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Understanding your options now can help you graduate with a much stronger financial foundation.
Student loans in Canada
In Canada, you generally have two paths for borrowing: government programs or private financial institutions. According to RBC’s survey, 62% of students say they rely on two or more sources to pay for school—including government loans, scholarships, family support, credit cards and student lines of credit. But only 30% say they understand the differences between the options.
The government route: Canada Student Financial Assistance Program
With the Canada Student Financial Assistance Program, the federal government partners with provinces and territories to provide two types of aid:
Loans: Borrowed money that you must repay starting six months after you finish your studies
Grants: “Free” money based on financial need and no repayment requirement
There is zero interest on the federal portion of Canada Student Loans; however, interest may apply to provincial or territorial portions…
