Finding the right funding for your education can be difficult. Have you ever considered student loans? Most people don’t realize the benefits of student loans and often have misconceptions about them. Some common thoughts prospective students have showing they are averse to student loans include:
Living in Canada, people have the benefit of gaining financial support from the government to obtain their educational goals. This financial support assists hundreds of thousands of Canadians to go to school and gain a more valuable education for themselves, which will allow them to gain greater employment. This is a privilege that many people do not have access to and there is the importance of paying the loans back. Without government financial assistance, many people would not be able to obtain a post-secondary education. Student loans don’t have to add more debt to your life; there are actually many financial advantages to obtaining student loans for your studies.
1. With one application to the Provincial Government, student aid will assess you for both Provincial and Federal loans and grants.
2. While you’re in school, Student loans will not charge interest.
3. Your student loan application will also be assessed for grant eligibility. Did you receive a grant? Awesome! You won’t have to repay those.
4. You don’t have to make payments for 6 months after you graduate.
5. Interest on your government-sponsored student loan is tax-deductible.
6. You can adjust your payment terms at any time. You’re in control of how much you can pay back and how often you can make those payments.
7. There’s no need to worry if you believe you’ll struggle to make payments on your loan. Based on your income and family size, you could qualify for the Repayment Assistance Plan, meaning your payments could get reduced or even waived completely.
8. Student aid is a great way to boost your credit score. In fact, they can actually benefit you! You really shouldn’t be scared of student loans.
If you’re considering student aid, complete our enrollment before you submit your student loan application. There’s no financial obligation to completing the enrollment, but student loan funders require a completed enrollment before they assess your application. This is to ensure that you have been accepted into your program of choice.
When it comes to obtaining student loans, we want you to be as educated as possible about what your responsibilities are, and we want to provide you as many tips as we can for a successful repayment! You can also check out this helpful webinar from the National Student Loan Service Centre (NSLSC).
Have any more questions? Don’t be scared of student loans, and feel free to reach out to us. We’re here to advocate for your success!
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