On average, full-time tuition fees for undergraduate students in Canada cost $6,834 per year. That\u2019s a lot of money for most people, which is why you might need a student loan to help pay for school.<\/p>
If your credit history is less than perfect, you might be asking yourself one important question: Can you get a student loan with bad credit? The good news is that it\u2019s possible to get student loans for bad credit in Canada. Keep reading to find out how.<\/p>
Yes, it is possible to get a student loan<\/a> in Canada with bad credit. When you apply for student financial assistance through the Canada Student Financial Assistance Program<\/a>, your financial situation will be assessed to determine whether you qualify for funding. Depending on where you live, you may qualify for a federal student loan as well as a loan from your provincial government. In many cases, you will not need to complete a credit check to apply, so bad credit won\u2019t stop you from getting a student loan.<\/p> However, in some provinces you will need to complete a credit screening process if you\u2019re 22 or older and you\u2019re applying for student financial assistance for the first time. So, if your credit history is less than great, it could harm your loan prospects.<\/p> Alternatively, you may want to apply for a loan from a bank or private lender. Banks have strict eligibility criteria, so you\u2019ll find it difficult to qualify for a bad credit student loan. But private lenders have lenient eligibility requirements and are willing to work with bad credit borrowers\u2014just be aware that high interest rates usually apply.<\/p>\n \n\n