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Post-secondary education represents a major investment, but also a financial challenge. Between tuition, housing and day-to-day expenses, many students turn to student loans to cover their needs. This type of financing offers essential support, but you’ll have to pay it back after your studies. Conditions vary from province to province, so understanding how student loans work in Canada is essential to making informed decisions.
If you can’t afford the tuition fees for your post-secondary education, consider applying for financial assistance from the Government of Canada. This financial aid includes scholarships, bursaries and student loans.
Even if your parents have saved for your post-secondary education through an RESP, taking out a loan through the Canada Student Financial Assistance Program should be your first option. This program works in partnership with the provinces and territories (the process varies depending on your province of residence) to provide financial assistance in the form of scholarships and student loans.
You don’t have to pay back any scholarships you receive. In the case of student loans, you must repay them after your studies are completed. You may be eligible for several types of scholarship.
Canada Student Loans and Bursaries are not available in Quebec, Nunavut and the Northwest Territories, which have their own student aid programs.
The National Student Loans Service Centre (NSLSC) distributes loans under the Canada Student Loans Program. The amount of financial assistance will depend on several factors, such as :
To estimate the amount of financial assistance you could receive, you can use this tool from the Government of Canada. Please note, however, that the tool does not take into account provincial student grants and loans.
To qualify for CSNPE student grants and loans, you must meet the following conditions:
You must also be registered as a full-time or part-time student, defined as follows:
Quebec, Nunavut and the Northwest Territories operate their own student loan programs. You should therefore contact their respective provincial or territorial offices to find out more about their terms and conditions.
There are several student grants available for which you can apply, including :
Please note, however, that your eligibility for these grants will be assessed. In addition, there are lifetime maximums for student aid, determined in number of weeks.
To apply for federal and provincial student financial assistance programs, you only need to complete one application. All you need to do is submit an application for a bursary or student loan on the student financial assistance website for your province or territory of residence.
For some provinces and territories, you may be eligible for both federal and provincial grants and student loans. For others, it’s only federal grants and loans. Finally, in the case of provinces and territories that manage their own student loan programs, only provincial grants and student loans are involved. For example, Quebec’s Student Financial Assistance.
In short, consult the list of provincial and territorial student aid offices on the Government of Canada website for more information.
Once you’ve submitted your application, your provincial or territorial student assistance service will contact you to explain the next steps.
Once you’ve completed your studies, you must start repaying your student loan. However, you are entitled to a 6-month non-repayment period, which generally begins after your last term of study or when you leave or are absent from school. Thereafter, you will receive a payment review with repayment conditions and options.
Be aware that you may be able to delay repayment of your student loan if you are still a full-time student, or if you need to take a break from your studies for health reasons. There are other exceptions.
If you are experiencing financial difficulties and are unable to repay your student loan, the Government of Canada can help you through these programs:
Depending on your income, you may be entitled to a reduction or cancellation of your payments. To find out more, consult the CSNPE Refund Assistance Program.
Finally, new relief for certain professionals in rural areas has been added starting in 2025. Specifically, student loan repayments may be waived for health and social service professionals working in rural or remote communities. To find out more about this program, consult this press release from the Government of Canada.
As mentioned earlier, your student loan starts accruing interest after you graduate. What’s more, you’re entitled to a grace period before you have to start repaying your student loan. The grace period lasts 6 months and begins when :
The Government of Canada offers a number of online tools to help you plan your finances while you study. For example:
As previously mentioned, the Canada Student Loans Program works closely with the provinces and territories to provide financial assistance. This financial assistance comes in the form of scholarships and student loans, and varies according to your province of residence.
Therefore, your application for a bursary or student loan must be completed on the website of your provincial or territorial student aid office. The list of provincial and territorial student aid offices is available here.
Once you’ve submitted your application for a bursary and student loan, the student assistance service in your province or territory of residence will contact you to explain the next steps.
For example, Canada Student Loans and Bursaries are not available in Quebec, as the province of Quebec manages its own student aid program. Students residing in Quebec must apply for assistance through Student Financial Assistance.
Several scholarships and student loans are available, such as :
If you don’t qualify for federal or provincial student loans and grants, there are other options available to you. These include private student loans and student lines of credit. The conditions are different, and so are the repayment terms, but it’s an option to consider for your post-secondary education.
If this is the route you choose, start by contacting your bank or credit union. They’ll be able to suggest the products they offer to suit your needs. That said, don’t hesitate to contact other financial institutions to compare student loans and lines of credit.
Typically, when you submit an application for a private student loan, the lender will ask you for more information, such as:
This information will determine whether you qualify for the loan. If possible, make sure you’re in good financial health before you apply. If you have a low credit score, the lender may ask you to find a co-signer before granting the loan. To find out more, see our personal finance tips for students.
In conclusion, bursaries and student loans are essential tools for financing the ever-increasing cost of education in Canada. Even if it means taking on debt, you need to see this financing as an investment in your knowledge and skills.
The Canada Student Financial Assistance Program, in collaboration with the provinces and territories, offers various forms of support adapted to your situation. Since criteria and terms and conditions vary from place to place, be sure to consult the official website of your student financial assistance office to fully understand your options.
A student loan covers your tuition and living expenses. You start repaying it when you graduate, according to the terms and conditions specific to each province.
A bursary is financial aid that does not have to be repaid, unlike a student loan, which must be repaid after your studies.
The interest rate on your student loan varies according to the type of loan: federal loan, provincial loan, private loan, student line of credit and so on. Often, the interest rate is based on the Bank of Canada’s prime rate plus a premium.
You can apply for Repayment Assistance, which adjusts or suspends your payments according to your income. Some provinces also offer their own support programs.
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