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Application Process

As with anything in life, it’s better to be prepared. Once you know about the funding options available, it’s also important to know what’s involved in the application process and how to best prepare your child. The following guide can help.

Determine your loan needs

Before your son or daughter applies for a government student loan, it’s important to assess his or her financial needs. Follow these easy steps:
  1. Estimate your child’s savings and anticipated expenses
    • Savings: Tally up all sources of income – from summer job earnings to scholarships to family contributions
    • Expenses: Estimate expenses for tuition, rent, books and supplies, trips home, and entertainment. You might want to set aside a little extra money for emergencies or unexpected expenses.
  2. If you break even or come out on the plus side, your child probably won’t need a loan.
  3. If your child has more expenses than savings, you’ll likely need a loan, and the gap between the two will help you determine how much to apply for.

Getting a government loan

Eligibility requirements and more information on government student loans can be found online at www.canlearn.ca

Getting a student line of credit

You will be asked to provide the following items when applying for a student line of credit:
  • Birth certificate, passport, or landed immigrant certificate. These will act as a verification of Canadian residency.
  • University or College acceptance letter, proof of enrolment, or tuition receipt to verify your status as a student.
  • Proof of income and employment to verify your ability to make monthly interest payments.
  • As a parent, you may be asked to be a co-signer, holding you legally responsible for paying the loan if your son or daughter is unable to make payments.

For more information on the application process for a student line of credit, click here or visit your bank.

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