Scholarships And Awards

National Student Loan

Most students are unable to pay for university as they have financial issues. In instances such as these, students may consider obtaining loans from various lending institutions. Student loans are often considered in order to pay for university tuition, books and living expenses. They differ from other loans in that student loans have low interest rates, and the payment method is often quite flexible. Most student loans can be deferred until the student has completed his or her studies and secures employment. There are various types of student loan given by various organizations. The National Student Loan Service Centre Canada in partnership with the Canadian Government provides students the National Student Loan program.

Eligibility Criteria for the Student Loan

Most student loan programs are funded by the Government of Canada along with other organizations and provinces. These loans are granted to provide students with the finances required in order to complete their higher education. There are several rules and regulations when applying for any loan. The NSLSC loan program is no exception. Some of the eligibility criteria are as follows:

• All students eligible for the loan should be citizens of Canada or permanent residents of Canada.
• To qualify for the loan students need to reside in the province or territory that issues the loan.
• Students should be able to demonstrate their need for aid.
• Students need to be full-time degree students.
• The scholarship is only available to a number of designated post secondary institutions.

Many more requirements need to be fulfilled by students in order to be eligible for student loans by the NSLSC. The following is the national student loans contact infomation:

Address:	National Student Loans Service Centre(NSLSC) P.O. Box 4030 Mississauga ON L5A 4M4
Toll free Number:	1 888 815-4514 (in North America) 800 2 225-2501 (other places)
TTY:	1 888 815-4556
Service time:	8:00A.M. - 8:00 P.M.

Amount Granted

Every loan has its limits. The same is applicable to the National Student Loan. As the Government of Canada, in partnership with several provinces and territories, delivers the aid to students, 60% of the required amount is paid by the Canadian Government. An estimated loan amount of $210 per week is granted to students. 40% is provided as provincial or territorial student loans. The Canada Student Loan Program, in 2006-2007, provided more than $1.9 billion in student loans to approximately 345,000 students.

Application Process for the Loan

The application process for the loan is fairly straightforward. An application form can be obtained through the high school, post secondary institution or the student financial assistance office. The application can also be obtained online. Students are required to fill in the form and send it to the relevant authorities. There are rules on the attainment of the loan depending on the province or territory. For example, residents of Saskatchewan, Ontario, New Brunswick, Newfoundland and Labrador and British Columbia will receive one loan while permanent residents of Alberta, Nova Scotia, Manitoba and Prince Edward Island are eligible for two loans.

Payment methods too will differ according to territory and province. Applicants belonging to the former category will manage and repay their loan through NSLSC. Applicants belonging to the latter group will make their loan payments to NSLSC for their Canada Student Loan. Payment for the provincial loan has to be paid at the provincial government’s student financial assistance office.

The National Student Loan provides students the ability to complete their post secondary education without any worries. Any further information regarding the loans should be obtained via the National Student Loan contact information.