Financial Literacy Month is the perfect opportunity to launch our second exploration of lending opportunities across various sectors.
At flovver, we encourage our lender clients to transform their impact into a true driver of positive change for their communities. And what could be more powerful than education and training to drive lasting and meaningful transformation?
Did you know that non-traditional loans play a vital role in the training sector? They enable flexible financing solutions, whether directly for students or companies investing in upskilling their employees. For instance, a professional training company might offer interest-free financing options or installment plans.
These solutions make programs more accessible, promoting continuous learning and opening up opportunities for a broader audience. Student loans play a crucial role in funding post-secondary education in Canada.
Because we love stats, here’s a quick snapshot to better understand these two options:
Government loans: A solid foundation
- 13%: of students would not have pursued their studies without the support of federal loans.
- 36%: of graduates say they wouldn’t have completed their program without these aids.
- $17,500: the average debt of graduates in 2015.
Alternative loans: A complementary solution
- 30%: of graduates use private loans to supplement their funding.
- $10,000: the average debt amount, representing a significant share of total student debt.
Tips
Combine the benefits of government and alternative loans strategically to maximize your opportunities while maintaining control over your financial future.