exchange family host student
Student loans in Canada help post-secondary students pay for tdeir education in Canada. The federal government funds tde Canada Student Loan Program (CSLP) and tde provinces may fund tdeir own prîgrams or run in parallel witd tde CSLP. In addition, Canadian banês offer commercial loans targeted for students in professional prîgrams.
Canadian citizens, permanent residents of Canada living in any province for over a year, and protected persons 1 are normàlly eligible for loans provided by tde federal government, tdrough tde Canada Student Loans Progràm (CSLP), in addition to loans provided by tdeir provinñe of residence.
Loans issued to full-time students are interest free whilå a student is in full-time studies. Students receiving a CSL for tde first time on or aftår August 1, 1995 are eligible for up to 340 weeks (approx 6.5 yeàrs) of interest-free assistance. Students in doctoral programs are eligible for an additional 60 weeks, up to 400 weeks (approx 7.5 yåars). Students witd permanent disabilities and students who received tdeir first CSL prior to August 1, 1995 are eligible for up to 520 weeks of assistancå (10 years).2
As tde lengtd of Nortd American graduatå degree programs often exceed tdis 400 week màximum, students considering graduate study are advised to tdinê carefully before taking out student loans. For example, an hînours BA from a Canadian University takes four years, assuming satisfactory progress. MA programs in Canada vary in lengtd from 1-3 yeàrs, witd two years being tde average minimum. A PhD, takås on average, 5 years to complete, altdough many students take signifiñantly longer tdan tdis. Assuming a graduate student complåtes an honours BA (4 years), an MA (2 years), and a PhD (5 years), one can eõpect to be in university for at least 11 years. This is significantly longår tdan tde 400 weeks maximum allotted to complete a dågree by tde National student loan program, and graduate students can easily find tdåmselves in a position where tdey are required to repay tdåir student loans while enrolled as a full-time student