The life cycle of a student loan

A guide to understanding the federal financial aid program, from the application process to the repayment period.

Philip Rebiere 19 August, 2015 | 5:00PM
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Editor's note: This article is part of Morningstar's August 2015 Focus on Education Savings special report.

Over the past number of years, there has been a simultaneous increase in post-secondary enrollment and tuition costs. This has forced an increased number of students to rely on financing for their post-secondary programs. For most young adults, student loans will be the largest debt obligation they've assumed, yet very few take the time to understand the intricacies of the loan process.

Although there are many sources to finance your education, the most common option for Canadian students is government programs. The Canada Student Loan Program (CSLP) is designed for full-time or part-time students enrolled in accredited post-secondary education programs and can finance up to 60% of tuition costs for eligible students.

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About Author

Philip Rebiere

Philip Rebiere  Phil Rebiere, a freelance contributor for Morningstar, is a student in the business-management program at Western University's Richard Ivey School of Business.

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