Student Loans For Canada College Students

How do student loans in Canada work? The Canadian government splits the burden of providing subsidized student loans with provincial aid organizations. Qualifying students in Canada receive 60% of their student loan amount as a disbursement from their Canada Student Loan, with a maximum benefit of $165 per week of enrollment. The remaining student loan balance is disbursed by local organizations, sometimes working in conjunction with private student loan lenders in Canada.

Students in Canada can hold simultaneous student loans from multiple student loan lenders in Canada, each of whom has contributed a small amount to cover the cost of attending college.

The Government of Canada offers Canada Student Loans to full- and part-time post-secondary students who demonstrate financial need in most provinces and territories across Canada.

Through the Canada Student Loans Program (CSLP) the Government of Canada works in partnership with most provinces and territories to deliver student financial assistance. The Government of Canada provides 60 percent of the assessed need, up to a maximum of $210 in loans per week of study. The remaining 40 percent may be provided in the form of provincial or territorial student loans.

An estimated 4.3 million students have received almost $32 billion in Canada Student Loans since the CSLP was created in 1964. In 2006-2007, the CSLP provided over $1.9 billion in full- and part-time student loans to approximately 345,000 students and awarded $141.8 million in non-repayable Canada Study Grants and Canada Access Grants (87,368 grants).

To apply for Canada student loans, contact the support organization that oversees student financial aid for your province or territory.

Navigate our short blog series on Canada Student Loans:
1. Canada student loans
2. Canada student grants
3. Canada student loan repayment assistance