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Money for Your Child's University: Loans, Grants, and RESP Withdrawals

The Canadian federal government offers student loans and grants for college, university, and trade programs. This guide explains how to apply, manage, and repay student loans, and how to withdraw from an RESP.

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What is Student Aid?

Student aid is funding from the Government of Canada (administered by Employment and Social Development Canada) to help pay for college, university, or trade studies. It includes grants and loans, as well as scholarships and repayment assistance.

Who Can Apply?

  • Canadian citizens, permanent residents, and protected persons can apply for the same loans and grants as citizens.
  • Reservists can keep their loans payment-free while serving.
  • Athletes have specific support.
  • Indigenous peoples have dedicated scholarships, bursaries, and programs.

How to Apply?

Apply for student loans and grants (including special circumstance grants) through official online channels. Specific application steps are not listed in the source material; check the official website at the time of application.

Managing Your Loan

  • Loans are managed by the National Student Loans Service Centre (NSLSC).
  • Log in to your NSLSC account to check your balance, update your information, and keep your loan payment-free.
  • Review the terms of your loan agreement in your account.

Repaying Your Loan

  • Repayment starts after you finish school; details are on the official site.
  • If you have trouble repaying, apply for Repayment Assistance.
  • If you cannot repay, the official site explains what to do.
  • In certain cases, you may qualify for Canada Student Loan Forgiveness.
  • Special information is available about repaying during natural disasters.

Other Student Aid

  • Apprentice loans and grants: help apprentices start and complete their training.
  • Scholarships: for undergraduate, graduate, and postdoctoral studies.
  • Indigenous learning: scholarships, bursaries, programs, and schools.
  • Aid for reservists: keep your loan payment-free while serving.
  • Aid for protected persons: apply for the same loans and grants as citizens.
  • Aid for athletes: support for high-performance athletes.

RESP Withdrawals

This source does not cover RESP withdrawal rules. RESP is a family savings plan; contact your RESP provider for withdrawal options, and follow CRA rules. For specific conditions and tax implications, consult your provider or the CRA website.

Official Source

Official sources

Rules and fees change. Check the official pages below before you act — they are what this guide was written from.

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