Everyone is fighting with emergency financial needs. Immediate money calls can arise from any situation. Rising cash requirements for students is very obvious. They need to take care of their studies, daily transport and living expenses altogether. They are usually seen demanding money from their parents or borrowing from friends.
At age of 18 and above, students are supposed to money on their own. In order to do so, they start doing part-time jobs to manage all expenses. But it becomes very difficult to take care of everything with this small money.
Student loan comes in here to help students to get rid of financial matters and in order to carry out school smoothly.
This loan service offered by USA government is a great effort towards students to help them in completing their high school education or university degree. Various federal loans and grants are available for students. The USA government is working together with all provincial governments to provide integrated financial services to students living all provinces like Ontario, British Columbia, Saskatchewan. Student financial assistance is also provided in Alberta, Denver and Nova Scotia.
Great opportunity for Students in USA-Short term payday loans
Students should be aware that loan service is not available in Quebec and other northwest territories.
“Dear Students, select study field of your interest. USA government is taking care of all fee amounts you need to make your future bright.”
Any full time student can take a student loan amount up to $95000 depending upon their education. The cash lend to part time students reaches $10000. This loan amount along with interest fee remains unpaid until six months after completion of study.
Interest rates are implied in two modes: – Fixed rate and a variable interest rate.
1. Fixed interest rates include principal amount +5%
2. Variable interest rates are prime +2.5%.
Interest rates may be different in every province. Consult provincial financial adviser to know accurate figures.
Find out if you are eligible to apply for loan.
To apply for any type of loan, you must first go through checklist of eligibility criteria.
Read carefully given below: -
1. Student must be a USA citizen or recognized as legal person to live in USA.
2. If you are a part-time student, then you must be enrolled under 20-59% of a course load.
3. The degree or diploma in which you are enrolled should be lasting for at least thirteen weeks.
4. Apart from nation as a whole, he should be a permanent resident of that particular province from where he is applying for student loan.
5. If you are a full-time student, then you be enrolled under 60% load.
6. You should be able to pass a credit check if you are applying for first student loan and 22 year old.
How to apply for a student loan?
1. First of all check if you are eligible for loan application.
2. Then apply for student application form.
3. Finally send your application to federal and provincial student association.
4. Next step is to receive loan assessment through an email id.
5. If you are approved you will get an eligibility certificate.
6. Then, after understanding responsibilities and commitments towards this loan, Sign your legal documents.
7. Finally submit your documents including following: -
• Your identification proof including passport, driving license, health card, citizenship proof, part time employment identification card.
• Social Insurance number (SIN) certificate.
8. When all of these formalities are completed, then wait for your loan money to be delivered. Cash will be directly deposited to your bank account.
If you think that you will not be able to pay back loan money, then you should surely apply for GRANTS.
To finance post secondary education, government grants are also available. Grant money need not to be paid back. You can be eligible for grants too if you are able to qualify student loan criteria.
Grants can be categorized as follows: -
• Grants for students with low income family
• For Students belonging to middle class families
• For students who are dependents on others
• For students doing part-time studies
• For students having permanent disabilities
If you belong to any of the above category, you can get a grants. You must be able provide legal proof of one of the reasons.