100 List of Student Loans in Ontario And How To Apply (2023)

Student 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;

1. Axis Bank
2. State Bank of Canada
3. HDFC Bank
4. Union Bank of Canada
5. Ascent Student Loan
6. Sallie Mae Private Student Loan
7. College Ave Loan
8. SoFi Private Student Loan
9. Earnest Private Student Loan
10. CommonBond Private Student Loan
11. Custom Choice Loan
12. Education Loan Finance
13. Funding U Private Student Loan
14. LendKey Private Student Loan
15. Ascent Independent Student Loan
16. Mpower Private Student Loan
17. ISL Private Student Loan
18. Advantage Education Student Loan
19. Stride Funding Income Share Agreement
20. Ascent Graduate and Health Professions Student Loan
21. College Ave Graduate Student Loans
22. Aidvantage Loan
23. Ascendium student loan
24. Aspire Resources Incorporated
25. Corner Stone loans
26. ESA/EdFinancial
27. Federal Loan Servicing Canada
28. H Cann
29. Granite State Loan Services
30. Great Lakes Educational Loan Services
31. Maximus Federal Services
32. OSLA servicing
33. MOHELA
34. Nelnet
35. Trellis Corporation
36. VSAC Federal Loans
37. EdFinancial Services
38. Federal Perkins Loan
39. Plus Loan
40. Stafford Loan
41. Affinity Plus Federal Credit Union
42. Ally Bank
43. Canadian Education Loan
44. Ontario Education Services
45. Brazos
46. Bank of North America
47. Capital One
48. ChangEd
49. Chase
50. Climb Credit
51. Cognition Financial Custom Choice
52. Conduent Education Services
53. Conext
54. CordiaGrad Loans
55. Credible Student Loan Services
56. Connext
57. Credit Union Student Choice
58. Culearn Loan Services
59. Discover Student Loan
60. EDvestinU
61. Fifth Third Bank Loan
62. Figure Loan Services
63. First Republic Bank
64. Funding University
65. First Mark Services
66. Givling Services
67. Great Lakes Loan Services
68. Heartland ECSI
69. iHelp Student Loans
70. Ottawa Student Loan
71. Laurel Road Services
72. Lend Key Student Loans
73. Link Capital Student Loans
74. Loanable
75. Loan Gifting Services
76. MPOWER Loan Services
77. My Rich Uncle Loan Services
78. Navient Services
79. NaviRefi Services
80. Navy Federal Credit Union
81. NJCLASS Services
82. PeduL Loan Services
83. Pickpocket Services
84. Prodigy Finance
85. Purefy services
86. Raise
87. SELF Refi
88. SimpleFi
89. Splash Financial
90. SoFi Student Loan Refinancing
91. Student Loan Hero
92. Summer Student Loan Tool
93. SunTrust Loan Services
94. Thrivent Federal Credit Union
95. Upromise Bank
96. Wells Fargo Canada
97. Vermont Student Assistance Corporation
98. TD Bank loans
99. Sixup Loan Services
100. 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.

Related:

• 100 List Of Student Grants In Ontario And How To Apply

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.