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Monday June 24, 2019


Desjardins Student Loan

Desjardins offers information about student loan rates, lines of credit and more. View here for more information

Government Student Loans and Grants

Paying for tuition, school supplies and living expenses can be expensive. Browse through this section to find out how the federal government can help you pay for your post-secondary education by providing loans and grants. 

Canadian Imperial Bank of Commerce (CIBC)

CIBC’s Personal Loan is offered to participants borrowing a minimum of $3,000 for a specific purpose, and who plan on paying the loan off within a set period of time. Monthly payments will be issued and the loan will secured against the equity of your assets. Unsecured loans have a faster approval process. Payments may be electronically transferred from your CIBC account free of charge. You may make additional payments or completely pay off the loan at anytime with no penalty. More frequent payments will lower interest costs. 

Canada Student Loan Program (Ontario OSAP)

The Canadian government provides a Canada Student Loan Program for citizens or permanent residents demonstrating financial need, and who wish to pursue post-secondary education. Those interested must first be a permanent resident of the province where you are seeking financial assistance. The Northwest Territories, Nunavut and Quebec have their own loan programs for those who are continuing into postsecondary education, and do not participate in the Canada Student Loan Program. 

Bank of Nova Scotia (Scotiabank)

Scotiabank offers customizable payments and amortization periods based on your budget. You can borrow exactly what you need, ranging from $1,000 to $150,000 (contingent on credit approval). Repayment terms are flexible with an option to repay your loan with no plenty, the exception being real estate secured loans. You may defer one installment annually during the period of the loan. 

Free Application for Federal Student Aid (FAFSA)

The FAFSA is used to determine the amount of money applicants and their families can contribute towards college or university. The student will be expected to provide information about their dependency status, parents, finances, and a list of schools that should receive the results of the FAFSA. This form can be filled out online and must be completed before the designated deadline determined by the school. 

The Toronto-Dominion Bank (TD Canada Trust)

TD Canada Trust Personal Loans lets you borrow exactly what you want with fixed monthly payments on a fixed or variable interest rate. 

Private Student Loans

A private student loan means you will have to apply for a line of credit or loan from a financial institution. Interest rates on consumer loans may be higher or lower than government-issued loans. Unlike government student loans, interest is continually added onto consumer loans, even while you are in school, and the repayment terms may be more aggressive. If payments are paid consistently and on time, it will improve your credit rating and your chances of getting future loans at better interest rates. 

Royal Bank of Canada (RBC)

Features of the Royal Bank Personal Loan program include flexible terms ranging generally from 1 to 5 years, the choice of fixed or variable rates (ability to switch at any time with maximum 5 year term), and easy payment options. You may choose monthly, semi-monthly, bi-weekly or weekly and to have it automatically deducted from any chequing account. There are no early payment penalties and you may skip up to the equivalent of 1 monthly payment annually without penalty. 

Bank of Montreal (BMO)

Bank of Montreal offers Personal Loans starting at $5,000 and is available in fixed payments paid monthly, semi-monthly, bi-weekly or weekly. Flexible payment options protect against rate fluctuations under a fixed term payment. Depending on the purpose of the loan, the repayment period can extend from 1 to 5 years or longer. Extra payments may be made without penalty, or up to one month’s payment can be suspended twice a year.