Tag Archives: how to apply for a loan

Am I Eligible for a Student Loan?

12 Oct

Are you eligible for a student loan? Well, that all really depends on what you are looking for in a loan, what you’re going to school for, for how long… etc. Now, there’s no need for you to start worrying! Finding out if you are eligible for a student loan is nowhere near as hard as getting that online master degree that you are aiming to achieve after you get approved for this loan. Oh, I kid again. I will stop with the bad jokes, now that I have your attention and everything.

Alright, so with a little bit of research, I was able to find out tons of information in regards to eligibility and processes of student loans and grants – but they are very specific to country, state, program etc. I am going to assume that most of you reside in the United States or Canada, or intend on going to school in one of these two countries so here is a general idea as to what will be looked at, when being considered eligible for a student loan.

If you are Canadian, such as I, then you’re awesome! Aside from being awesome, our fabulous government has many partnerships in place for most provinces and territories to help us get a higher education and our dream job! Like everything else in this Country, there are exceptions for residents of Quebec, Northwest Territories and Nunavut but they do have their own student assistance programs in place for those of you that are in these areas.

Once you qualify for a Canadian Student Loan, you will be assessed for Student Grants that you are eligible to receive. Here is the checklist that you will need to go through to apply for any student loan or grant:

  • you must be a Canadian citizen, a permanent resident of Canada or a protected person
  • you must be a permanent resident of the province/territory that issues you the student loan(s)/grant(s)
  • you will need to demonstrate financial need. This means, if your parents are billionaires… it’s unlikely that you will receive a loan as you do not need financial assistance… clearly. A BILLION DOLLARS IS A LOT!
  • you must be enrolled in a degree, diploma or certificate program that is at least 12 weeks in a 15 week period and that is offered by a post-secondary institution
  • you must take at least 60% of full course load if you are a full-time student, or 20%-59% of a full course if you are a part-time student
  • you must pass a credit check
  • you must have not exceeded your maximum lifetime limit of financial assistance

Once you are approved of your loan and are in school, it is required that you maintain decent grades in order to continue receiving your student loan(s)/grant(s) each school year. That’s the hard part, right?

For  the United States residences,  your check list seems to be different depending on the state, loan and whether it may be subsidized or unsubsidized. Unfortunately, you guys don’t have one checklist that is going to tell you what the eligibility process looks at when going through applications. However, I can assure you that they look at very similar things to Canada’s checklist, but again, different states require different information. You can also inquire about additional information about the FAFS (Free Application for Federal Student Aid).

In a nutshell, if your parents don’t make too much money, you don’t have horrible credit, and you are actually in school and have a good background check, you are bound to be approved for some kind of loan.

That’s simple enough, right? You might as well apply and see if you are eligible – you have nothing to lose! FREE MONEY! Well, until you have to pay it back!

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