Canadian student loans are provided by a joint Federal and Provincial program which varies from Province to Province in terms of value and eligibility. Your Province or territory of residence is determined by where you have lived for the 12 consecutive months prior to becoming a student, not where you will be a student. You may, however, attend any educational establishment in the country provided both the establishment and the program of your choice are listed by the Assistance Office in your province.

There are a couple of different types of funding for post secondary education that include grants and bursaries (which you would not be required to repay) but there are 2 main types of student loan - the Federal and Provincial programs. To apply for either of these loans you must first apply to the Provincial/Territorial Assistance office for the Province you are an official resident of.

Despite having to be paid back, student loans remain attractive because they are interest free whilst you remain enrolled in an eligible education program. As soon as you graduate or leave education the repayment terms are set, usually with low interest rates with payment terms agreed by you. Private lenders such as banks are no longer involved in offering new student loans as all funding is provided by the federal or provincial governments.

The only Provinces not involved in the Canada Student Loans program are Quebec, Northwest Territories and Nunavut as they have their own systems. If you are a resident of one of these 3 Territories then you need to contact the particular office for that Province to discuss your options.

Before applying to your local Assistance Office you must ensure both you (the applicant) and the course you wish to complete are eligible. Basic criteria is detailed below

The applicant: The main consideration is whether you are intending to be a full or part time student. Part time students (completing 20 – 59% of full course load) may only apply for federal assistance though you would apply through the provincial/territorial assistance office.

Full time student (completing 60% + of a full course load) may apply through the same offices but will be considered for both Federal and Provincial support (depending upon the province in question) though both loans would still have to be repaid. Residents of the following Provinces and Territories would need to pay the loans back separately: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island and the Yukon. If you are from Ontario or Saskatchewan then you would make one payment back to the National Student Loans Service Centre (NSLSC) which would cover the total amount borrowed from both the federal and provincial programs.

The course: only enrolling on courses listed on the Master List of Designated Educational Institutions will be considered eligible – it is strongly advised that you ensure the establishment you wish to attend is recognized by your provincial provider and the course choices meet the necessary requirements before you commit to it. The same applies if you wish to attend an overseas establishment.

In addition to the above your personal financial status will determine the value of loan you will be offered. The Federal loan system may offer up to 60% of the total you are assessed as needing and the provincial system contributing up to the remaining 40%. Your 'needs' are assessed by the provincial office when you apply as they handle the initial application and will forward you the loan documents. Having received and processed your application the Provincial or territorial Student Assistance office will establish the amount of loan you are entitled to apply for and carry out credit checks.

Once approved, your Canada Student Loan will be administered by the NSLSC through to its termination (full repayment). This agency is responsible for all loans issued since 1st August 2000 and has two distinct sections: The Public Institutions Division (for residents attending a course at a Public facility such as a University or Community college) and the Private Institutions Division (looking after students attending privately funded facility like a technical college or trade school).