Editor SherifStudent loans are sums of money given to students designed to help students pay for post-secondary school education and its associated fees such as tuition, books, supplies, and living expenses. It is different from other types of loans because the interest rate can be lower and repayment can be totally deferred while you are still a student.
There are several examples of student loans in the province of Ontario which are under the Canada Student Loan Program some of them include HDFC Bank, State Bank of India, Axis Bank e.t.c.
100 List of Student Loans in Ontario
The province of Ontario takes education very important and student loans are a big part of keeping the citizens of Canada being able to afford an education. The government is a big part of this process as government procured student loans are way better to acquire than private student loans. Below is a list of student loans you can acquire in Ontario;
- Axis Bank
- State Bank of Canada
- HDFC Bank
- Union Bank of Canada
- Ascent Student Loan
- Sallie Mae Private Student Loan
- College Ave Loan
- SoFi Private Student Loan
- Earnest Private Student Loan
- CommonBond Private Student Loan
- Custom Choice Loan
- Education Loan Finance
- Funding U Private Student Loan
- LendKey Private Student Loan
- Ascent Independent Student Loan
- Mpower Private Student Loan
- ISL Private Student Loan
- Advantage Education Student Loan
- Stride Funding Income Share Agreement
- Ascent Graduate and Health Professions Student Loan
- College Ave Graduate Student Loans
- Aidvantage Loan
- Ascendium student loan
- Aspire Resources Incorporated
- Corner Stone loans
- ESA/EdFinancial
- Federal Loan Servicing Canada
- H Cann
- Granite State Loan Services
- Great Lakes Educational Loan Services
- Maximus Federal Services
- OSLA servicing
- MOHELA
- Nelnet
- Trellis Corporation
- VSAC Federal Loans
- EdFinancial Services
- Federal Perkins Loan
- Plus Loan
- Stafford Loan
- Affinity Plus Federal Credit Union
- Ally Bank
- Canadian Education Loan
- Ontario Education Services
- Brazos
- Bank of North America
- Capital One
- ChangEd
- Chase
- Climb Credit
- Cognition Financial Custom Choice
- Conduent Education Services
- Conext
- CordiaGrad Loans
- Credible Student Loan Services
- Connext
- Credit Union Student Choice
- Culearn Loan Services
- Discover Student Loan
- EDvestinU
- Fifth Third Bank Loan
- Figure Loan Services
- First Republic Bank
- Funding University
- First Mark Services
- Givling Services
- Great Lakes Loan Services
- Heartland ECSI
- iHelp Student Loans
- Ottawa Student Loan
- Laurel Road Services
- Lend Key Student Loans
- Link Capital Student Loans
- Loanable
- Loan Gifting Services
- MPOWER Loan Services
- My Rich Uncle Loan Services
- Navient Services
- NaviRefi Services
- Navy Federal Credit Union
- NJCLASS Services
- PeduL Loan Services
- Pickpocket Services
- Prodigy Finance
- Purefy services
- Raise
- SELF Refi
- SimpleFi
- Splash Financial
- SoFi Student Loan Refinancing
- Student Loan Hero
- Summer Student Loan Tool
- SunTrust Loan Services
- Thrivent Federal Credit Union
- Upromise Bank
- Wells Fargo Canada
- Vermont Student Assistance Corporation
- TD Bank loans
- Sixup Loan Services
- Federal Credit Union
How to Apply for Student Loans in Ontario
Student loans are great avenues to reduce the financial burden on you, and the application process is also not complex.
To apply for student loans in the province of Ontario, it is important to understand the type of student loan you want to opt for. Student loans are not equal, they can be federal or private.
The federal student loans are the more popular choice as they offer lower interest rates but might not be enough to cover full college costs. Most times students are able to borrow up to $12,500 annually in student Loans and graduate students can borrow up to $20,000 annually.
Applying for federal student loans is quite simple as it does not require a co-sign and you just need to fill out a form called the Free Application for Federal Student Aid (FAFSA).
Colleges and universities use the FAFSA form to determine students eligibility for federal, state, and college-sponsored financial aid, including grants, educational loans, and work-study programs.
What are the pros and cons of student loans in Ontario
Student loans are a vital part of helping students be able to afford college as a college education in Canada can be expensive and not every student gets the advantage of a scholarship. Student loans have helped students for years to be able to afford to go to school but there are some pros and cons to getting student loans which will be stated below;
Pros
- No credit history needed
- You don’t need a co-signer
- Lower interest loans than private loans
- Interest will only begin after college
- Deferment Option
- Repayment grace period
- The repayment option is income-driven.
Cons
- Student loans can be very expensive
- It means you start your life outside college with debt.
Requirements to Apply for Federal Student Aid
There are some basic eligibility requirements for federal financial aid for Canadian students which includes;
- You Must demonstrate you need financial aid by showing income taxes proving you can not afford college by yourself
- You must be a citizen of Canada or a Permanent citizen
- You must have a valid social security number
- You must have been enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program
- You must maintain satisfactory academic progress in college
- You must sign that you will only use the financial aid for educational purposes
- Must not have a pending criminal record, all prior records must be cleared before application
- You must have at least an Ontario Secondary School Diploma.
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Conclusion
There are several types of student loans you can get, it can be private student loans or it can be from the government. Government-sponsored student loans are usually better options as they offer lower interest rates and repayments are not at a fixed price but are income-driven.
To apply for a student loan in Ontario, you must be at least 18 years old, you must be a Canadian citizen or immigrant, and must have secured admission to a Canadian university.