Canadian Financial Aid
Canadian and Provincial Student Loans are available to Canadian Citizens and Landed Immigrants/Permanent Residents who are enrolled in a full-time program. Government student loan funding is based on tuition fees, books, supplies, living expenses, income and available resources, and it has a maximum yearly level that varies province by province.
Applications are available by calling Canada Student Loans toll-free at 1-888-815-4514
Information on the Canada Student Loan Program is available at www.canlearn.ca
Provincial Student Loan Programs differ from province to province. Please see links below:
Other Funding Options
Lifelong Learning Plan
LLP is a program that allows Canadian residents to withdraw funds from RRSPs, without penalty, to fund education. To apply, you must have a letter of acceptance to a full-time program from Think Tank. The LLP allows you to withdraw up to $10,000 per year (to a maximum of $20,000) for you or your spouse without the withdrawal being taxed. You have up to ten years to pay back your withdrawal. You can find the withdrawal form HERE
Canada Registered Education Savings Plan
A registered education savings plan (RESP) is a, tax-deferred, savings vehicle generally used by parents to save for their children’s post-secondary education. Contributions to an RESP for a child beneficiary may be eligible for Canada Education Savings Grant payments (CESG). Investment earnings on contributions and CESG payments can grow tax-free until they are distributed and included in the recipient’s income and taxed accordingly. In most cases, the recipient is a student whose total income results in a minimal amount of tax. More information HERE
Student Lines of Credit
Many financial institutions offer lines of credit for students. Please read carefully the full text and fine print of any contract before signing. Here are links to prevalent banks that offer student support programs.