One of the biggest obstacles faced by many who want to attend a college such as Drake Medox is the financial investment required to enroll. Many people have heard about Government Student Loans, but are not sure how it all works, or even if they qualify. Here is some basic information provided by one of our Financial Advisors Kunqi based on the questions she is most frequently asked.
Who is eligible?
- Canadian Citizens/Permanent Residents
- Must be able to demonstrate need for loan through application
How much will you be awarded?
- Impossible to say as it depends on your personal situation
- Factors taken into consideration include prior year’s household income and number of dependents
- It has been our experience that those who are approved are able at minimum to cover the full investment of tuition and all related fees and supplies with their loan
- Any additional funding awarded as “Living Allowance” is again dependent on individual circumstances; it is not guaranteed
What sort of interest will be charged?
- You may receive funding through Provinical and/or Federal government
- Provincial: Prime Interest Rate only, which is @ 3.2% annually on the date this blog was published
- Federal: Prime Interest Rate 3.2+ 2.5% or 5.7% annually
- Interest will begin to be charged after you finish your studies. ie. there will be no interest charges accumulating while you are studying
When will repayment start?
- First payment will be expected 12 months after program start date
- Students with evidence of financial difficulties have the option to apply for Repayment Assistance Program, which may allow them to postpone first repayment
- There is no penalty for advance repayment or paying more than is requested per month in order to save interest
Is the Application Process difficult?
- With the right information and support the Application process is actually fairly simple
- Kunqi or one of our other advisors will be available to assist you throughout the process to make things as easy as possible for you. This service is offered to all Drake Medox students at no additional cost.
Government Student Loans are only one of the many financing options available. To learn more about the different ways to fund your education, and take your first step towards a brighter future contact Kunqi or Maria at 604 629-0196.
For full details you can also visit Canada Student Loan’s website: Click here