Posted by Vaughan Smith on 10. May 2017
There are differences between private Nova Scotia student loan and Nova Scotia personal student loans. So it is best for students to have a good understanding of these loan options before settling for any. The reason is that the type of loan you choose will ultimately affect how you can make use of the funds, the interest rate and much more.
Nova Scotia Student loan and personal loans also have something in common. They are both provided by private lenders. Also, another similarity is that both loans are unsecured loans. What this means is that any fund offered is not guaranteed by collateral. They are also considered as instalment loans. Money can be provided upfront in a significant amount, which is repaid over an agreed term monthly or in instalments.
On the other hand, Nova Scotia Student loan and personal loans have some differences. For instance, talking about the intended use of the loan received, a personal loan has no restrictions. Meaning it can be used for other expenses such as a wedding, and other major life events. For private Nova Scotia Student loan, students are only permitted by the law to use funds for payment of their educational expenses.
Another difference is that personal loans are usually deposited into the borrower’s account once the loan is approved and ready for disbursement. While private Nova Scotia Student loan are not directly disbursed to the borrower. However, funds are sent to the financial aid office of the institution where it is used to explain all outstand fees first. After that, students can request for the remaining part of the loan to use for other out-of-pocket educational expenses. Another significant difference is the interest rate. Private Nova Scotia Student loan have lower interest rates than personal loans.
The general process of applying for a student loan
The process is simple as filling out the forms, check the status of your loan and cashing your loan. For eligible students, it takes about 4-6 weeks for the loan to be processed. However, if your application is not complete, then there might be some delay. However, the following are the steps to following when applying for the Canada student loan:
The first step to take when applying for Nova Scotia Student loan is to submit an application. You can submit it online either by fax or mail. If you want the fastest service, it is better to submit your request online.
After submitting your application, always check the status online, to know the progress of your loan application.
You may receive some credit assessment documents in the mail. They include CSL loan document, loan negotiation, and pre-study report. You should carefully review the information contained in the documents to be sure that they are accurate.
Your institution will sign and approve your documents for you to move forward. Once approved, you can take them to a National Student Loan Kiosk that is present on campus and negotiate your loan. What negotiation means is filling out the paperwork accurately to enable funds to allow you to receive loans. Also, remember that you will be required to present your means of identification. After filling out your paperwork and sending to the appropriate quarter, do not forget to keep a copy for yourself too.
Today, many post-secondary school students have achieved their dreams through http://novascotiastudentloan.ca/. They pay for tuition, buy books, computers and meet other educational needs. Student loans in Canada, for example, are very obtainable, especially for eligible students. So if you are having financial problems that are affecting your education, you can apply for a loan right away.
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