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Canada Government Student Loans & Grants
Are you a student looking for a loan or a grant? The Canada Student Grants and Loans program offers a variety of funding options to help you achieve your higher education goals.
Qualifying for a loan or grant depends on a variety of factors such as family income, number of dependents, tuition fee and others. The amount you qualify for is determined based on your eligibility criteria.
Provincial & Territorial Student Financial Aid
Provincial and Territorial Governments also provide financial aid to students in Canada. Check out the relevant resource for your province to learn more about your funding options, the application process, and the eligibility criteria.
Difference between Federal Student Loans & Private Line of Credit
There are multiple ways to fund your post- secondary education such as government and private loans among others.
Borrowing Capacity |
Repayment of Loan / Interest |
Loan Forgiveness |
|
|---|---|---|---|
Federal Student Loans |
You can estimate the amount of Federal Student Loan using the Student Aid Estimator. The actual amount of loan would depend on the type of program you choose, your province and eligibility criteria. |
As of April 1, 2023, Canada student loans are interest-free. Thus, you would only need to repay the Principal amount post graduation. Find out more |
The government has a list of eligible professionals (doctors, nurses, etc.) that qualify for loan forgiveness. Additionally, provinces also provide loan forgiveness programs. Check out your province's resource to learn more. |
Private Student Line of Credit |
The amount you can borrow through a Private Student Line of Credit would depend on your program and level of study. Learn more |
Private Student Line of Credit is not interest- free and you start paying interest back from the date you borrow money. You are responsible to pay back the entire loan amount along with the interest. |
Not eligible for Loan Forgiveness. |
Check out our TD Student Chequing Account with no monthly fee to house your grant or loan money.
Make the most of your student life by taking advantage of TD Student Banking Offer.
Frequently Asked Questions
A loan is money you borrow from a bank or other financial institution that you must pay back, with interest, in a pre-determined time frame.
A grant is money you receive from, typically, the government or any other institution, for a specific purpose such as financing your education. Grants do not have to be paid back.
Loans and grants require different applications and criteria.
The Canadian Government has a list of criteria that must be met to qualify for a student loan or grant:
- Be a Canadian Citizen or a permanent resident of a province / territory
- Show proof of financial need
Other requirements include:
- Type of program or degree you are studying
- Percentage of time devoted to studies
- Maintaining satisfactory grades
- Successful completion of courses
The amount you can borrow depends on a few factors including your province or territory of residence, family income, tuition and living expenses, if you have dependents or live with a disability.
Explore the amount of student aid you may be eligible with the Government of Canada Student Aid Estimator.
As an international student, you are not eligible for Federal Government Loans & Grants. However, TD Bank provides various resources that can support your Canadian education. Learn more.
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