Government Student Loans
The most common form of financial aid for college is the student loan. In Canada, the federal and provincial governments jointly administer student financial assistance through the Canada Student Loans Program (CSLP).
This is a good thing, because without them many would not be able to attend university.
But if a borrower isn't careful, the years after graduation could be burdened by unnecessary debt. Student loans can add up very quickly. And they all have to be paid back.
In addition to various grants and bursaries, CSLP assistance includes: federal student loans (called Canada Student Loans) and provincial student loans (for full-time students, varying by province).
Federal Student Loans
The mission of the CSLP is to offer financial aid as a means of promoting accessibility to post-secondary education for students with a demonstrated financial need.
Part-time students are not eligible for provincial student loans, but they can apply for a federal Canada Student Loan through their provincial or territorial Student Assistance Office. Part-time students repay the loan to the federal government through the National Student Loans Service Centre (NSLSC). The government has assisted over 3.8 million students with over $16 billion in loans since the CSLP was founded in 1964.
For more information about the program, visit www.hrsdc.gc.ca/en/gateways/nav/top_nav/program/cslp.shtml.