Student Loan Options

Getting a university education is more expensive than buying a luxury car every year for four years. Almost no one can afford that kind of expense, especially since most people going on to university are only just out of high school and have never had a job. Therefore it falls to the parents to make enough selling Sutton Realestate to finance their children's university educations. If they can't afford it, the student will have to bank on his or her future earnings as a university grad by taking out a student loan. Here are some of the options.

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Federal

The federal government sets aside a large amount of money each year to help finance the education of its citizens. Any student studying full time or part time in Canada who can demonstrate that they or their parents don't make enough working at the Keswick Dental Centre to pay for their education can qualify for a loan. Interest rates are prime plus 5% for fixed loans and prime plus 2.5% for variable ones, and you do not need to start repaying until you graduate.

Provincial

Most federal student loans do not grant enough money for students to pay for their tuition as well as their rent on rooms in Annex houses, food, and other necessities. Therefore the individual provinces and territories also have their own loan programs. Provincial loans are separate from federal ones, but can be applied for on the same application. When you start repayment, you will have to do so to two different sources. Generally you would not get a provincial loan without also getting a federal one.

Bank Loan

Unfortunately, not everyone who needs a loan will qualify for one from the government. There is a large grey area between actually making enough to pay for a child's education and the government's maximum parental income requirement. Some parents may be forced to go to Refinancing Mississauga for a mortgage adjustment that will free up cash for tuition. Other students may choose to get a loan or line of credit from their bank for their schooling, but these generally have higher interest rates than government loans.

Foreign

Foreign students do not qualify for student loans in Canada. Therefore if you're a foreign student and you need money to rent new condos in Toronto and pay your tuition, you will have to look for loan options in your home country. However, most countries will only grant loans to students studying locally, as educations abroad are much more expensive.





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Canadian Education


Sunday, April 20, 2014
Asha R. & Kamal K. Chhabra,
Real Estate Agents
2691 Credit Valley Road
Mississauga, ON, L5M 7A1
(416) 566-6872
Steve Kerlovich - CBRE Commercial Real Estate Broker
87 Skyway Avenue #100
Toronto, ON, M9W 6R3
(416) 798-6237