Student loan consolidation in Canada has got easier recently. The Government of Canada in association with several Canadian provinces has simplified student financial assistance in Canada. Starting August 1, 2001, students in Ontario and Saskatchewan have allowed integrated federal and provincial student loans. Starting April 1, 2004, Newfoundland and Labrador now offer Canada student loan consolidation l and on May 1, 2005 New Brunswick also started to participate in this system. Since the Government of Canada and each of the provinces agreed to consolidate their Canada student loan program, the result has been an easier way for a Canada student to have a consolidation loan.
With a student loan consolidation in Canada, first time student borrowers benefit from one application, one need assessment, one loan certificate and loan agreement form, and common repayment assistance measures.
As a result, these borrowers have one student debt and make a single payment when repaying their student loans. Already, integrated certificates of eligibility are in use for borrowers residing in all integrated provinces. These borrowers also benefit from a single loan consolidation form and process and a single interest relief application for their integrated student loans.
Borrowers with student loans issued prior to August 1, 2001, also benefit from Integrated Student Loans in Ontario, Saskatchewan, Newfoundland and Labrador and New Brunswick. It is important to remember, however, that they will maintain a separate consolidation and repayment process for their risk-shared and guaranteed loans.
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