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Page 8 se THE NEWS September 17; 1964 Pr romrori re tose a ORT ee A 3 LOANS FOR STUDENTS Guaranteed by the Government of Canada Purpose: The purpose of the Canada Student Loans Act is to facilitate bank loans for students who need financial help to continue full-time studies beyond secondary school level at Universities and other educational institutions. J Who can apply: Any Canadian citizen, or anyone resident in Cafada for one year who intends to live in Canada after completion of studies; may apply for a loan under the Act. An applicant must be enrolled or inténd to enroll as a full-time student at an educational institution approved/by provincial authorities, and must meet the standards of academic qualification and financial need established by the student loan authority in theProvince in which he applies. Amount of loans: Depending) upon individual ciréumstances and financial need, loans up to $1,000 a year may be made, with a maximum of $5,000 during a student's academic ¢areer. The Provincial Authority receiving applications and deter- mining eligibility will issug'a certificate to each eligible student stating the maximum amount the student may borrow. This Certificate of Eligibility is requited before a student can arrange a Government Guaranteed Student Loan with the bank of/his choice. Repayment: Inter¢st-F ree and Delayed Repayment Period To assist students/the interest on loans during the period a student continues full-time studies, And for six months thereafter, will be paid by the Government of, Canada. During this same period no repayment of principal is required, nor will any serviet charge or fee be payable by the student. j Method of Repayment Borrowers will begin to pay interest and to repay loans six months after they icease to /be full-time students. The current interest rate to students is 534% per annum. Normally the repayment period will be five to ten years. Borrowers have the right to repay loans in part or in full at any time without penalty. ife Insured In the event of the death of a borrower responsibility for repayment of the loans will be assumed by the Government of Canada. Where to apply: A list of approved educational institutions in Ontario is contained in a brochure now available at banks, universities and other educational institu- tions. Ontario residents planning to attend one of these institutions should apply directly to that institution for a Certificate of Eligibility. Ontario residents planning to study in other provinces or countries should direct enquiries to: Department of University Affairs, Suite 600, 344 Bloor Street West, Toronto. The above notes are based upon the Canada Student Loans Act 1964 and are for reference only. All applications and loans are subject to the full terms and conditions of the Act. CANADA STUDENT LOANS ACT