Guide On Application For Student Loan Online In Canada
Higher education is getting really expensive in Canada with each passing year. On an average, a student has to around CA$6,838 a year for undergraduate degree as well as CA$7,086 a year for graduate degree. The cost is undoubtedly more for students migrating to Canada. But the good part, you will find several loan and funding options to help students here. One of them is Registered Education Savings Plan by Heritage Education Funds. It’s a special kind of savings account that enable parents to save money for the higher education for their children. To know more about it, you may follow http://www.cbj.ca/heritage_education_funds/.
Are you too planning to a student loan in Canada for yourself or your kid? Well, the post below offers a brief on applying for student loan online.
Before getting into discussion, it’s to note here that the application process may differ slightly from one loan/fund to another. But there is an average pattern that applies to most of the loans. Below is a discussion that describes online student loan application for your convenience
Check eligibility criteria
To successfully apply for student loan in Canada, you must fulfill these requirements:
- The candidate (student) should be a citizen of Canada
- The candidate must possess valid Canadian SSN
- Your full-time study course must be primary occupation, if you are a full-time student
- Your chosen course and chosen institution should be acknowledged by your loan program
- You must produce proof of financial need
Find out eligible loan amount
You may receive $510 a week if you are a parent with dependent children. If you don’t have kids, you will be eligible for up till $320 a week. Make sure your loan amount is able to cover your:
- Tuition fee
- Traveling expenses
- Educational resources
- Hostel fee (if you are staying hostel)
- Laboratory fee
Register with the loan/fund program website
Go to the official website of your chosen loan/fund program. Create your account and register with the website. The website will direct you to the application. You will simply need to fill it up and apply for the loan/fund. The application will be thoroughly assessed. After assessment you will get a notification stating how much funding you are actually eligible for.
Below is a brief on the documents you may need while applying for the loan online.
- Letter of Admission from your chosen university as admission proof
- Your previous academic documents like mark sheets and certificates
- Passport size photos
- Residential proof
- Bank account statements of past 1 year
It’s to note here that there are several avenues of securing student loan or funding to continue higher education in Canada. So, if you don’t get approved in one program, don’t be disheartened. You will always have other options to count. Make sure to go for a program that assures a reasonable interest rate. Try to maintain a strong credit rating. However, there is no problem if you are down with poor credit rating. You will find some grants and loans that are offered to students even when they can’t show good credit rating. But, the interest would be high in these cases.