A student loan is very self-explanatory. It is a loan a student would use. A student loan is used for students who need money for an education. An example would be a student who does not have enough money to pay for college.
- Next Student and Nelnet (National Education Loan Network) are examples of companies that provide student loans. They are American companies.
Most people would use student loans when they do not have the money for an education. Many elementary and high schools in Canada are free, however, for the ones that do require payment, a student loan would be needed. And because Universities and Colleges are not free, most students going into them take advantage of the loans.
- Approximately 17 million students prepare for college/university every year, and because of this, many students will need to get loans for their tuition.
WHERE CAN I GET A STUDENT LOAN?
Student loans are available through most financial institutions. People who want to apply for a student loan must fill out application forms which are available at most guidance/student service offices in high schools, as well as at most colleges and universities. In addition, students who wish to apply but cannot find application forms at their high school/college/university may search online on the official Canadian website OR the Human Resources and Social Development Canada website (www.hrsdc.gc.ca)
HOW ARE STUDENT LOANS HELPFUL?
Student loans are helpful to us in many different ways. If, for example, a student needed to pay rent for residence, but he/she did not have any money to pay for it, then he/she would need to get a loan.
HOW DOES A STUDENT GET A LOAN?
How does a student get a loan? Well it's relatively simple. The student fills out an application form and then receives a specific amount of money from the government. The student must then take note of 3 factors - how much he/she borrowed, when he/she needs to return the payments, and the steps he/she needs to take to set up his/her payments. When the government requires repayment from you, they will notify you by mail.
