Post-secondary students of Canada can get help in their education in terms of loans. The Canada Student Loan Program (CSLP) funded by the federal government helps students in getting loan for their education. For this purpose the provinces may fund their own programs or can even run in parallel with the CSLP. Canadian banks also offer the commercial loans to the students for professional programs. These steps are helping a lot to the students in Canada for getting their post-secondary education.
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CSLP
CSLP was established in year 1964, since then this program has helped eligible students in their pursuit of post-secondary education by providing the financial resources. During 1964 to 1995, financial institutions were responsible to provide the loans to the approved post-secondary students. The load repayment was administered by the financial institutions. In return, the Government of Canada helped by repaying the financial institution the full amount of loans that went into default.
In year 1995, many changes were made in this Loan program.
The Canada Student Financial Assistance Act came in existence that replaced the existing Canada Student Loans Act.
A formalized "risk-shared" agreement was developed in between The Government of Canada and several financial institutions.
The weekly federal loan amount was raised to a maximum of $165.
On July 31, 2000, the risk shared arrangement between the Government and financial institutions came to an end. The Government of Canada now directly finances all new loans, i.e. issued on or after August 1, 2000.
Repayment programs for students
CSLP offers many of programs to help students who face financial difficulty during repayment, like:
Interest Relief
Debt Reduction in Repayment
Revision of Terms
Permanent Disability Benefit