Is It Possible To Get Student Loan With Poor Credit?

2 min read

Higher education in Canada is extremely expensive. It comes to something like $50,000+ for post-secondary education and that’s unaffordable for many students. Student loan is the only thing here to complete your college education and land up with a respectable job. To look for your dream job in Canada, check out Glassdoor.ca. But, what to do if you are down with poor credit? Well, worry not, as bad credit is not always a hindrance to acquiring student loans.

It’s to note here both the Canadian Federal & provincial governments offer student loans/grants even on bad credit.

Loans from Federal Government loans/grants

You have two options to choose from here- CSLP (The Canada Student Loan Program) and CSGP (The Canada Students Grant Program). The CSLP extends subsidized educational loans for both full-time and part-time students. As part of the program, the loan will take care of 50% of tuition cost of a student, provided s/he meets some required conditions. The federal government will bear the interest till the student graduates. After graduation, the student should repay the actual loan amount.

The Canada Students Grant Program also helps financially struggling students to complete education. However, like the loan program discussed above, here too you have to fulfill certain requirements to receive the grant. But unlike CSLP loan program, with CSGP, you won’t have to repay back the amount to the federal government. You will also find student grants for specific categories. These include students with special needs, single parents struggling to complete education and so on.

Provincial loans

Now, this is your second option if you have not been able to receive federal grant and loans. It’s to note here Canadian provinces offer provincial as well as territorial loans to financially struggling students. So, you should check out with your province to get necessary funding.

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