Before you borrow: Navigating back-to-school financial aid in Canada Jun 26th

All about Canadian credit cards. Learn the ins and outs and get the latest news.

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Before you borrow: Navigating back-to-school financial aid in Canada

– moneysense.ca

Each year, more than half a million Canadians take out student loans to cover tuition, books, and living costs. But according to some recent research, including a study from Royal Bank of Canada (RBC), many students are unprepared for how these loans work and how to manage repayment.

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…

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