How To Get Student Loan in Canada

Getting a student loan in Canada will really go a long way in financing your education if you are studying in a great place like Canada. In this article, we are going to explain to you how you can get a student loan to study in Canada.

What is a Student Loan?

Student loans are a way for the government to help students with financial need pay for their education. Unlike credit cards or other loans, students don’t have to pay interest while they’re in school.


Why Get a Student Loan?

Getting a student loan is a way for both full- and part-time students to get money for school expenses. Student loans often have flexible repayment terms and, in some cases, don’t charge interest for a certain period.

Eligibility for student loans depends on factors like financial need, the length of your program, and if you have dependents, not your credit score.


Eligibility for Student Loans in Canada

Canadian citizens, permanent residents, and protected persons, including refugees, are eligible to apply for federal student loans in Canada. Also, students can seek provincial or territorial student loans in the province or territory where they have permanent residence.

For International students who are looking for loans to fund their education, well there are also scholarship opportunities for them, look for it and apply.

How to Apply for Student Loans in Canada

Applying for a Canada Student Loan involves a five-step process, starting with checking if you’re eligible. To qualify, you generally need to be a Canadian citizen, permanent resident, or a protected person. You also need to show financial need and meet specific enrollment requirements.

You can apply online through your province or territory’s student financial assistance site. After applying, the government will assess if you qualify for both grants and loans. If approved, you’ll sign a contract outlining the loan terms. The government will deposit funds into your account twice a year.


Remember, you must reapply every year for your Canada Student Loans.


Student Loan Limits

Full-time students can get loans for a maximum of 340 weeks, doctoral students for 400 weeks, and students with disabilities for 520 weeks. For the 2023-2024 academic year, the Canada Student Loan limit for full-time students is $300 per week.

Provincial and Territorial Student Loans

Different provinces and territories have their own student loan programs, working with or separate from the federal loans.

British Columbia, Saskatchewan, Ontario, New Brunswick, and Newfoundland and Labrador

British Columbia: Loans are integrated federal-provincial loans.

Saskatchewan: Integrated program; apply through the Advanced Education Student Portal.

Ontario: Provincial-federal OSAP program; repayments go to the National Student Loans Service Centre.

New Brunswick: Integrated administration; apply through the Student Financial Services website.

Newfoundland and Labrador: Separate provincial and federal loans; apply together.

Alberta, Manitoba, Nova Scotia, and Prince Edward Island

Alberta: Apply for federal and provincial loans through Alberta Student Aid.

Manitoba: Separate provincial loans alongside federal funding; apply through Manitoba Student Aid.

Nova Scotia: Provincial loans alongside Canada Student Loan; repay to separate lenders.

Prince Edward Island: Apply for both federal and provincial student loan programs through Student Financial Services.

Yukon, Northwest Territories, Nunavut, and Quebec

Yukon: Apply for Canada Student Loans through Yukon Student Aid. No additional territorial loans.

Northwest Territories: Independent financial assistance programs; reapply annually.

Nunavut: Grants and loans through Financial Assistance for Nunavut

Students; apply through the Department of Education.

Quebec: Provincial grants and loans; apply through the government’s financial aid website.

Are Canada Student Loan Interest Free?

Yes, Canada Student Loans are now interest-free. In April 2021, the federal government stopped interest accumulation for two years and, as of April 1, 2023, permanently eliminated interest on all Canada Student Loans. However, you’ll still need to repay any interest accrued before these changes. Some provincial student loans, like OSAP loans, may still have interest on specific portions. For instance, students with OSAP loans don’t pay interest on their Canada Student Loan but must pay interest on the Ontario part.

Benefits Of Students Loan

When you lack the funds for post-secondary school, student loans offer a way to secure necessary money. Compared to credit cards or student lines of credit, student loans often provide more flexible terms without ongoing interest payments. Starting April 2023, Canada Student Loans don’t accumulate interest, and you have 174 months (14.5 years) to repay in full.

Applying for student loans also opens doors to other programs like awards, bursaries, or initiatives like Ontario’s Student Access Guarantee. This program addresses unmet needs by providing additional funds directly to students for expenses such as tuition or fees.


Understanding Canadian student loans means knowing if you qualify, applying right, and figuring out how federal and provincial systems work together. Remember to apply every year, be aware of loan limits, and pick the best program for your financial journey through school.