Canadian students are responsible for obtaining the appropriate loan application materials from the Canada Student Loans Program. The Government of Canada and most provincial or territorial governments work in partnership to deliver federal and provincial student loan programs. These partnerships help simplify the process for you to apply for, manage, and repay your student loans.
If you are not eligible for a Canada Student Loan, the College still requires that you borrow the expected amount from one of the many banks making student loans that are not federally guaranteed.
Students from Canada should complete their loan applications as early as possible in the summer so that they can negotiate the first half of their loan no later than December of the school year.
The Canada Student Loan is normally disbursed in two installments: one at the beginning of the fall semester, and one at the beginning of the spring semester. Normally, the loan disbursements are made directly to the student’s bank account. The student is then responsible for paying the Business Office at Thomas Aquinas College the appropriate loan amount each semester, as specified in his financial aid package.
Canada Student Loan programs don’t charge interest until you have left school. Interest accumulates from the month after you graduate or leave school, but payments are only required six months later. This is why it’s important to tell your loan providers that you are returning to school each year. Otherwise, they may contact you to have you start repaying your loan before you have finished school.
When it comes time to begin repaying your student loan, you can select a fixed interest rate or floating (variable) interest rate. For Canada Student Loans issued on, or after August 1, 1995:
Additional information regarding the Canada Student Loans Program can be obtained online at www.canlearn.ca .