{"id":537,"date":"2023-09-03T18:57:45","date_gmt":"2023-09-03T22:57:45","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/?post_type=chapter&#038;p=537"},"modified":"2024-11-28T17:21:26","modified_gmt":"2024-11-28T22:21:26","slug":"loan-assistance-for-trade-apprentices","status":"publish","type":"chapter","link":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/chapter\/loan-assistance-for-trade-apprentices\/","title":{"raw":"Loan Assistance for Trade Apprentices","rendered":"Loan Assistance for Trade Apprentices"},"content":{"raw":"Reviewing <a href=\"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/part\/v-funding-opportunities-for-apprentices\/\" target=\"_blank\" rel=\"noopener\"><em>Chapter 5 \u2013 Funding Opportunities<\/em><\/a> 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.\r\n\r\nThere are a few loan opportunities that trade apprentices can also apply to attain:\r\n\r\n&nbsp;\r\n\r\n<em>Canada Apprentice Loan<\/em>\r\n\r\nThe 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.\u00a0 Apprentices can be approved for up to 5 rounds of funding (maximum $20,000).\u00a0 The loan is interest-free for the full duration of the apprenticeship to a maximum of 6 years.\u00a0 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.\r\n\r\n&nbsp;\r\n\r\n<em>Provincial and\/or Territorial Student Loans and Grants<\/em>\r\n\r\nThe Government of Canada works with most provincial and territorial governments to offer students grants and loans.\u00a0 A student would apply through the province or territory of residence.\u00a0 Any grants earned based on financial need are not required to be paid back.\u00a0 However, loans are required to be paid back to the government once schooling is complete.\u00a0 The amount of funding provided would depend on the following factors:\r\n<ul>\r\n \t<li>The province or territory of residence<\/li>\r\n \t<li>Family income<\/li>\r\n \t<li>If one has dependents<\/li>\r\n \t<li>Tuition fees of program and living expenses<\/li>\r\n \t<li>If one has a disability<\/li>\r\n<\/ul>\r\nFor 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.\u00a0 Pre-apprenticeship programs are usually longer in duration and have a specified certificate earned by graduates.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline\">Student Aid Estimator<\/span>\r\n\r\nThe Government of Canada provides a <a href=\"https:\/\/certification.esdc.gc.ca\/lea-mcl\/eafe-sfae\/eafe-sfae-h.4m.2@-eng.jsp\" target=\"_blank\" rel=\"noopener\">Student Aid Estimator<\/a> to assist people in preliminary forecasting the amount of student aid one may be eligible to receive.","rendered":"<p>Reviewing <a href=\"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/part\/v-funding-opportunities-for-apprentices\/\" target=\"_blank\" rel=\"noopener\"><em>Chapter 5 \u2013 Funding Opportunities<\/em><\/a> 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.<\/p>\n<p>There are a few loan opportunities that trade apprentices can also apply to attain:<\/p>\n<p>&nbsp;<\/p>\n<p><em>Canada Apprentice Loan<\/em><\/p>\n<p>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.\u00a0 Apprentices can be approved for up to 5 rounds of funding (maximum $20,000).\u00a0 The loan is interest-free for the full duration of the apprenticeship to a maximum of 6 years.\u00a0 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.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Provincial and\/or Territorial Student Loans and Grants<\/em><\/p>\n<p>The Government of Canada works with most provincial and territorial governments to offer students grants and loans.\u00a0 A student would apply through the province or territory of residence.\u00a0 Any grants earned based on financial need are not required to be paid back.\u00a0 However, loans are required to be paid back to the government once schooling is complete.\u00a0 The amount of funding provided would depend on the following factors:<\/p>\n<ul>\n<li>The province or territory of residence<\/li>\n<li>Family income<\/li>\n<li>If one has dependents<\/li>\n<li>Tuition fees of program and living expenses<\/li>\n<li>If one has a disability<\/li>\n<\/ul>\n<p>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.\u00a0 Pre-apprenticeship programs are usually longer in duration and have a specified certificate earned by graduates.<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"text-decoration: underline\">Student Aid Estimator<\/span><\/p>\n<p>The Government of Canada provides a <a href=\"https:\/\/certification.esdc.gc.ca\/lea-mcl\/eafe-sfae\/eafe-sfae-h.4m.2@-eng.jsp\" target=\"_blank\" rel=\"noopener\">Student Aid Estimator<\/a> to assist people in preliminary forecasting the amount of student aid one may be eligible to receive.<\/p>\n","protected":false},"author":1780,"menu_order":4,"template":"","meta":{"pb_show_title":"on","pb_short_title":"Loan Assistance for Trade Apprentices","pb_subtitle":"","pb_authors":["anne-lee"],"pb_section_license":"cc-by-nc-nd"},"chapter-type":[48],"contributor":[61],"license":[58],"class_list":["post-537","chapter","type-chapter","status-publish","hentry","chapter-type-standard","contributor-anne-lee","license-cc-by-nc-nd"],"part":159,"_links":{"self":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapters\/537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/wp\/v2\/users\/1780"}],"version-history":[{"count":3,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapters\/537\/revisions"}],"predecessor-version":[{"id":1391,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapters\/537\/revisions\/1391"}],"part":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/parts\/159"}],"metadata":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapters\/537\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/wp\/v2\/media?parent=537"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapter-type?post=537"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/wp\/v2\/contributor?post=537"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/wp\/v2\/license?post=537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}