The federal government has launched its student loan program to make the post-secondary education accessible for students. They also provide ample time for the students to grab a job before they are made to repay the loan.
These loans are awarded to the students directly and demand payment only after the student is out of school. The account is automatically shifted to its 6 month grace period if the student graduates completely or drops below half time.
The grace period is offered for the students to either enroll themselves in more classes so that they get back up to half time status or start paying the loan. This grace period of 6 months can only be used once and if the student drops below half time status for another time, the repayment should be started immediately.
To avoid excessive financial difficulty, the loans offer a small annual limit that can be accessed. Freshmen students can use up to $5,500 per year, sophomores can have a loan of $6,500, and juniors and seniors can make use of $7,500 per year.
Students have an option of borrowing money to help them with their living expenses if they are living on their own. The government also looks after the interest payments when the student is still in school. The amount should be repaid after graduation and the interest would be applicable from that rate.
Planning to give the best shot in both is a challenge.The key word here is balancing! 
Parents get frightened by the fact of to pay thousands of dollars for an education. 
For post secondary education, Federal government has launched loan program. 
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