Understanding Consolidated Student Loan

After graduating from college or university, you will be part of thousands of students have to repay a loan. Up to 60% of the cost of your studies may have been funded by student loans federal government administered through the Canada Student Loans Program students. If you needed extra help, you should consider loans offered by the government of your province or territory. Finally, perhaps you accumulated loans and lines of credit provided by banking institutions to cover the cost of your studies.

It is imperative that you know the source of your loan in order to repay quickly. The government will send documents on the consolidated student loan, and you should understand the process surrounding this product and its impact on you.

What are student loans be consolidated?
The possibility of having access to a consolidated student loan depends on your province or territory of residence. If you have taken loans from federal and provincial governments, they will be consolidated automatically if you live in one of the following provinces:

New Brunswick
Newfoundland and Labrador
Quebec
Saskatchewan
In these provinces, you can fill in a form of student loan federal and provincial governments. Once you have obtained your degree, these loans will be consolidated through the integrated program of student loans. You only have one loan to pay to settle two debts.

Provinces and territories offer only one type of loan, namely the federal government or the provincial or territorial, and you only have one loan to pay anyway. Here these provinces and territories:

Nunavut
Northwest Territories
Quebec
Yukon
In other provinces, you can fill in a form of student loan federal and provincial governments. Note, however, that these loans will not be consolidated once you get your diploma. This means that you should ensure each loan separately reimbursed. This is the case if you live in one of the following provinces:

Alberta
British Columbia
Manitoba
Nova Scotia
Prince Edward Island Prince Edward Island
When do I start repaying my student loans consolidated?
At graduation, you will have a grace period of six months prior to start repaying the loans granted by the government, that they have been consolidated or not. During this period, you will receive the documents which will be specified in the amount of your debt and the interest, and where to send your payments. Please note that interest accrues upon graduation.

Can I consolidate student loans granted by private institutions?
It is possible, as it were, consolidate private loans to students that you contracted with a bank. For example, if you have a loan or a line of credit from a certain institution and you have realized that CIBC offered a more favorable interest rate, you might ask Education Line of Credit to pay your debt. To determine your eligibility for this option, call 1 866 525-8622 to talk to a CIBC adviser.