
Vertex Bridge Consulting's partnership with Passage opens up avenues for international students to apply for loans, enabling them to pursue diploma and postgraduate certificates in STEM, healthcare, and skilled trades at George Brown College.
This article provides a simplified breakdown of the financial aspects for prospective applicants.
Loan Amount Illustration for a One-Year Program
As of 2024, international students aiming to study in Canada must demonstrate proof of funds for living expenses totaling CAD$20,653, in addition to first-year tuition and travel expenses.
The average annual tuition at George Brown College is approximately CAD$18,443.
For a one-year program, the total required funds would be CAD$20,653 (living expenses) + CAD$18,443 (tuition), making it a total of CAD$39,078.
To signify the student's commitment, a tuition fee deposit of about 25% of the loan amount is required to be paid to the school as collateral, amounting to CAD$9,700.
Upon completion of these requirements, the student will receive a Proof of Financial Support letter for CAD$39,078, which can be used for the study permit application.
Disbursement & Repayment
The tuition fee is paid directly to the school.
The living expenses loan of CAD$20,653 will be disbursed to the student every month, amounting to 12 equal installments of CAD$1,719.58 upon arrival in Canada.
Repayment of CAD$573.30 per month for 84 months (7 years) will commence one month after the student starts school. The loan interest is at a fixed rate of 11.95%.
The Net Off: Here is the catch - since you are doing loan repayment monthly and also collecting your allowance, the loan will be deducted from the allowance and the balance paid to you. Hence, the net cash received each month will be CAD$1,146.22 (CAD$1,719.58 - CAD$573.30).
This implies that technically, there are no direct loan repayments out of pocket for the first year.
What STEM, Healthcare & Skills Trade Programs qualify?
Undergraduate Diploma (2 years)
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Postgraduate Certificate (1 year) |
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For a detailed FAQ, read Accessing our international student loan - Your FAQ's Answered
To apply for the program, please contact us via our website, email: hmarcells@vertexbridge.ca, or WhatsApp at +19059043317.
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