Canadian Pharmaceutical Students Guide

Financial Aid and Loans to Complete a Degree in Pharmacy

If you are enrolled in an accredited university and pursuing a degree in pharmacy, there are several financing options to consider and pay tuition and board expenses in Canada. You can apply for grants, scholarships, and loans offered by private lenders and under government programs.

Universities Offering Programs in Pharmacy

Several Canadian universities offer degree programs in pharmacy, including School of Pharmacy – University of Waterloo, University of Manitoba, Winnipeg (URL), Dalhousie University, Halifax (URL), University of British Columbia, Vancouver, University of Alberta, and others. Some institutions offer Bachelor Degrees only while others also offer Doctor of Pharmacy degrees.

Financing Options Available

Grants

One option is to apply for a grant or scholarship. Grants are offered in the form of financial assistance whereby students don’t need to pay the money back. There are different types of grants targeted at students with disabilities, students with dependents, full- and part-time students, and those from middle- and low-income families. Bursary programs and grants are also available through the territorial and provincial authorities. There are certain eligibility criteria to meet when applying for grants. For instance, low-income students must be enrolled full-time at an accredited institution and pursuing a degree with a duration of at least 2 years. Income eligibility requirements vary by province and are based on family size.

Government-Sponsored Loans and Programs

There are two financing options available, government-sponsored loans and loans from private lenders, including banks, and credit unions. Government assistance is available under provincial and federal programs. Some jurisdictions run their own assistance programs, for example, Quebec and the Northwestern Territories. Again, there are eligibility criteria for students to meet. Only permanent residents and citizens qualify as well as protected persons. Applicants who demonstrate financial need and pursue a degree or are enrolled in a certificate or diploma program meet the criteria for financial assistance. Credit check is also required for applicants who are 22 years old or older; see here: https://www.lifeoncredit.ca/getting-out-of-debt-get-a-chance-with-debt-consolidation-loans/. When it comes to benefits, one of the main features of government-sponsored loans is that there is an interest-free period, and interest charges begin to accumulate once this period ends. It must be noted, however, that government-sponsored loans in Ontario also have maximum lifetime limits; see here: https://osap.gov.on.ca/OSAPPortal/en/A-ZListofAid/UCONT004192.html Repayment assistance is available in different forms, including permanent disability benefit, revision of terms, debt reduction in repayment, and interest relief.

Loans Offered by Private Lenders

Students who fail to meet the criteria for government financial assistance can apply for loans offered by major financial institutions such as CIBC and RBC as well as small banks. One of the main differences between government and private loans is that the latter do not have an interest-free period. The interest rate is also high. In general, students can choose from fixed and floating rates, and floating rates go up and down with prime rate fluctuations. In addition, some financial institutions also offer student lines of credit, cash advance credit cards; see here – https://www.lifeoncredit.ca/cash-advances-on-credit-cards/, which are available to landed immigrants and Canadian citizens. Even applicants who are enrolled abroad are eligible to apply for a credit line; see here:https://www.lifeoncredit.ca/. There are minimum income requirements but borrowers who fail to meet them are allowed to apply together with a co-applicant. Financial institutions accept applications from students who are enrolled in accredited and recognized universities and colleges. This is one alternative to private and government-sponsored loans, and students are allowed to make interest-only payments up to 1 year after graduation. Another benefit for borrowers is that student lines of credit offer convenient access to finances. Many financial institutions also emphasize the fact that there are no set-up or withdrawal fees.

 

 

 

 

© Sophs 2015