Introduction:
Student loans can be a helpful tool to finance your education, but understanding how they work is essential. This guide breaks down everything you need to know.
Headings & Content:
1. Types of Student Loans
- Federal loans: Offered by the Canadian government
- Provincial loans: Specific to each province
- Private loans: Offered by banks or financial institutions
2. Applying for a Student Loan
You will need proof of enrollment, financial documents, and identification. Each type of loan has its own application process.
3. Repayment Options
Canada offers flexible repayment plans, including income-based repayment for low-income graduates.
4. Tips to Avoid Debt Stress
- Borrow only what you need
- Keep track of interest rates
- Consider part-time work or scholarships to reduce reliance on loans