Student Loan

Full Explanation

Student loans in Canada are available through the federal government (Canada Student Loan) and provincial governments, as well as private lenders. Federal Canada Student Loans are interest-free while studying full-time and for 6 months after graduation. The combined federal-provincial loan can cover up to 60% of assessed need. Repayment begins 6 months post-graduation; interest charges (prime + 1% variable or prime + 4% fixed) begin at that point. The Repayment Assistance Plan (RAP) provides income-based relief. Private student loans through banks carry standard interest rates from day one.