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ABCS OF GOVERNMENT STUDENT LOANS

January 19, 2018 Posted in Blog Posts

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

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EMPLOYER TESTIMONIAL

“We highly regard Community Support Work related schooling/credentials when making hiring decisions. The schooling indicates to us that applicants have some systematic training in the field and are passionate about quality care; this means they are likely to be high performers and stay longer because they fully understand what the job involves. Retention is a huge consideration, those that are likely to stay longer will always be highly sought after as it takes time to build working relationships and relationships with person served.”

Robin W.
HR Generalist
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“Thank you Drake Medox College for assisting us in our hiring. We gained 5 staff from our posting and hope to gain more. Again our gratitude for producing high caliber members of the health care industry.”

Leo Monterola
Director of Care
Carlton Gardens Care Centre


“Please find attached the attendance and evaluations for all of the students who completed their practicum with us from February 8th – 15th. It was great to speak with their buddies because they all had such positive feedback, and really enjoyed working with the students. We really enjoy having the students here, and we look forward to working with you more in the future!”

Anja Meier
Human Resources Coordinator
Greater Vancouver Community Services Society

Success Story

I chose Drake Medox not only as the waiting period was shorter compared to other colleges but it was recommended to me by some of my friends. I am already huge advocate of Drake Medox College, not for the referral benefits but because of the good quality and hands-on teaching environment that I had experienced during my time as a student. I am now more confident in applying all that I've learnt to my current role and have Drake Medox to thank for that.

~ RONALD SUREAL - HCA