Higher studies are not only important but greatly beneficial as well. Any person with at least a bachelor’s degree manages to land better job options than those who only have high school diploma. The senior positions at great firms like essay writing – $7 Canada are possessed by people with at least 16 years of education which makes it a bachelor level degree. Hence, it is a universal fact that to work at higher positions with great pays, education plays a vital role.
As the world is modernizing, people’s mindsets and thinking are changing as well. As compared to the older ties, education has been getting great amount of attention from the young generation and even their parents. Now people prefer to receive their higher education from renowned universities across the world even if they have to travel to a different country or continent merely for that purpose.
Regardless of the increasing demand of quality education, there are no such rules or policies globally to keep the prices of education low or even affordable for all. Especially for the international students, it is not possible to get the education from renowned universities without scholarships or without getting stuck in the cyclone of loans. Loan policies are not easy either in every country.
Canada is one of the countries where students can get loans easily. There are several requirements and eligibility criteria to avail the loan policy in the country. However, these requirements are not complicated and can be fulfilled by the students easily.
How to Get Loan in Canada for studies
Getting a loan might be not too complicated but it is for sure time consuming and cannot be done within a few weeks. Those are rare cases when the loans are sanctioned within a short span of time. To avoid any unwanted situations and issue of limited time it is better to apply for the loan earlier.
Once you have received the admit letter from your desired university, you will be able to calculate the total cost of your college/university education. Calculate the amount you can easily afford and how much would you be needing the loan amount to pay for the tuition, living and food. Once you have thoroughly calculated the amount needed, do some extensive research regarding the banks that are giving the loans on the best possible deals. It is always better to do your research before applying so that you can avail the most reasonable and beneficial deal. The parameters that you need to consider in order to compare the loan policies of different banks are as follow:
- Expenses covered under the education loan.
- Time to process the loan.
- Terms and duration of prepayment.
- Rate of interest.
- Processing fee.
It is always better to apply at more than one bank to avoid any sort of sudden situation caused by the rejection from one place. Applying for banks is easy and can be done online by filling out their loan forms.
Banks need to verify the eligibility of students for which they require several documents at the time of application. The documents you will have to provide are:
- All the documents related to academics (certificates and mark sheets).
- University admission letter as a proof of admission.
- Documents of qualifying exams (like GMAT, IELTS).
- Guarantor’s income proof.
- Application form of the loan.
- Passport size photographs.
- Residential documents of the student and the guarantor as a proof.
- Statements of borrowers bank accounts of the last one year.
These are the general requirements for loan purposes. However, it may vary depending upon each bank and its policies.
Following is the eligibility criteria for getting the loan approved:
- The applicant must be older than 18 years.
- The applicant must have secured admission in a professional course.
- The applicant must have secured admission in a Canadian college or university.
Getting a loan n Canada to pursue higher education is not impossible and not even too hard as well. There are just a set of requirements and eligibility criteria which the student must be fulfilling in order to get the loan approved from the bank.