Loan and Payment FAQs:
1. Can I Pay the Loan Early Without Any Penalty?
You can repay your loan early without incurring any extra fees or penalties.
2. How Much Interest Will I Pay in Total?
The loan carries a fixed interest rate. The total interest you will pay depends on your loan amount and repayment period, which you can review in your loan agreement.
3. Can I Pay the Cash Collateral in Installments or Less Than the Required Amount?
Unfortunately, the cash collateral amount is non-negotiable and must be paid in full. However, there are programs with lower collateral requirements. Please refer to our guide for information on the minimum collateral required for the programs we support.
4. Will Passage Pay My Tuition to the School Directly?
Passage will pay the tuition fee directly to the school, following the agreements in place with our partner institutions.
5. How Will I Receive the Cost of Living From Passage?
*This only applies if you selected a tuition and Living costs loan
We will send the living costs to your Canadian bank account to help with the living costs. There are 12: once a month for a year.
Notice that they start on the effective date: in most cases, the effective date will be the first day of your school program.
Example: If your class starts on January 6, your first cost of living disbursement would be made that same week.
6. What’s the Detailed Repayment Schedule?
For detailed information about your loan repayment schedule, please refer to your loan agreement. You can also use the loan estimator tool to get an idea of the breakdown of your repayment terms.
7. What Happens If I Cannot Gather the Cash Collateral on Time?
If you are unable to gather the required cash collateral by the deadline:
Offer Extensions and Deferrals: Passage can assist applicants by facilitating offer extensions or deferrals to a later intake. You can learn more about the extension process here.
How to Request a Deferral:
Contact Passage support at [email protected] to initiate your deferral request.
Application Closure: If the required collateral cannot be raised, the application will be closed by Passage’s withdrawal and closure terms.
It’s important to act promptly and explore available options to avoid disruptions to your application process.