Best Student Loan Options for Part-Time Students in Canada (2024)
Best Student Loan Options for Part-Time Students in Canada (2024)
In 2024, part-time students in Canada have access to several financial aid programs through both federal and provincial loans and grants. Below is an in-depth overview of the Best Student Loan Options for Part-Time Students in Canada (2024), including grants, loans, and other support mechanisms.
1. Canada Student Loan for Part-Time Students (CSL-PT)
The Canada Student Loan for Part-Time Students (CSL-PT) is a government-backed loan offering financial assistance to eligible part-time students. A key feature of this loan is that it remains interest-free while the student is enrolled part-time and up to six months after they stop studying. The maximum loan amount is $10,000 over the lifetime of the loan. Repayment begins six months after leaving school, with flexible repayment options, including income-driven repayment.
2. Canada Student Grant for Part-Time Students (CSG-PT)
The Canada Student Grant for Part-Time Students is a grant that provides up to $2,520 per academic year. The grant is need-based, and part-time students with a low family income qualify for the maximum amount. This grant does not need to be repaid, making it an ideal option to reduce the reliance on loans. To be eligible, your income must be below the thresholds specified by your family size.
3. BC Access Grant for Part-Time Students
For students residing in British Columbia, the BC Access Grant offers up to $1,000 per year for part-time studies. This grant is designed to complement federal loans and grants, and eligibility depends on the student’s financial need.
4. Grants for Students with Disabilities
For part-time students with disabilities, additional support is available through the Canada Student Grant for Persons with Permanent Disabilities. Eligible students can receive $2,800 per academic year, which helps cover disability-related educational costs. This grant is particularly useful for students who might need extra support to continue their education.
5. Private Student Loans and Lines of Credit
In addition to government loans and grants, students can also explore private student lines of credit from banks. These loans typically offer a higher borrowing limit but often come with higher interest rates and require a co-signer. Popular Canadian banks such as Scotiabank, TD, and RBC offer student lines of credit tailored to part-time students, though the terms can vary【14†source】.
Comparison Table for Best Part-Time Student Loan Options in Canada (2024)
| Loan/Grant Option | Maximum Amount | Eligibility | Repayment Terms |
|---|---|---|---|
| Canada Student Loan for Part-Time Students | $10,000 (total) | Based on financial need | Interest-free during studies, 6 months grace period |
| Canada Student Grant for Part-Time Students | $2,520/year | Income below specified thresholds | Does not need to be repaid |
| BC Access Grant for Part-Time Students | $1,000/year | BC residents, income-based | Does not need to be repaid |
| Canada Student Grant for Persons with Disabilities | $2,800/year | Disability-based, financial need | Does not need to be repaid |
| Private Student Line of Credit (e.g., Scotiabank) | Varies (up to $40,000/year) | Credit and co-signer required | Varies by lender; interest accrues immediately |
Student Loans for International Students Without a Cosigner
For international students without a cosigner, MPOWER Financing and Prodigy Finance offer private loans. These loans don’t require a Canadian cosigner, and eligibility is based on academic success and future career potential. Interest rates typically range from 7% to 13%, with loan amounts depending on the chosen institution.
6. Student Loan for International Students in Canada
Most international students must rely on private loans or lines of credit, such as those offered by Scotiabank or CIBC. Loans can cover tuition, living expenses, and other costs up to the total cost of attendance. Repayment typically starts after graduation, with flexible terms
7. Canada Student Grant for Full-Time Students
The Canada Student Grant for Full-Time Students offers up to $6,000 per year for students with demonstrated financial need. The amount depends on family income and the number of dependants, and the grant does not need to be repaid.
8.Free Money for Students in Canada
In addition to loans, students can access non-repayable funds through scholarships, bursaries, and government grants. Websites like ScholarshipsCanada and Universities Canada provide extensive listings of available scholarships. Federal grants, such as the Canada Student Grant, also provide significant financial assistance
9.CIBC International Student Loan
CIBC offers an International Student GIC Program, which allows students to deposit funds into a secure account to meet study permit requirements. Additionally, CIBC provides lines of credit for international students, with flexible repayment plans and no interest charged until funds are used
10. RBC International Student Loan
RBC offers international students lines of credit, which can be tailored to meet their financial needs. The RBC International Student Line of Credit provides up to $40,000 per year, with flexible repayment options that only require interest payments during studies
FAQ Section
Q: What is the maximum amount I can borrow as a part-time student?
A: The Canada Student Loan for Part-Time Students allows you to borrow up to $10,000. For provincial loans, the amounts may vary, but federal grants like the Canada Student Grant for Part-Time Students offer up to $2,520 per year without needing repayment.
Q: Can I combine federal and provincial loans?
A: Yes, part-time students in most provinces can combine both federal and provincial loans and grants. For example, in British Columbia, you can receive both a Canada Student Loan and a BC Access Grant if eligible.
Q: How do I apply for a part-time student loan in Canada?
A: To apply, you need to visit your province’s student aid website (e.g., StudentAid BC or OSAP for Ontario). The process involves filling out an online application, and your eligibility for both loans and grants will be assessed based on your financial need.
Q: When does repayment start?
A: Repayment for government loans begins six months after you finish your studies or stop attending school. However, interest on your loan will start accumulating as soon as your grace period ends.
By considering all these options, part-time students in Canada can make informed decisions and access the financial support they need in 2024.
Here are answers to your FAQs based on the most up-to-date information from various sources:
What is the $4,200 Canada Student Grant in 2024?
The Canada Student Grant for Full-Time Students offers up to $4,200 per academic year to students from low- and middle-income families. The grant is awarded based on financial need and is designed to help cover tuition, books, and living expenses. This grant is non-repayable, making it a crucial financial resource for many students.
Which bank is best for a Canada study loan?
Several banks in Canada offer competitive student loan and line-of-credit options, but Scotiabank and RBC are popular choices. Scotiabank offers an International Student Line of Credit through the StartRight Program, while RBC provides flexible repayment plans tailored to both domestic and international students. Both banks offer interest-only repayment options during studies.
What are the 3 main requirements for being eligible for a Canada student loan?
To be eligible for a Canada student loan, you must:
- Be a Canadian citizen, permanent resident, or protected person.
- Be enrolled in an approved program at a designated post-secondary institution.
- Demonstrate financial need, based on your family’s income and educational expenses.
Where can international students get loans in Canada?
International students can access loans through private lenders like MPOWER Financing, Prodigy Finance, or banks like Scotiabank and RBC, which offer student lines of credit. These loans often don’t require a cosigner and are based on academic success and potential.
How much is a student loan in Canada?
The amount you can borrow through the Canada Student Loan Program depends on your financial need. Full-time students can borrow up to $300 per week of study, while part-time students have a maximum lifetime loan limit of $10,000. Additional grants and provincial loans may increase the total amount.
Can I get a loan on a study permit in Canada?
Yes, international students on a study permit can apply for loans through private lenders or student lines of credit offered by Canadian banks like Scotiabank and CIBC. These loans can cover tuition, living expenses, and other educational costs, with flexible repayment options available.