Whether you’ve recently graduated high school or are looking to advance your career, pursuing a college degree can be rewarding and fulfilling. This educational endeavour provides a platform for acquiring new knowledge and skills, developing critical thinking abilities, and broadening perspectives. It’s also a gateway to better job opportunities, higher salaries, and increased job security.
However, achieving this can be tricky for many learners due to financial limitations. Fortunately, Canadian governments provide student loans and grants to help individuals finance their education. Although this could help you reach your dreams, you must also understand how these programs work before borrowing to make informed financial decisions.
If you’re ready to get your favourite college degree, this article will answer commonly asked questions about government student grants and loans.
Where Can I Find Federal Government Student Grants and Loans?
Most provinces in Canada offer student grants and loans, and one of the three territories also provides this financial assistance.
What Are Canada Student Grants?
Students from low- and middle-income families enrolled in a post-secondary institution for part-time or full-time undergraduate studies, including medical school, can apply for Canada Student Grants.
What Are Canada Student Loans?
Meanwhile, Canada Student Loans are available for full-time study at designated schools and will be interest-free until six months after finishing school. Due to the pandemic, officials didn’t charge interest on this financial assistance until March 31, 2023.
Are There Provincial and Territorial Government Student Grants and Loans?
All Canadian provinces and territories have student financial aid programs; some combine theirs with the federal Canada Student Grants and Loans program. That means that students may receive one loan that covers both government levels or separate loans from each level of government.
How Do They Work for Each Province or Territory?
The Canadian and provincial governments collaborate to offer combined student grants and loans in Ontario, British Columbia, Saskatchewan, New Brunswick, Newfoundland and Labrador. Manitoba, Nova Scotia, Alberta, and Prince Edward Island provide Canada Student Grants, Loans, and provincial student aid.
Yukon only provides Canada Student Grants and Loans and territorial grants. Meanwhile, Nunavut, the Northwest Territories, and Quebec operate student aid programs and do not offer Canada Student Grants and Loans.
How Much Financial Assistance Can I Get?
Government student grants and loans restrict the amount you can receive in a year and over your lifetime. You can determine the amount you’ll get by considering factors like where you live, your family’s income, if you have dependents, the program’s cost, and if you have a disability.
How Can I Apply for It?
Applying for grants and loans varies depending on where you live in Canada. You can apply for federal and provincial aid programs through a single application, or you may need to submit separate applications to each level of government. Online applications are generally available for most programs.
Should I Repay the Canada Student Grant?
Government officials give you student grants based on your financial needs and don’t require repayment. On the other hand, you must repay government student loans.
How and When Should I Repay Borrowed Funds?
You don’t need to repay grants, while student loans are interest-free during studies and have a grace period. Family physicians in remote and underserved areas may be eligible for repayment assistance on their Canada student loans.
Also, some places offer loan repayments assistance programs, like family physicians and residents receiving up to $40,000 in federal repayment assistance. After your studies, you can see your eligibility by checking with your local loan office.
Getting Financial Help from the Governments
You deserve to enter your dream school, even if you are financially struggling. You can pursue a college degree by educating yourself about government student loans and grants, knowing how to apply for monetary assistance, and checking with your local loan office.
If you’re from a low or middle-income family needing student loans and grants in Ontario, let R&L Excel2Success Inc. help! Our initiative assists learners in obtaining a post-secondary education and allows them to receive up to $28,000 in free grants. Speak to our education consultants now!