Education Loans For Immigrants In Canada
Q: Is it true that immigrants can apply for Student Loans from the Goverment to undertake studies in University or a Professional Institution? What are the conditions that apply and where can I find more info on this?
A: A number of programs are available to help students who need assistance in financing their education. These include scholarships, bursaries, awards and loans. Generally, scholarships are financial rewards given to students for outstanding academic achievement regardless of their financial needs; bursaries are awarded on the basis of financial need; awards generally acknowledge outstanding achievements or contributions to the school or larger community; and government student loans are based on the financial requirements of the student. In some schools, emergency loans may also be available to students in a crisis situation. Students entering a college or university from high school or transferring from another college or university may be eligible for any of the above financial assistance programs. Scholarships are frequently provided by private corporations, unions, churches, religious institutions, service groups and foundations. Some employers offer scholarships or bursaries to children of their employees. Students interested in applying for any of the above should check with the college or university administration to obtain a list of available scholarships and bursaries. You might also want to check at your local library and on the Internet. Dozens and perhaps hundreds of scholarships and bursaries are available every year, and many are not paid out simply because there are no applicants for the funds. Students can check out the qualifications necessary for various scholarships and obtain application forms through the student counseling office or school administration. Some scholarships and loans need to be applied for months before school begins. Most post-secondary institutions have established policies regarding scholarships, awards and bursaries, including eligibility of applicants, how scholarships are awarded and what penalties can be levied for making false statements on the application. Some institutions may also offer a work-study program that provides employment to students while they are attending classes. Youth Link is a publication that lists work, study, scholarships and travel programs for youth funded by the Government of Canada. The purpose of the Canada Student Loan and provincial student loan assistance programs are to assist students who might otherwise not be able to attend school full time because of a lack of resources. Generally, funds are granted only when the student has exhausted other sources of financing, such as parents, employment or other sources, and still have insufficient funds to meet the estimated costs of post-secondary education. Normally, the funds provided under these programs are disbursed through a combination of the Canada Student Loan and the provincial student assistance program. Canada Student Loans generally meet about 60% of the student's need during the study period, with the maximum Canada Student Loan assistance available for full-time students currently set at about $165 for each week of study period. It is assumed that provincial funding and private resources will make up the balance required, to a maximum of about another $100 per week. The exact amount you can borrow will depend on your individual needs, based on such expenses as tuition, school fees, textbooks, supplies, incidentals, local transportation to school and child care expenses during school. Interest on the student loan is paid by the federal or provincial government for as long as the student is registered as a full-time student, and usually for six months after the schooling is complete. Under some circumstances, students may apply to delay paying interest for up to 30 months after leaving school. Usually, however, the student must begin repaying the loan, with interest, after six months of leaving or quitting school. A portion of that interest payment is tax deductible. Generally, interest paid by the government on the student's behalf during four years of education will amount to about $4,000 on a $25,000 student loan. Applications for loans are available from the financial aid offices at most colleges and universities, as well as from the admissions offices. In most instances, student loans are available to Canadian citizens or permanent residents (landed immigrants) enrolled in full-time studies. Students from the United States may be able to apply for funding through the US Department of Education Student Financial Assistance Program available at most post-secondary institutions in Canada. Students who are not Canadian citizens or permanent residents are generally not entitled to Canada student loans although they are generally entitled to scholarships and bursaries. They should arrange for financial assistance in their country of origin before arrival in Canada. Also, foreign students are normally not permitted to work while in Canada. Under special circumstances, part-time students with demonstrated financial need, as well as students with disabilities or dependents may qualify for a small federal study grant or a loan.. .
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