Analysis of student loan system

The Canadian government encourages higher education, and the federal and provincial governments provide interest-free loans to students who want to attend universities and colleges, regardless of their age and marital status. During students' study, the federal and provincial governments pay interest on student loans. Six months after graduation, students began to repay the borrowed government grants in installments according to the then bank interest rate.

I. Conditions for enjoying interest-free student loans:

Canadian citizens or immigrants with work cards.

Prove financial difficulties

Need a loan to finish school.

Study full-time in a government-recognized university or college, or take at least 60% full-time university courses.

During the study period, the grades should not be lower than the average level.

There is no record of defaulting on student loans.

Applicants need to fill in the form and accept the approval of relevant government departments before they can apply for interest-free loans for students at designated banks.

2. How long can the student loan last? How much is the amount?

The time for student loans is generally based on the time required for students to study their major, plus one year. For example, for majors that can be completed in four years, student loans can reach five years. However, everyone should not enjoy interest-free student loans for more than 340 weeks, about 6 .5 years. Moreover, not every student can get a loan for such a long time, depending on individual majors and other specific circumstances.

As for the loan amount, it is generally calculated according to the personal economic situation and the basic living standard stipulated by the government. It is determined by the government audit department and varies from student to student, but the cumulative total amount of each student shall not exceed 35,000 Canadian dollars.

Basic living standard of student loans in BC Province: weekly living expenses.

204 dollars for single students who don't live in their parents' home.

A single student living in his parents' home is $88.

Married student couple $4 13

Children of students 100 USD

Government Relief and Repayment of Student Loans In order to encourage students to complete their college studies, the Canadian government gives students different amounts of relief and repayment of student loans according to their economic situation and academic performance when they graduate. Students need to fill out the form and apply for exemption from the government before graduation.

For more loans for studying abroad, please click on the relevant links.

Requirements for applying for a loan for studying abroad

Basic loan requirements:

1. If the borrower is an overseas student, he should have a permanent residence or other valid residence status at the lender's place before studying abroad.

2. If the borrower is an immediate family member or spouse of a student studying abroad, he should have a permanent residence or other valid residence status within the jurisdiction of the lender, have a fixed residence, have a stable occupation and income source, have the ability to repay the principal and interest of the loan in full and on time, and have a good credit record.

3. The borrower shall hold an admission notice or other valid admission certificate issued by the school where the student intends to study abroad.

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