Differences Between Loans
| Categories | Government student loans | Non-government student loans |
|---|---|---|
Requirement of a guarantor |
As a general rule, no (exception: in British Columbia, if you are under 19 you need a guarantor in order to receive your B.C. Student Loan) | Possibly |
Interest due while in school |
Full-time students do not pay interest until they have left post secondary education (or reached the lifetime limit for assistance) | Yes, students pay interest while in school |
Start date of repayment |
6 months after leaving post secondary education (interest will accrue as soon as you are out of school, however) | Immediately after receiving the loan |
Repayment help |
Forms of help, such as getting a temporary pass on paying principal and interest, are available | Varies by loan provider; typically more difficult to access |