Tips to Secure a Student Loan in Canada

By | August 22, 2020

The Canada student loan program offered by the government is a great way to acquire a Canadian degree certificate without putting much strain on yourself financially. A person who is not from Canada may wonder what’s the point of studying in the North American country when it’s obvious the fact that the cost of education here isn’t that pocket-friendly. Well, before I show you how to succeed in obtaining a student loan in Canada, here is why the country remains the number one academic destination for many international students;




Canada is one of the few countries in the world with the best higher education systems. What’s more, the academic certificates acquired from high learning institutions in this North American country are highly valued almost anywhere in the world. That explains why Canada’s universities, colleges, and even vocational institutions are in high demand!




How to Get Success with the Loan for Student in Canada Program




Please note that this section is relevant to both Canadian candidates and international candidates. To have success with the student loan for Canada program, the first thing you must do is to find out whether you qualify or not. Remember that being a Canadia citizen does not automatically qualify you. Similarly, being a Non-Canadian citizen does not automatically disqualify you.




Basic Student Loan Eligibility




    • You must be a citizen or permanent resident of Canada or a legally protected individual.




    • You must be a resident of a territory or province that takes part in the student loan in Canada program offered by the government.




    • You must demonstrate financial need.




    • You must be enrolled in a certificate, diploma, or degree program with a duration of at least 12 weeks.




    • 22 years old and above loan applicants who are applying for the first time must pass a credit check.




    • You must not have surpassed the maximum lifetime limit of financial aid already.




If you confirm that you meet the basic loan eligibility requirements above, just go to the Canada Student loans and grants website and submit your application. If unfortunately, you don’t meet all of them, don’t despair just yet as there are many other ways in which you can receive financial aid to study in Canada. For example, there are many charitable and not-for-profit organizations in Canada and around the world any of which can give you a loan. Here is how to pursue them and receive a study loan(s) for Canada;




    • Input a simple search term like “loan for student in Canada” on your search engine and press “ENTER.”




    • Check out the top ten results and pick at least five organizations(whose eligibility requirements you meet) with the intention of pitching to each. N/B: It would be best to read reviews and see what other applicants like you had to say about each organization first before you start pitching.




    • After that, write to each organization, explaining why you deserve a student loan and the impact that getting financial aid to study and earn a certificate, diploma, or degree in Canada will make on your life and that of the people around you. N/B: Try to be as convincing as possible to increase your chances of being granted a loan(s). It’s always a good idea to enlist the services of an expert just to make sure that you do the right thing that will attract success.




Besides pitching to charitable organizations, you may also explore numerous crowdfunding opportunities offered by individual donors and well-wishers out there. There are many platforms you can use for that with being one of the best. N/B: While setting many student crowdfunding accounts online increases your chances of success, don’t overdo it or less you might become less credible. After all, some donors are present in multiple crowdfunding websites who may misinterpret the fact that you are on more than one crowdfunding platform.




Final Thoughts




Canada has an education system that is admired all around the globe. Unfortunately, the cost of acquiring a post-secondary education certificate here can be too high for many students, including citizens and foreigners. The good news is that the government and some private organizations alongside individuals offer financial aid to help deserving students who cannot afford it. Use the above tips to secure a student loan in Canada.




By Errole

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