<P> Student loans in Canada help post-secondary students pay for their education in Canada . The federal government funds the Canada Student Loan Program (CSLP) and the provinces may fund their own programs or run in parallel with the CSLP . In addition, Canadian banks offer commercial loans targeted for students in professional programs . </P> <P> Canadian citizens, permanent residents of Canada living in any province for over a year, and protected persons are normally eligible for loans provided by the federal government, through the CSLP, in addition to loans provided by their province of residence . </P> <P> Loans issued to full - time students are interest free while a student is in full - time studies . Students receiving a Canada Student Loan (CSL) for the first time on or after August 1, 1995, are eligible for up to 340 weeks (~ 6.5 years) of interest - free assistance . Students in doctoral programs are eligible for an additional 60 weeks, up to 400 weeks (~ 7.5 years). Students with permanent disabilities and students who received their first CSL prior to August 1, 1995 are eligible for up to 520 weeks of assistance (10 years). </P> <P> As the length of North American graduate degree programs often exceed this 400 week maximum, students considering graduate study are advised to think carefully before taking out student loans . For example, an honours BA from a Canadian University takes four years, assuming satisfactory progress . MA programs in Canada vary in length from 1--3 years, with two years being the average minimum . A PhD takes, on average, 5 years to complete, although many students take significantly longer than this . Assuming a graduate student completes an honours BA (5 years), an MA (2 years), and a PhD (5 years), one can expect to be in university for at least 12 years . This is significantly longer than the 400 weeks maximum allotted to complete a degree by the National student loan program, and graduate students can easily find themselves in a position where they no longer qualify for student loans . Whether in receipt of student loans or not, students in full - time study are not required to repay their student loans; however, interest begins to accumulate immediately upon reaching the lifetime limit: quoting directly from NSLSC, "Once a lifetime limit has been reached, interest starts to accumulate on your loan .". </P>

When does interest start on student loans canada
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