The Icelandic Canadian - 01.09.1964, Síða 59

LOANS FOR STUDENTS
Purpose The purpose of the Canada Student Loans Act is to facilitate
bank loans for students who need financial help to continue
full-time studies beyond secondary school level at Universities
and other educational institutions.
Who an apply: Any Canadian citizen, or anyone resident in Canada for one
year who intends to live in Canada after completion of studies,
may apply for a loan under the Act. An applicant must be en-
rolled or intend to enroll as a full-time student at an education-
al institution approved by provincial authorities, and must meet
the standards of academic qualification and financial need
established by the student loan authority in the Province in
which he applies.
Amount of loans:Depending upon individual circumstances and financial need,
loans up to $1,000 a year may be made, with a maximum of
$5,000 during a student’s academic career. The Provincial
Authority receiving applications and determining eligibility
will issue a certificate to each eligible student stating the max-
imum amount the student may borrow. This Certificate of
Eligibility is required before a student can arrange a Govern-
ment Guaranteed Student Loan with the bank of his choice.
Repayment: Interest-Free and Delayed Repayment Period
To assist students, the interest on loans during the period a stu-
dent continues full-time studies, and for six months thereafter,
will be paid by the Government of Canada. During this period
no repayment of principal is required, nor will any service
charge or fee by payable by the student.
Method of Repayment
Borrowers will begin to pay interest and to repay loans six
months after they cease to be full-time students. The current
interest rate to students is 5%% per annum. Normally the re-
payment period will be five to ten years. Borrowers have the
right to repay loans in part or in full at any time without
penalty.
Life Insured
In the event of the death of a borrower responsibility for re-
payment of the loans will be assumed by the Government of
Canada.
Where to apply: Students should obtain a brochure which is now available at
banks, universities and other educational institutions. This
brochure contains lists of Provincial Authorities
The above notes are based upon the Canada Student Loans Act 1964 and are for reference only.
All applications and loans are subject to the full terms and conditions of the Act.
CANADA STUDENT LOANS ACT
CANADA