It’s important to compare different loan offers not just on interest rates but also on processing fees, prepayment penalties, moratorium policies, and customer service. Talking to students who have gone through the loan process, consulting with educational counselors, and reading reviews can provide valuable insights. Some banks also offer loans in partnership with Canadian institutions, which might come with added benefits such as lower interest rates or faster processing.
Financial planning should begin well before applying for an education loan. Estimating the total cost of education in Canada, including tuition, accommodation, health insurance, and daily expenses, helps in understanding how much funding is required. Creating a realistic repayment strategy, including a savings plan during and after the study period, ensures a smoother financial journey. Parents and students should discuss the financial implications together to make informed decisions.