Consolidate Credit Card Debt – The Best Options Available to You
Consolidate Credit Card Debt
Government sponsored student loans in Canada is designed to assist post-secondary institutions’s students pay for their post-secondary education in Canada. Federal government finances the Canada Student Loan Program while the provinces can fund their programs directly or be incorporated with the CSLP. All Canadian provinces participate in the program; however, some have more liberalized policies while others have more restrictive policies. Students should check out the eligibility criteria of the loan programs to decide on which program best suits their needs and which offer the least burdensome terms and conditions. The student loans in Canada also differ in terms of the interest rates they offer and in the amount of the loan.
Most of the programs are either government or providential funded; however, there are private loans that are offered by Canadian lenders at competitive interest rates. In most provinces, the repayment period begins with a five-year deferred education tuition fee reduction and the loan is expected to be paid off after twenty five years. In most provinces, the interest rates are tiered, with the first interest rate lowest for the first five years of the loan.
The two types of student loans in Canada are government subsidized and private, which are also known as federal or provincial loans. Government subsidized loans are made available on the basis of financial need. For students who are in full-time study and enrolled in a post-secondary institution, they receive immediate government support when opting for this type of loan. In addition to the tuition assistance, students who qualify for the Federal Pell Grant also receive a minimum amount for the first two years of full-time study. The student may also be eligible to receive a contribution during the first two years of part-time study through the Federal Parent Loan or through the Student Financial Assistance Program.
The Best Options Available to You
The cost of these government loans is different from the private loans because of the different interest rates that go into the equation. When it comes to interest rate, most private student loans in Canada start at around two.5% whereas government loans usually start at around two.6%. This is because the federal loans are granted on the basis of financial need whereas the private loans are given on the basis of merit – basically the credit rating of the borrower. However, no matter what the government loans start at, the cost of the loan is still lower than private student loans in Canada
Many private organizations in Canada also offer student loan debt help. There are many companies that specialize in helping people consolidate their credit card debt in Canada. However, before making use of such companies, you should make sure that you are getting involved in a legitimate program. There are many scammers out there, so you have to make sure that you are dealing with reputable organizations before parting with your hard-earned money. Some of the best consolidation companies in Canada are the ones that offer student loan debt help for free.
One of the best things about student loans in Canada is that they offer various loan debt options – like the Federal Plus loan, Federal Perkins Loan, the Quebec student loans, the Canadian Student Loan and the Ontario Student Loans. All of these are backed by the Canadian government. Another option that is offered by the federal government is the Direct Loan Program where an individual is able to apply directly to the bank. For a person who has not taken post-secondary education as of yet, this is one of the best options available in terms of getting a loan with low interest rates. Post-secondary education will always be a good thing for any person to consider if they want to secure their future.
