How much student loan can you get in Canada?
In Canada, the amount of student loans you can receive depends on several factors, including your financial need, the province or territory where you reside, your program of study, and whether you are a full-time or part-time student.
Federal Student Loans:
- Canada Student Loan Program (CSLP): The federal government provides up to $210 per week of study for full-time students. This amount can vary depending on financial need and other factors.
Provincial/Territorial Student Loans:
Each province or territory also offers its own student loans and grants, which can be combined with federal loans. The amount you can receive from provincial or territorial loans varies:
- Ontario (OSAP): For full-time students, you could receive up to $410 per week of study ($210 from CSLP + $200 from Ontario).
- British Columbia: Similar to other provinces, the amount varies but generally aligns with federal amounts, plus provincial contributions.
Maximum Funding:
When combining federal and provincial loans, the total amount you can receive can range from about $210 to $700 per week of study, depending on your circumstances.
Other Factors:
- Parental Income: If you are a dependent student, your parents’ income can affect the amount of financial aid you are eligible for.
- Assets and Savings: Personal savings and assets may also impact the loan amount.
- Marital Status: Married or independent students may qualify for different amounts.
Grants and Bursaries:
In addition to loans, you may also qualify for non-repayable grants, which do not have to be paid back.
Lifetime Loan Limits:
There are also lifetime loan limits, depending on your program of study and whether you pursue multiple degrees.
For precise details, you would need to check with both the federal government’s National Student Loans Service Centre (NSLSC) and your province or territory’s student aid office.