Local 793 apprentices in tower and mobile crane training programs can apply for loans of up to $4,000 under the Canada Apprentice Loan program.
The loans are provided by the federal government to apprentices registered in Red Seal trade programs.
The loans can be used to help pay for tuition, tools, equipment and living expenses, to cover forgone wages or to help support your family.
The loans are interest-free until after loan recipients complete or leave their apprenticeship training program, up to a maximum of six years.
No interest will accumulate until after the apprentice completes or leaves the apprenticeship training program.
The loans are available in all provinces and territories except Quebec where alternate support is available.
It is estimated that at least 26,000 apprentices a year will apply for more than $100 million in Canada Apprentice Loans.
According to Statistics Canada, almost 360,000 people are enrolled in more than 400 apprenticeship and skilled trades programs.
To be eligible for a loan, an apprentice must be:
- a Canadian citizen, permanent resident or protected person;
- registered in a Red Seal trade apprenticeship program that is designated by the province or territory where the trainee is registered as an apprentice;
- enrolled in block release technical training or the equivalent full-time technical training with an approved technical training provider; and
- pass a credit check (required if you are applying for the first time).
You are not eligible if you:
- are a high school student;
- are an apprentice registered in the province of Quebec;
- are already receiving a Canada Student Loan for the same technical training;
- have been told that you are restricted from receiving a Canada Apprentice Loan or a Canada Student Loan;
- have already received funding for five periods of technical training; or
- have already received six years of interest-free status.
Click here for more information about the program.