For many people student loans are the only reason they were able to pursue secondary education, at the same time student loans can also be responsible for many people being indebt for the better part of their lives.
"A 45 year old receptionist at the Cape Breton Regional Hospital who attended a secretarial school for years has just paid off her student loan 2 years ago. That's approximately 24 years of paying off this loan. Also, because she owed this money she was unable to buy a house, she was also called weekly at both work and home by creditors urging her to pay the remaining balance of her loan."(Marilyn King).
Stories like this are not uncommon among people who have needed to obtain student loans. "Within the 96-97 school years Nova Scotia had 9,996 people who took out loans from the Canadian Student Loans Program. This number steadily increased to 11,336 in the 00-01 school year."(CSLP Statistic).
To receive a student loan there are many requirements. "In most cases you must be taking 60% of a full course load."(NS Student Assistance). Also, you must be a Canadian Citizen or Landed Immigrant, and your program must be offered through an approved institution and be at least 12 weeks long.
After applying for a student loan it usually take from between 4 and 6 weeks to find out if your loan request has been granted. If it has, your payment will usually be sent as soon as possible.
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The Credit Union loan program.
Student loans are offered from many places including the Canada Student Loan Program, the Nova Scotia Student Loan Program and also certain banks. One of those banks is the Credit Union.
The Credit Union loan program is designed for student who are not eligible under the Canada Student Loan Program or who requires additional funding. Loans are to be used for educational purposes only: i.e. tuition, books, fees, and normal living expenses for those students not residing at home.