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The most important form of financial aid for post-secondary education in Canada comes in the form of Canada student loans. The programs are designed for permanent residents, citizens and protected persons. Full-time students can receive interest-free loans for the complete period of their studies. Canada student loans are also provided to students with permanent disabilities or to those that follow doctoral programs. Calculating the length of the studies and the maximum loan amount in comparison is very important in order to fully understand the extent of the program to which you can get access. Take the following example to understand how things stand.

For instance, most Canada student loans cover a maximum of 400 weeks for graduate degree programs. Yet, if we think that some people will need a BA, an MA and a PhD, the number of the academic years will be around 11. This means that many graduate students will discover that they no longer meet the criteria of eligibility for student loans. When the graduate exceeds the 400 week timeframe, he/she is expected to repay the loan and the interest accumulated during the period of full-time studies.

With Canada student loans, repayment starts the moment they are no longer students. A solution may be the use of grants and scholarships as a supplementation for the loans, but you need to know where to look for such benefits. Carefully determine your needs before you apply for the loan. One single student is limited to a certain debt extent. Thus, normally, Canada government student loans cover around $210 per week in the case of full-time studies. The sum does not exceed $4,000 for part time studies. Further financial aid is available in each province depending on what grants are available.

Canada student loans have fixed interest rates or floating interest rates. Financial difficulties can be encountered during the repayment period, but there are also various options meant to assist students go through the repayment more easily. If you are currently unemployed or you have a low income, you can apply for an interest relief. The interest relief is granted for a period ranging between 6 and 30 months. Debt reduction is also possible, meaning that the family’s monthly rate-plus-interest can be adjusted so as not to be higher than the debtor’s capacity to pay.