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Student Loan Canada – Aid to Nation’s Education Mission

By: Derik Smith

The educated and learned people are every nation’s greatest strength. In terms of education, Canada is one of the top countries in the world. It is a big country with relatively low population and encompasses some of the best schools of the world. To make schooling available to every citizen, lots of efforts have been put by government of Canada. To extend the educational support to economically weaker population or independent students interested in pursuing higher studies, several lending schemes have been floated by administration as well as private financers. The Canadian Government also provides financial support to the students who wish to study abroad. The federal loans are much cheaper in interest rates as compared to those offered by private lenders.

The government aided students loan Canada, are a bit different from educational loans in the other countries. Canada has two sources for funding government aided education loans to the students, called the Canadian Federal government and the Provincial governments. The students who are residents of any one of the Provinces of Canada can apply to the provincial loan while, others can apply to the Canadian Federal loans.

A few major universities in Canada like McGill, University of British Columbia and Toronto University, offer various lending schemes of their own. In some lending programs money is provided to students without charging any interest. However these are reserved for more needy families. In some other case banks provide student loans not at zero but very low interest rates, which are affordable to large number of students. Students or loan applicant parents seeking education loan with poor credit history will have to pay slightly higher interest rates. It is advisable to take one student loan at a time because students mostly do not have a full time job or steady source of income so hiring multiple loans at a time would make loans’ repayment unmanageable for them.

Student loans are available in two variants, secured and unsecured types. Secured ones require collateral to be pledged, offer bigger amounts with long repayment duration option. In unsecured type, there is no surety or guarantee and interest rates are higher as compared to secured loans. However in case of default in reimbursement there is a risk of losing the asset so loan has to be paid off as per the terms of the contract.

In most of the schemes, students are given an option to pay back the loan after securing a job. In Canada, there are students pay day loans also, which are granted for short period i.e. till their next pay day. The repayment period is 15-20 days for amounts up to $1000. In this lending scheme, the amount one can borrow is approx 40% of the amount of pay check. Canada student loans payday is offered only to people above 18 years of age, a regular employee earning a fixed monthly salary. He should also be having a checking account in a bank. Timely repayment of loan amount, as per deal is a must for them.

Article Source: http://www.moneyarticlelibrary.com

Derik Smith is writer of No Credit Check Students.For more information about No Credit Check Private Student Loans, Student Loan refinance visit www.nocreditcheckloansforstudent.com/


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