Almost every student's plan is to further their education in post-secondary school level. However, somewhere along the line, that
dream gets cut short due to financial problems. Many people end up not
going to college after their parents pass away or when their families
cannot support them financially. They know the financial demands college
brings, and so they forget about their college dreams. In Canada for
instance, a student can spend more than $80,000 on tuition and other
related expenses.
You should have strong financial support once you get to post-secondary school level of your educational pursuit. Your
tuition needs to be paid at the right time before you are allowed,
graduate. Feeding, accommodation and learning material are some of the
demands you must meet.
However, one interesting thing is that students without that solid financial background are pursuing their
post-secondary school education. So how is that possible? In Canada,
Nova Scotia to be precise, students acquire loans to solve their
financial problems in school.
What are Student Loans?
Student loans are financial assistance given to students from a lending house,
by the government or private institutions. The private organization
comprises of banks, as well as other financial institutions that offer
student loans. However,
Nova Scotia Student loan are available to students to pay off their course fees, which are
mandatory fees requested by the education provider or institution. In
addition to the fees usually required by the school, they also need
books, study materials, computers, and other living costs. Also, Nova
Scotia Student loan are sufficient to take care of the financial needs
of students. These loans are also paid back with interest.
The History of Student Loans in Canada
Student loans in Canada have a robust history. Before the year 1964, what is
known as the national student loan program was at that time called
Dominion-Provincial Student Loan Program. This program began in the year
1939 but ended when the Canada student loan program started full
operation in 1964. Then, it was operated as a matching grant partnership
program between provincial and federal governments.
Student loans in Canada kicked-off completely in 1964. And since it started, the
financial resources which were set aside for students had been
supplemented, so it would be enough to assist individuals who need Nova
Scotia Student loan to pursue their post-secondary education dreams.
Though Nova Scotia Student loan were only awarded to eligible students,
which includes students who meet the criteria set up by the regulatory
body.
Financial institutions in Canada took over the disbursement of Student loans to students, between the periods of 1964 to 1995. They
are also in charge of the loan repayment process. The Government also
often compensated these financial institutions by reimbursing them with
the entire amount of loans that got into default.
The Canada student loans had some changes in 1995. During that time, the Canada
Student Assistance Act replaced the Canada Student Loans Act that was in
existence. The changes made were to accommodate the needs of both
parties involved in the loan process, which on one side includes the
responsibility that was placed on banks to collect defaulted loans. The
government also had an agreement with several financial institutions to
share the risk. The idea was to make these schools take responsibility
for the risk associated with defaulted loans. However, the risk-shared
agreement between the government and other financial institutions
involved ended on July 31, 2000. Issuance and management of student
loans took a different toll at the end of the agreement. The Government
took
http://novascotiastudentloan.ca/ over everything and started financing all new loans issued after or on August 1, 2000.
The risk-shared agreement that existed between the Government and other
financial institution that participated ended on July 31, 2000, and
after that, then the Government took full responsibility and started
financing all new loans that were given after or on August 1, 2000. The
National Student Loan Service Center is responsible for administering
student loans to students in Canada.
