How to apply for a canada student loan

how to apply for a canada student loan

I don't understand your question - what is "their" website?

As the previous respondent explained, the only reliable source of student loans in the United States is the federal government. The Stafford Loan Program provides billions of dollars of students loan to college students every year. You apply for those loans the same way you apply for every form of federal student aid - by completing the Free Application for Federal Student Aid - better known as the FAFSA form. You do that right online and your submission is immediately received by the US Department of Education.

Until quite recently, many students relied on another type of loan to supplement the money available from the government. The Stafford lending program is phenomenal, but there's a fairly low limit to how much a student can borrow each year. Many students have relied on what's known as "private" educational loans - "private" as opposed to government loans. These loans have traditionally been made by some of the major US banks.

The bad news for you is this:

Almost every single lender has pulled out of the private educational lending market. If you visit the student loan page for Bank of America, the largest banking institution in the United States, you'll find a very brief notice that Bank of America is no longer accepting applications for private

educational loans. I mention that - not so that you'll avoid Bank of America - but because this is pretty much what you're going to find no matter what lender you approach.

Student loans are highly risky loans, because they represent loans of tens of thousands of dollars to borrowers with no current income, no current ability to repay the loan and poor or non-existent credit histories. This is exactly the type of loan that lenders are not making in the midst of the ongoing worldwide bank and lending crisis. You will not find a private educational loan unless you have a substantial income of your own - a sterling credit history - and a very highly credit worthy cosigner.

Focus your attention on the federal aid system. Now, more than ever, this is the only real help that students have available to them to help pay for college costs. If you're new to financial aid, and you want more information about how the federal student aid system works - I highly recommend the pamphlet that I'm linking to, below. This US Department of Education publication is called Funding Education Beyond High School: The Guide to Federal Student Aid. It will answer just about any question you could possibly have about how financial aid works - and where students can expect to find money for college.


Category: Credit

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