials and living expenses, depending on your province. As the cost of post-secondary education has risen in Canada, so has the amount of student loan debt. Although university students in Canada are taking out loans at the same rate as 20 years ago, the number of students with significant debt upon graduation has doubled.
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Here are some of the latest Statistics Canada annual reports on student loans in Canada and the Canada Student Financial Aid Program:
Student loans are very common in Canada and as a result there are many resources to help with the process. Follow along as we break down the criteria and how to use it.
Once you’ve decided if you’re eligible for student loans in Canada, you can begin the application process. To start the application, follow these steps:
The student application process is different for each state and territory, so you should first check that you have followed the steps for your region. Check out the following resources for student support specific to your region or province:
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In both Ontario and Saskatchewan, student aid accounts for 60% of tuition, with students making up the remaining 40%.
Once you know how the application process works in your region or province, you can complete the application.
The amount you receive will be determined during the application process and you will know how much you will receive when your application is assessed and returned to you.
Deadlines and processing times may vary depending on where you apply, so make sure you are aware of submission times.
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In most cases, you should submit your application at least six weeks before the start of the program. For most territories and counties, the cycle opens in May and continues through September.
It is recommended that you apply early in the cycle to ensure you have enough time to process your application.
Once your application is processed, you will know if your loan has been approved or not. The evaluation will arrive by mail or email, depending on your district or state’s application process. When you get this estimate, you’ll know information about your loan, such as whether you’ve been approved and how much you’ve borrowed.
Don’t worry about what it means to increase your loan term limit in Canada. We explain what credit limits are later in this guide.
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The average student loan in Canada is $28,000. The amount of funding you can receive depends on many factors, including income, location and program.
Canada sets a lifetime cap on student aid, which is measured by the number of weeks you receive student aid. The life expectancy of most students is 340 weeks. However, doctoral students can receive up to 400 weeks of support and students with disabilities can receive up to 520 weeks of support.
Resources or subjects for which the student does not need additional support are excluded from allowable costs. The difference is the dollar amount the student needs.
To get a better estimate of how much you will receive in student loans, consult our student aid calculator.
Ontario Loans And Grants
There are three main types of student loans in Canada, each specific to the needs of Canadian students. Both these types of loans are funded by the government, also known as government loans. Loans not funded by the government are called private loans.
School loan programs are loans administered by the federal government. There are two types of public support.
If you’ve outgrown your government loans, another option is to take out private student loans through Student Canada.
These loans allow you to obtain a line of credit for the cost of a second project. Some banks in Canada that offer student lines of credit include:
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You got your loan, congratulations! But what will happen next? You will receive your loan at least one week before the start of the program and you will manage your loan while studying in Canada. We cover everything you need to know about what happens after you get a loan, from servicing to payment options and more.
Credit maintenance is exactly what it sounds like. maintenance of your loan during your plan and repayment period. This means you need to update your credit and payment details such as:
Usually, you don’t have to pay for it until six months after you graduate. It is important to verify your student status with your loan provider each year so that no interest or repayments are made on the loan while you are in school.
The National Student Loan Service Center (NSLSC) will serve as your reference once you receive your loan and help you maintain and update your loan status.
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When your loans are due, you can combine all of your loans into one payment plan called loan consolidation.
When the time comes, you will receive a consolidation agreement from NSLSC with your balance, monthly payments, payment schedule, and interest rates on your loan. You must receive this agreement approximately 45 days before payment begins.
When the loan expires, you enter a repayment cycle, but that doesn’t mean you’ll get your loan back right away. There are several ways to pay off your loan when it’s due, and you can choose the one that’s right for you.
Loan limits for federal loans are displayed by year and term. Credit limits are set in weeks, not dollar amounts. This means that by the time you reach your credit limit, you have been using federal loans for several weeks. This is an important consideration if you are spending more time finishing college or another program.
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The maximum number of weeks for lifetime credits is 340, doctoral students (400 weeks) and students with disabilities (520 weeks).
Your annual credit limit depends on your credit plan. However, if you exceed the annual limit, you can use the overdue period.
Still don’t know how to work as a student in Canada? Some common questions and answers about student loans in Canada. If you can’t find the answer to your question below, please contact our admissions team for more information.
You are eligible for a student loan in Canada if you meet the following requirements:
How To Get Student Loans In Canada
For government-funded student loans in Canada, the amount you’re offered for your loan depends on factors like where you live, your dependents, family income, cost of living, and more. A federal student aid estimator can give you an estimate of the loan amount you can expect to receive.
In 2024, the federal government increased student grants from $3,000 to $4,200 per year for full-time students. Canada’s interest-free student loans have also increased, from $210 to $300 per week.
Each province or territory in Canada has its own student loan application process. Select your region from the list below to find out how to apply for a loan:
You should submit your student loan application as soon as possible. The application cycle for most areas and territories begins in May and ends in September.
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You should submit your application earlier in the cycle so that your application can be processed before your program begins.
If someone is paying off your student loans, you can add their bank details through the online portal. The payer can then make an additional payment through your account.
You can also give someone else a power of attorney, which means they can manage your student loans on your behalf.
Student loans are granted interest-free for six months