There are many types of student loans available. Depending on the level of education you are at, will determine how much you could borrow. In fact, there are many other things that are considered when applying for a student loan. A Saskatchewan student loan is not much different than any other town or city in Canada or the USA. You will have the same options of financial lending available.

If you want to carry on with your education but aren’t at graduate level, then you do still have a choice if you need a loan. These loans are known as undergraduate loans and the two most common options are the Stafford and Perkins loans. These are government loans supplied to students only. Here’s the breakdown of these loans and how they differ from each other:

Stafford Loan

A Stafford loan will be granted to a student, no matter what their own personal finance situation is. The two types of Stafford loans are subsidized and unsubsidized. The only difference in these two loans is how the interest is paid on them. If you have a subsidized loan, then the government will pay the interest. If you have an unsubsidized loan, then you will pay the interest yourself but you may get the option to pay it once you have graduated. This will vary depending on the exact specification of your loan.

Perkins Loan

A Perkins loan is slightly different and is mainly given to students who are in financial strife. It benefits by having a very low interest rate and will pay up to approx $4000 of your education. This is the best option if you can prove that your finances are very limited.

So whether you need a Saskatchewan student loan or for any other state, you’ll see that there are various options available to you. The first step is to fill out a FAFSA form and send it to the government. They will then return it with an SAR report and give you the preferred options for your student loan.