Finances: Canadian Loans

Financial Aid for Canadian Students
The Financial Aid Office will generally have loan applications and information available for provincial and national Canadian loan programs. The Canadian Student Club on campus is very active and offers valuable support for our Canadian students. You will be eligible to apply for aid from Canada while attending college in the U.S.

If you need funding beyond what is available from the Canadian Loan programs, you may wish to participate in the ACC Canadian Private Loan program, which is made available to you by Education Investment Company (EIC) in conjunction with the Association of Chiropractic Colleges (ACC). This loan program is privately funded and does not use government funds or tax-exempt financing. You must have a U.S. Social Security card to apply for this loan.

Credit Criteria
You may qualify for this loan without a co-signer if you have an excellent credit history and are considered credit-ready. This means you have at least two years of an established positive credit history and have made continuous and prompt payments on all obligations (such as mortgages, personal loans, credit cards, auto loans and educational loans).

You may also qualify for this loan as a credit-worthy borrower. This means you meet the credit-worthy guidelines, as stated above, and also meet the debt-to-income ratio of 40% or less. If you qualify as a credit-worthy borrower, you may borrow up to the cost of education, less other aid.

If you do not meet the foregoing credit criteria, you will need a credit-worthy co-signer who is either a U.S. citizen or a permanent resident or a Canadian citizen.

Loan Amounts
If you qualify as credit-ready, you may borrow up to $20,000 to help cover education expenses including tutuion and fess, room and board, and other school related costs on your own signature. If you are a credit-worthy borrower, or you apply with a credit-worthy co-signer, you may borrow up to the full cost of education, less other financial aid. The WSCC Financial Aid Office will determine the amount you are eligible to borrow.

Interest Rate
The interest rate is a variable rate (adjusted quarterly) based on US Prime Rate plus 1.5% to 2.5%, depending on your credit report. Interest that accrues during the in-school, grace, and deferment periods will be added to the principal balance (capitalized) when you enter repayment.

Repayment Terms
With some exceptions, repayment begins nine months after graduation, dropping below half-time enrollment, or at the end of a deferment period. You may defer payment during your in-school period. The maximum repayment period is 20 years. You may also request an additional 12 months of deferment after the grace period.