Loan Articles

Funding your college education can seem a little overwhelming. There are many options to help you pay for your education. If you already have loans a school loan consolidation may help. You may be eligible for a government student loan. The two sources for these loans are the federal government and the provincial or territorial government. To apply you will need to complete an application in your home province each year. The purpose of these loans is to supplement other financial resources you are using to pay for your education. You will not necessarily be granted a loan but it cannot hurt to apply.

Are you eligible for a Canadian Student Loan? Have you thought about consolidating student loans? Any Canadian citizen or permanent resident of Canada who is an undergraduate or graduate student enrolled in 9 credit hours or more each semester can apply for a government loan. These loans can take at least 4-6 weeks to process. You should apply early for a student loan. If you apply for a loan online, do not forget your password. You may even want to write the password and keep it in a safe place. It is a long process to retrieve a forgotten password. For all OSAP transactions, you will need to present your Social Insurance Card and a valid photo ID. Make sure you have this with you.

If you are an Ontario student, you can use the online application to apply for a loan. There is no application fee and you can apply at osap.gov.on.ca. From the website, you can also print a paper application to complete. Another option is to visit the Financial Aid Office at your school for a paper application. However, you will need to pay a $10 fee if you do so.

Assuming you are approved for a loan there are some things you should know. Your loan will be interest free while you are attending school. However, the loan will start to accrue interest once you are out of school. Your loan will not enter repayment until after six months of the completion date. However, if you would drop below a 60% full course load while attending college, then you will need to start paying on your loan. When you have completed your education, you may be eligible for interest relief or debt reduction assistance.