The ideal situation for a student is to cover their tuition and living costs with personal savings and/or family support. This is ideal, but not always possible. However, lack of financial support should not be a barrier to entering full-time studies.
The next best option to help students cover their expenses while studying is a government student loan issued through their province of residence and the Government of Canada.
Government loans are easy to apply for online, take all study and living costs into account, and automatically link students to grants and bursaries that do not need to be repaid. When it comes time to repay your government student loan, the interest rate and payment options are very flexible and affordable compared to other types of lenders.
"I don't want to be in debt when I graduate. I will just keep my job while studying." Our experience shows that more than 15 hrs/week at a job dramatically reduces the amount of time available for study and success in an MITT program. Finances, time management and successful grades are closely related and one usually impacts the other. A government loan provides a student money but also time to study.
"I thought I had enough saved but my situation changed after classes started. Can I still apply for a government loan?" Yes. Students can apply for a government loan even if their program has already started. If you experience an emergency or your personal situation has changed, a government student loan is your best option to help keep you in class and on track.
APPLYING FOR A GOVERNMENT STUDENT LOAN
To be eligible for a government student loan, full-time students must:
- Be a Canadian citizen, permanent resident, or designated as a Protected Person
- Be a permanent resident of a province/territory that issues Canada Student Loans (ie. Manitoba)
- Demonstrate financial need
- Maintain satisfactory attendance during studies
- Pass a credit check if you are 22+ years of age and applying for the first time
- Maintain satisfactory grades if you have received a government loan in the past
Where To Apply
Students must submit their loan application to their province of residence. Manitoba residents can apply online at www.studentaid.gov.mb.ca. Students from other provinces can find their online application with a quick Google search.
For further information, students can also visit the Canada Student Loans website at www.canlearn.ca.
When To Apply
Students should apply for their loan as early as possible or approximately 2 months before the first day of class. Applying late is not a major problem, but late applications might result in not paying tuition on time or not being able to afford living expenses until later.
Manitoba Student Aid typically posts the online application for the fall/winter school year in early June.
Applying on time according to MITT program start date:
- September program start = Apply no later than July 1
- February program start = Apply no later than December 1
- May program start = Apply no later than February 1
Did you apply late? If you provide MITT Finance a copy/scan of the "My Assessment Details" page from your MySAO/MB Student Aid account showing your loan amount, you will not be charged late fees or lose your seat in your program.
Students should not hesitate to ask for help from MITT Finance or Student Services if they have questions or concerns about their loan or student finances. We want to help!
Contact us today and we will be more than happy to help you with any questions or concerns you have.