The good thing is that these interest rates are significantly lower than those of a line of credit or credit card. However, with student loans from your province/territory, interest may accrue immediately upon finishing your final term. Your province or territory may grant you a student loan, depending on where you’re going to school and where you live (generally, you must live in the province/territory for 12 months before you can apply).
Currently, it is part of a proposal by the Department of Finance. You may have heard that you won’t have to pay interest on your student loans for the 2020-21 academic year, but that has yet to be confirmed.
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After the grace period is over, you are responsible for repaying the total amount you borrowed, plus interest. With the effects of the recent pandemic on the economy, the federal government offers additional financial support to students, increasing the limit to $350 for the 2020/2021 academic year.Ī student loan from the CSLP is publicly-funded money, which you don’t have to start paying back until six months after you graduate or leave your studies, and interest won’t accumulate. For a better idea of how much student aid you may be eligible for, check out the Student Financial Assistance Estimator.įor full-time university or college students, CSLP provides approximately 60% of assessed financial need through federal loans. The amount of funding given to help pay for expenses such as tuition, school supplies and living expenses is determined by numerous factors such as family income, tuition, program length and whether you’re enrolled full- or part-time, and school-related expenses, as noted above. The Government of Canada’s Canada Student Loans Program (CSLP) provides financial assistance to students on the basis of financial need. However, the federal and the provincial/territorial governments offer financial aid to both part-time and full-time university and college students in Canada. To help students financially during the pandemic, the federal government created the Canada Student Benefit but at $1,250 to $2,000 a month between May and August, it won’t fully pay for the above school expenses. What financial aid is available for students in Canada? Here are more tips on saving money for university and college students in Canada. Students who live at home while going to school can save a good chunk of money, saving about half the amount, spending $9,300 a year on average. Here’s a breakdown of the remaining factors that contribute to the average annual cost of post-secondary education in Canada, based on the answers of 23,348 students surveyed for the Maclean’s study: And college tuition rates aren’t far behind, depending on what you study.īeyond tuition fees, which make up 34% ($6,630) of the average annual cost above, there are a handful of additional expenses to consider during your time in college or university. A study conducted by Maclean’s in 2018 found that a university education in Canada costs $19,498 per year on average. Remember, you have nothing to lose from applying! How much does college or university school really cost in Canada?Īs you probably already know, going to college or university is a big investment.
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If you’re overwhelmed by the thought of student debt, this student financial aid guide can help you understand your options, how the programs work, and how to apply and qualify for them, too. And with the loss of a summer or part-time job, paying for school becomes even more stressful. These numbers can be unsettling to hear as a student, or as a parent. According to an eight-year study by independent personal insolvency firm Hoyes, Michalos & Associates Inc., approximately 22,000 ex-students filed for bankruptcy in 2018 to address their student debt. A 2018 Canadian University Survey Consortium survey of graduating students shows that, of the 50% of students finishing school with debt, the average amount owed is about $28,000.
School is expensive-even without a pandemic. A 2020 poll by conducted by CIBC showed that about 7 out of 10 students admitted their income has been affected by the COVID-19 situation. Add on the economy-pausing pandemic, and it’s easy to understand why students are looking for financial help for school. Rising tuition fees and expenses of going to college or university have become increasingly large burdens to bear for students-many of whom are already dealing with pressures from the cost of living on their own for the first time. Photo by LinkedIn Sales Navigator from Pexelsįinancial aid is rarely an after-thought, but student debt is often a bigger problem than most university and college students in Canada anticipate.
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