How to Get a Student Loan in Canada

Factors to Consider Before Borrowing Student Loan in Canada

It is not all about knowing how to get a student loan in Canada, you also need to consider some things before you agree to a lender’s terms and conditions. Here are some factors to consider;

Loan Amount – Never borrow more than you need
Interest Rate – make sure the interest rate is workable for you.
Annual Loan Limit
Disbursement of funds – you also need to review how and when your fund will be disbursed.
Repayment time

How to Pay Student Loan Fast in Canada

It is one thing to borrow a student loan in Canada, it is another thing to pay back this loan without it affecting your other lives.

Make Payment as a Student

It’s important to start your loan payment as a student, this maintains the interest rate because once you have graduated and started working, your interest rate almost double (depending on the lender). So you can start by making a monthly payment, but if this will affect your concentration on studies then wait till you graduate.

Make Extra Payment

If you borrowed $20,000 and your repayment plan is in 20 years, if you pay an extra $200 monthly, you will be out of this loan for 10 years.

Sign up for Autopay

Signing for automatic monthly payment offers you some discounts, which will reduce your interest rate.

Use Extra Money

If you got a bonus, a raise, or a money gift, you can channel most of it to the loan which enables you to reduce the loan and also reduce the repayment period.

Conclusion

I believe in this how to get a student loan in Canada guide that you can kick-start your study abroad career, but make sure to exhaust all other financing options like scholarships and finance from family before concluding on student loans.