Government Assistance and Private Loans
The first step is to check with the Department of Education, Culture, and Employment and look into different financing options for school-related expenses. The amount and type offered depends on eligibility but there are several options to consider, including course reimbursement, grants offered to students with permanent disabilities, repayable loans, remissible loans or supplementary grants, and basic grants. Basic grants, for example, offer financial assistance for travel costs, books, fees, and tuition while remissible loans are in the form of a monthly living allowance. A repayable loan is yet a third option for students looking for financial assistance and can be used for expenses such as monthly living allowance, travel, books, fees, tuition, and so on. Course reimbursement is yet another option for part-time students and is offered in the amount of up to $500 per course. Student loans are also offered by local, regional, and major banks in the Northwest Territories, and the amount, interest, and charges vary based on credit rating, whether you have a cosigner, employment, and so on.
This is yet another option for students who are looking for ways to improve their credit rating and pay daily expenses such as utilities, groceries, meals, books and textbooks, and emergency expenses (i.e. medical bills, medications, outstanding balances, etc.) Many banks in Canada offer student credit cards with affordable fees, long grace periods, student discounts, exclusive deals, and competitive rates. Banks and other financial establishments, including RBC, Scotiabank, and TD Canada Trust, offer student credit cards with perks such as memberships, free gifts, bonus points, discounts, and no annual fees. Some banks offer cards that come with optional coverage, automotive features, exclusive travel benefits, and complimentary bonus points on the first card purchase. Students enjoy benefits such as discounts on movie snacks and car rentals, balance transfers and immediate cash advances, assistance in case of road emergency, travel accident insurance, and a lot more. Customers are offered everyday services and exclusive features such as authorized user cards at no added cost, optional card protection, and large credit limits. A student card is one option for students with no credit exposure and limited budget but it is important to pay off the outstanding balance in a timely manner. Otherwise your newly built credit score may suffer, and you can be charged penalty fees and interest charges that are considerably higher. On the good side, it is easy to apply for a card and banks offer plenty of options – by phone, in person, by email, and online. Financial institutions usually ask for details such as gender, primary and secondary phone, residential status, how long you have lived at your current address, and so on. Make sure you check important details such as promotional rates, minimum payment, cash advance fees, and other charges.
In addition to student cards, there are other options to explore, including secured, department store, and prepaid cards that can help in emergencies. If you opt for a line of credit, you will benefit from a competitive interest rate and a flexible repayment plan.