Financial planning should begin well before applying for an education loan. Estimating the total cost of education in Canada, including tuition, accommodation, health insurance, and daily expenses, helps in understanding how much funding is required. Creating a realistic repayment strategy, including a savings plan during and after the study period, ensures a smoother financial journey. Parents and students should discuss the financial implications together to make informed decisions.
In conclusion, an education loan can be a powerful enabler for students aiming to study in Canada, but it comes with responsibilities. Understanding the terms, choosing the right lender, and planning repayment strategies are key steps in ensuring that the loan becomes a stepping stone rather than a burden. With proper research and financial discipline, education loans can unlock a world of academic and career opportunities in one of the most sought-after study destinations globally.