How can I get a loan when I'm a student?

As a full-time or part-time student, you can apply for student financial assistance. If you qualify, this financial assistance is given in the form of a grants or student loan. You must submit your application on the student financial assistance website for your province or territory of residence.

How do I repay a student loan?

You must begin repayment of your student loan when your studies are completed. 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. In certain situations, you can delay repayment of your loan.

What is the interest rate on a student loan?

The interest rate on your student loan varies depending on 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.

What are the conditions for a student loan?

There are several conditions for obtaining a student grant or loan, such as being a Canadian citizen, permanent resident or designated as a protected person, demonstrating financial need and maintaining satisfactory academic standing. The complete list of conditions is available in this guide.

Vincent Morin

My name is Vincent and I've been a stay-at-home parent to two young boys since achieving financial independence in 2021 (FIRE). Previously, I worked for 12 years in financial technology for a major US investment bank (G-SIB). I'm passionate about personal finance, stock market investing, reading, writing, cycling and gardening. I'm also the founder of Retraite 101, a personal finance blog followed by over 20,000 people on social networks and quoted in several media, blogs and finance books. Despite early retirement, I continue to write about personal finance to share my passion with Quebecers and motivate them to take charge of their finances.

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