★ STUDENT LOANS · ALL OPTIONS · PROVINCIAL + PRIVATE
OSAP is for Ontario. Every other province has its own.
Every province runs its own student loan program (Quebec runs entirely separate from the federal Canada Student Loans). Plus all Big-5 banks offer private student lines of credit. Here's the full landscape.
★ YOUR PROVINCE ★
Pick yours
ON
Ontario
OSAP
WEEKLY MAX$360
LIFETIME MAX$80,000
GRANTS AVAILABLEOSG · Canada Student Grant
NOTESLargest provincial program. See dedicated OSAP page.
★ FEDERAL CANADA STUDENT LOAN ★
Common to all provinces (except QC)
CANADA STUDENT FINANCIAL ASSISTANCE
The federal government provides loans + grants on top of your provincial loan. You apply ONCE through your provincial portal — they coordinate with NSLSC.
WEEKLY MAX (FEDERAL)$210
INTEREST WHILE IN SCHOOL$0
INTEREST POST-GRADPrime + 0%
GRACE PERIOD6 months
★ KEY POINTS
Federal portion = 60% · provincial portion = 40% of your combined student loan
NSLSC.ca is where you manage repayment
Federal interest waived (2023+) entirely · was prime + 2.5%
RAP = monthly payments based on income post-grad
Forgiveness for nurses + doctors in rural areas
★ BIG-5 STUDENT LINES OF CREDIT ★
When OSAP isn't enough
RBC
Royal Credit Line for Students
Undergrad$15k-50k
Grad/Professional$50k-150k
InterestPrime · interest-only during school
TD
TD Student Line of Credit
Undergrad$10k-40k
Grad/Professional$50k-150k
InterestPrime · interest-only during school
Scotia
ScotiaLine for Students
Undergrad$15k-50k
Grad/Professional$50k-150k
InterestPrime + 0.5% · interest-only
BMO
BMO Student LOC
Undergrad$10k-40k
Grad/Professional$50k-150k
InterestPrime · interest-only
CIBC
CIBC Education Line of Credit
Undergrad$10k-45k
Grad/Professional$50k-150k
InterestPrime · interest-only
★ All require a creditworthy Canadian co-signer (typically parents) unless you have substantial income/credit. Bank LOCs DO accrue interest during school (interest-only payments required).
★ WHO PICKS WHAT ★
Right loan for your situation
BIG-DOLLAR PROGRAM (med, law, dental)Bank LOC + OSAP
$150k cap on bank LOCs covers what OSAP can't. Plus interest-only while in school.
STANDARD UNDERGRADOSAP first
No interest while in school · grants stack · bank LOC only as backup for gap.
INTERNATIONAL STUDENTPrivate LOC
Not eligible for OSAP/CSL. Bank LOCs require Canadian co-signer typically.
GRAD SCHOOL (PhD, MA)OSAP + scholarships
Most grad programs have funding/RAs. OSAP for shortfall.
PART-TIME STUDENTCanada Student Loans direct
Many provincial programs require full-time. CSL has part-time options.