Once you have identified continuing income sources, and have developed a working portfolio of non-repayable sources of funding for education, it is now important to examine repayable sources. You must pay particular attention to issues around repayment and the impact repayment will have on spending power after graduation from post-secondary studies. There are two general categories of student loans: government student loans and loans or lines of credit offered to students by banks and credit unions.
Identifying repayable sources of funding
Most banks and credit unions offer special loans to students or a line of credit to students. Visit a branch near you or access the websites listed at the end of this module. Many financial institutions offer financial planning booklets, budgeting software, and tips on living within a budget. The federal and provincial governments offer a variety of student loan programs. Visit the financial aid office at the college or university nearest you for information on current programs and application forms.
Use a commercial loan application form to review the banking terms listed in the glossary, and determine the loan amount you may be eligible for through those programs. Do the same with government student loan programs.