31 Loan Assistance for Trade Apprentices

Reviewing Chapter 5 – Funding Opportunities provides ample opportunities for trade workers to account for tuition fees, textbooks, and tools to be successful beginning their career in the trades or pursue further career advancement.

There are a few loan opportunities that trade apprentices can also apply to attain:

Canada Apprentice Loan

The Canada Apprentice Loan allows an apprentice completing a Red Seal program to obtain $4,000 loan for each period of technical full-time block training.  Apprentices can be approved for up to 5 rounds of funding (maximum $20,000).  The loan is interest-free for the full duration of the apprenticeship to a maximum of 6 years.  The Canada Apprentice Loan is very ideal to take advantage of, especially as trade apprentices are not earning employment income during the block training period.

Provincial and/or Territorial Student Loans and Grants

The Government of Canada works with most provincial and territorial governments to offer students grants and loans.  A student would apply through the province or territory of residence.  Any grants earned based on financial need are not required to be paid back.  However, loans are required to be paid back to the government once schooling is complete.  The amount of funding provided would depend on the following factors:

• The province or territory of residence
• Family income
• If one has dependents
• Tuition fees of program and living expenses
• If one has a disability

For trade students, this avenue of student loans and grants would be available best for Foundations or pre-apprenticeship trades training program students in financial need.  Pre-apprenticeship programs are usually longer in duration and have a specified certificate earned by graduates.

Student Aid Estimator

The Government of Canada provides a Student Aid Estimator to assist people in preliminary forecasting the amount of student aid one may be eligible to receive.