Budget 2008 and Student Financial Assistance
Investing in People
Improving Canada’s competitive position means developing the best-educated, most skilled and most flexible workforce in the world. That is why Budget 2008 is:
Supporting Canadian students with a $350-million investment in 2009–10, rising to $430 million by 2012–13, in a new, consolidated Canada Student Grant Program that will reach 245,000 college and undergraduate students per year when it takes effect in the fall of 2009.
Committing $123 million over four years starting in 2009–10 to streamline and modernize the Canada Student Loans Program.
Enhancing the flexibility of Registered Education Savings Plans by increasing the time they may remain open to 35 years from 25 years, and by extending the maximum contribution period by 10 years.
Friday, May 30, 2008
Canada Student loans:Budget 2008 and Student Financial Assistance
The Canada Student Loans Program provides loans and grants to Canadians attending a University
The Canada Student Loans Program provides loans and grants to Canadians attending a University, College, Trade School, or Vocational School, if they need help financing their education.
Student Loans*
The Canada Student Loans Program enables students with a demonstrated financial need to attend a post-secondary institution by providing them with loans to cover the costs of going to school. In doing so, the Government of Canada attempts to ensure Canadians have the opportunity to develop the knowledge and skills needed to participate in the economy and society.
Applying for a Canada Student Loan
Applying for a Government Student Loan
Determine your eligibility for a Canada Student Loan--find out how to apply for a loan, and learn when you will receive the funds. Some pages within this section will ask you for your student profile in order to provide the information that is most relevant to your situation.
Designated Educational Institutions
To help determine your eligibility for a loan, visit the designated list of educational institutions where students are eligible to receive Canada Student Loans.
Financial Planner
The Financial Planner provides you with three tools to help you finance and budget for your postsecondary education: The Education Cost Calculator, the Budget Estimator and the Online Budget Planner.
Need Assessment Tables for Full-Time Loans
These tables assist full-time students in determining whether or not they are eligible for a student loan.
Student Loan Estimator
The Student Loan Estimator is an interactive Web application that can be used by full-time students to estimate the amount of assistance they could potentially receive from both the Canada Student Loan Program and provincial funding authorities.
*Important note for residents of Quebec, Nunavut, or the Northwest Territories.
Repaying Your Canada Student Loan
Repaying Your Student Loan
Visit CanLearn’s “Repaying your Government Student Loan” section to find out when you have to begin paying back your loan, what your monthly payments will be and how to repay your student loan faster. Some pages within this section will ask you for your student profile in order to provide the information that is most relevant to your situation.
Debt Reduction in Repayment
Determine how Debt Reduction in Repayment (DRR) may be able to assist you if you face exceptional long-term financial difficulty. DRR will reduce your outstanding student loan principal and lower your monthly loan payments. Click here to access the Maximum Income Guidelines for DRR.
Interest Relief
Interest Relief can help you meet your repayment obligations if you are temporarily unable to repay your government student loans due to unemployment or a low income. Click here to access the Maximum Income Guidelines for Interest Relief.
Permanent Disability Benefit
If you have a permanent disability and you are experiencing exceptional financial hardship repaying your Canada Student Loan(s) due to your disability, you may qualify for the Permanent Disability Benefit (PDB) which allows for the reduction of your loans.
Revising the Terms of your Loan
Revision of Terms is a debt management measure designed to help you decrease your monthly payment amount should you be unable to repay your government student loans according to the terms in your Consolidation Agreement.
Tax Relief
Click on the link above to find out what forms of tax relief the Government of Canada offers students.
Source: http://www.hrsdc.gc.ca/en/learning/canada_student_loan/index.shtml
