Best universities in Canada 2016

Canada is home to some of the top universities in the world. In fact, 25 Canadian institutions are counted among the top 800 in the world.

You might not have heard of all of them, but with seven top 200 universities, Canada’s top colleges offers plenty of opportunities for a world-class education.

Compared with the United States, Canada can also provide cheaper study options, simpler application processes and more opportunities for permanent residency. 

Canada’s top two universities – the University of Toronto and the University of British Columbia – score particularly highly for research impact, which means its schools are producing high-quality academic work that is well respected.

The University of British Columbia is ranked in 34th position in the overall World University Rankings, and 25 per cent of its student population are international, the same proportion as at the University of Montreal, ranked just outside the top 100.

Many of Canada’s universities are well known for promoting a global outlook through enrolling international students, hiring international faculty and encouraging international collaborations, meaning that you can expect a cosmopolitan feel on campus.

According to CBIE’s International Student Survey, more than 90 per cent of students surveyed were satisfied or very satisfied with their studies in Canada, and 95 per cent would recommend Canada as a study destination.

Top 5 universities in Canada

1. University of Toronto

Originally controlled by the Church of England, the first university founded in the colony of “Upper Canada” is structured as a collegiate system, much like prestigious universities in the UK. The 12 colleges all have different histories and features.

The University of Toronto (UofT) has many pioneering achievements to its name, including being Canada’s first academic publishing house, the first forest science faculty in the country, and becoming the first Canadian university to reach more than C$1 billion in endowment.

Influential academic movements began at the university, including the Toronto School of literary criticism and communication theory, the NP-completeness theory in computer science, and research into stem cell treatment.

UofT’s downtown campus contains several historic buildings and courtyards that will impress European visitors sceptical of the architecture in North America.

More than 700 undergraduate degrees and 200 postgraduate degrees are on offer at the university. In particular, the university is one of the best in the world for medicine, and is also renowned for subjects across arts and humanities, science and technology.

It has a particularly large student population – more than 60,000 full-time students, of whom about 15 per cent are international.

Notable alumni of the university include five Canadian prime ministers and the writers Michael Ondaatje and Margaret Atwood. In total, 10 Nobel laureates are associated in some way with UofT.

2. University of British Columbia

The oldest university in the province, the University of British Columbia (UBC) is one of the most competitive in Canada.

There are two campuses, one in Vancouver and one in Kelowna. The main campus in Vancouver is near several beaches and boasts views over the North Shore mountains. There are a number of botanical and memorial gardens on the campus, and a renowned performing arts centre.

UBC offers a number of scholarships for students, including the Donald A. Wehrung International Student Award for candidates from war-torn countries.

Seven Nobel prizewinners are associated with the university, as are 69 Rhodes scholars and 65 Olympic medallists.

The world’s largest cyclotron – a type of particle accelerator – is housed at UBC, in TRIUMF, the country’s national laboratory for particle and nuclear physics, based at the university.

Students and researchers are organised into 12 faculties on the Vancouver campus and a further seven on the Kelowna campus. UBC offers a special undergraduate programme joint with Sciences Po – a higher education institution in Paris.

In total, more than 50,000 full-time students are enrolled at UBC, and a quarter of them are international.

Three Canadian prime ministers have been educated at UBC, including Justin Trudeau, the current prime minister, who graduated with a bachelor of education degree.

3. McGill University

McGill University is the only Canadian institution in the Global University Leaders Forum in the World Economic Forum, whose members are 26 of the world’s top universities.

It was founded in 1821, and the main campus is at the base of Mount Royal in downtown Montreal. Most university buildings are in a park-like campus, where many first-year students also live.

All original buildings were constructed using local grey limestone, giving the campus a striking aesthetic that earned it the title of one of the 17 most beautiful campuses in the world.

In 1829, McGill founded the nation’s first faculty of medicine, and to this day the university scores particularly highly in world rankings for clinical subjects.

The university offers more than 300 different degree subjects to more than 40,000 students from 150 different countries. It counts itself as one of Canada’s most internationally diverse institutions.

Singer-songwriter Leonard Cohen is a graduate of McGill, as is actor William Shatner. The university also claims more Rhodes scholars than any other Canadian university.

Entering students have higher average grades than those at any other university in the country.

4. McMaster University

Just one hour’s drive from Toronto, McMaster University is home to about 23,000 students – far fewer than its rivals at the top of the ranking.

Nonetheless, McMaster alumni can be found in 140 countries all over the world. Many graduates go on to secure top academic, public sector and business jobs.

The medical school, founded in 1965, is particularly renowned.

Next door to the campus is the Royal Botanical Gardens, connected to campus by walking trails. Buildings on campus range from those built in the early 20th century to the new nuclear research facility, which opened just five years ago.

The McMaster Nuclear Reactor is the largest university reactor in the Commonwealth, and the second largest in North America.

McMaster’s Museum of Art has the highest number of visitors for any university-affiliated museum in the country. It houses a collection worth $98 million including pieces by van Gogh and Monet, and the most extensive collection of German Expressionist prints in Canada.

The university, particularly the medical school, pioneered what it calls a unique student-centred, problem-based, interdisciplinary style of learning, which is now the model for several other universities around the world.

5. University of Montreal

The only francophone university in the top five, the University of Montreal is the second largest university in the country in terms of student numbers, with more than 50,000 enrolled. A quarter of all students are international.

The University of Montreal’s main campus is on the slope of Mount Royal. The landmark tower was built in the Art Deco style in the 20th century.

Seventy-four per cent of the student body is enrolled on an undergraduate degree. A students’ union represents both undergraduate and postgraduate students, and there are three fraternities and sororities affiliated to it.

University sports are a popular recreation – the teams are known as the Carabins and compete in badminton, Canadian football and hockey, among other sports.

Many renowned business leaders are graduates of the university, including the CEO of the United Technologies Corporation. Other graduates are noted for their contributions to scientific research, including innovations in nuclear power, visual perception, and quantum cryptography.

Ten premiers of Quebec are graduates of the university, in addition to many other government officials educated there.

Top universities in Canada 2016

Canada Rank	World University Rank	University	Region
1	19	University of Toronto	Ontario
2	34	University of British Columbia	British Columbia
3	38	McGill University	Québec
4	=94	McMaster University	Ontario
5	=113	University of Montreal	Québec
6	137	University of Alberta	Alberta
7	179	University of Waterloo	Ontario
=8	201–250	University of Calgary	Alberta
=8	201–250	Dalhousie University	Nova Scotia
=8	201–250	Laval University	Québec
=8	201–250	University of Ottawa	Ontario
=8	201–250	University of Victoria	British Columbia
=8	201–250	University of Western Ontario	Ontario
=14	251–300	Queen’s University	Ontario
=14	251–300	Simon Fraser University	British Columbia
16	301–350	York University	Ontario
=17	351–400	University of Guelph	Ontario
=17	351–400	University of Manitoba	Manitoba
=19	401–500	Concordia University	Québec
=19	401–500	University of Saskatchewan	Saskatchewan
=19	401–500	Université du Québec à Montréal	Québec
=22	501–600	Carleton University	Ontario
=22	501–600	Memorial University of Newfoundland	Newfoundland and Labrador
=22	501–600	University of Regina	Saskatchewan
=22	501–600	Université de Sherbrooke	Québec

SunTrust Private Student Loan Review

SunTrust is a decent option for borrowers with excellent credit who’ve maxed out their federal aid and need more money to cover their educational expenses. The bank offers multiple opportunities to shave down your interest rate, including up to a 0.5% reduction if you set your payments to come out of your bank account automatically.

But SunTrust’s loans don’t stack up to federal programs, which offer better borrower protections — such as income-driven repayment — that could make your payments as low as $0 per month. To see if you’re eligible for federal aid like grants and loans, fill out the Free Application for Federal Student Aid, orFAFSA.

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At a glance

• Interest rates: 4.6% to 10.37% (fixed). 3.74% to 9.09% (variable).
• Six-month grace period and seven-, 10- or 15-year terms.
• Interest-only payments for 12 to 24 months; deferment and forbearance options available.

According to Mark Smith, SunTrust’s executive vice president and specialty consumer lending portfolio manager, the average amount borrowed is about $12,000. The servicer for SunTrust student loans is American Education Services, so that’s where you’ll make all payments.

Generally, the minimum you can take out is $1,001, with several state-based exceptions. You can take out up to $65,000 per year and up to an overall maximum of $150,000. If you take out a graduate or business school loan, you can borrow up to $95,000 per year and $175,000 overall.

Do you qualify?

	MINIMUM	AVERAGE
FICO credit score	mid-600s	750

In addition to your credit score, SunTrust also takes into account your existing debts, payment history, number of years in school and several other factors. You need an income to qualify, unless you’re applying for its business or graduate school loan. SunTrust student loans are not available to permanent residents of Iowa or Wisconsin.

If you don’t meet the minimum qualifications, you can apply with a co-signer, as about 90% of SunTrust student loan borrowers do, according to Smith. Co-signers can be released when you make 48 consecutive on-time payments, or 36 consecutive on-time payments if you take out a private loan through Union Federal, a subsidiary of SunTrust.

Once you submit your application, you’ll know almost instantly if you’ve been approved. From there, you can choose from different repayment options and terms.

Repayment options

Like most private student loan companies, SunTrust offers borrowers enrolled in school several repayment options:

• Defer payments.
• Immediately make full payments (both interest and principal).
• Make interest-only payments.
• If your loan is $5,000 or more, you can also make partial-interest payments of $25 per month.

If you choose not to make payments while you’re in school, the interest that’s been adding up since you took out the loan will becapitalized, or added to your principal balance, when you start making your regular monthly payments. That may increase your monthly payment amounts and will cost you more in the long run.

Once you start making regular payments, your minimum monthly payment will be $50 regardless of how much you took out or how long your loan term is.

If you have trouble making payments, you have the option to make interest-only payments for 12 to 24 months. Forbearance is also an option. That means you’d stop making payments for three months at a time, for up to 12 months over the life of your loan. Interest would still accrue on your account and would be capitalized afterward.

SunTrust recently released a new feature: in-school refinancing. That lets you refinance your existing student debt and roll it into the current loan you’re applying for. If your credit has improved dramatically since you took out your first loan, it could be a good opportunity to get a lower rate. However, refinancing probably won’t be a good idea until after you graduate, when it’s more likely that you’ll have a steady income and good credit.

Where SunTrust shines

OPPORTUNITIES TO LOWER YOUR INTEREST RATE

SunTrust offers borrowers multiple chances to lower their interest rate, including:

• A 0.25% interest rate reduction for automatic loan payment withdrawal on all loan types.
• An additional 0.25% interest rate reduction when payments are made automatically from a SunTrust bank account.
• A 0.25% interest rate reduction with 36 consecutive on-time payments on a Union Federal Private Student Loan.

If you apply by Aug. 31, 2016, you can get an additional 0.25% interest rate reduction through a seasonal offer from the company. Bonus: There’s a 1% principal reduction per loan at graduation.

Where SunTrust falls short

INTEREST RATES ARE HIGHER THAN FEDERAL RATES

Compared with federal rates, which are currently 3.76% on direct loans for undergraduates, SunTrust’s fixed rates can’t compete. If you’re willing to opt for a variable interest rate, there’s a chance that your rate could be 3.74%, but it could change depending on the state of the market. In general, it’s best to go for fixed over variable rates.

FEWER BORROWER PROTECTIONS THAN FEDERAL LOANS

SunTrust, like most private lenders, doesn’t offer the same borrower protections as the federal government. That means you won’t have the safety net of income-driven repayment or forgiveness programs to prevent you from defaulting if you can’t keep up with monthly payments

Insurance commissioner's role in Anthem-Cigna merger under fire

Despite a lawsuit from the U.S. Justice Department in an attempt to block the proposed Anthem-Cigna merger, Connecticut state officials are still deliberating whether state insurance commissioner Katharine Wade should recuse from presiding over the merger process.

Wade was a former registered lobbyist and government relations executive for Cigna. Her husband is also currently working as an attorney for Cigna.

On Thursday, the Citizens Ethics Advisory Board issued a declaratory ruling on whether Wade—under the state’s code of ethics—should have been permitted to regulate the industry and supervise over the state’s review of the merger. The government reform group Common Cause of Connecticut requested the ruling.

The ruling was pushed just minutes after the U.S. Justice Department declared that it would sue to stop the merger, reasoning that the merger would hurt competition. Following the Justice Department’s announcement, the Connecticut Department of Insurance proclaimed that it was immediately suspending its review of Anthem’s financial condition and corporate governance.

Aside from the ruling, state legislators will likely be asked to consider new regulation to change the ethics rules governing public officials abide to, reported New Haven Register. Lawmakers could also address appearances of conflicts of interests, which the board does not have oversight of.

“Once the declaratory ruling is issued, the board will likely have some directives,” said Office of State Ethics executive director Carol Carson. “It won’t surprise me, though we’re not there yet, to see something about appearances in this year’s ethics legislative proposals.”

The group Common Cause also has plans to press for law changes, New Haven Register noted.

Carson argued that despite the uncertainty of the merger, the board must still proceed with its review of insurance commissioner Wade “to follow the regulations and to take the right steps going forward.”
“The board could determine that [the merger] is not going to go forward,” she commented.

The U.S. Justice Department also made known that it wants to stop the similarly planned Aetna-Humana merger.

Manage student loan debt

You can build a good credit rating by showing your ability to manage your loan in a responsible way. One of the best ways to manage your student loan is to pay it off as quickly as you can. Any time you have extra money, use it to pay down the principal amount of your loan.

When you start out in the workforce, you may have a car loan, rent and other expenses while paying back your student loan. You can revise the terms of your loan to lower the amount you pay back each month. There is also help available in the form of repayment assistance.

Make lump sum payments

This is one of the fastest ways to pay off your debt. Payments made while attending school or during the six month non-repayment period will be applied directly to the principal of your loan first.

Once you start repaying your loan, you can still make lump-sum payments at any time. These payments, however, will first be applied to the interest you owe from the date of your last payment. The rest will go toward the principal of your loan.

Increase monthly payment amounts

The amount you pay over and above your minimum monthly payment is applied directly toward the principal amount of your loan. This decreases the total loan amount and the total interest you will have to pay.

Example: If you have a $25,000 student loan, with a 5.5 percent interest rate, you will end up paying an extra $7,555.88 in interest over the life of your loan (total repayment period of 9.5 years).

If you increase your monthly payment by only $50, you will cut the overall interest you will pay by $1,579.65. If you pay $100 more a month, you will cut the interest by $2,617.84. That’s saving more than 1/3 of the interest you would have had to pay!

Government of Canada tax credits for student loans

You receive a 15% tax credit on the interest you pay on your government student loans each year. This credit applies to interest payments you make on both your federal and provincial or territorial student loans.

How do you get the tax credit? The appropriate documents will be sent to you before you file your taxes.

Note: The credit does not apply to interest payments you may make on any loans held with a private lender (such as a student line of credit with a bank).

You can:

• claim a full-time education credit in the amount of $400 for each whole or part month in the year in which you were enrolled in a qualifying program at a designated school;
• claim a part-time education credit in the amount of $120 for each whole or part month in the year in which you were enrolled in a qualifying program at a designated school;
• get a non-refundable textbook tax credit of $65 for each month you were enrolled in a course that entitles you to a full-time education tax credit; and
• get a full tax exemption for all post-secondary scholarships and bursaries. You will still receive a T4A tax slip. However, if the scholarship or bursary relates to enrolment in a program that entitles you to the Education Tax Credit, the amount does not have to be reported on your income tax return.

For student tax tips and information on tax returns, visit the Canada Revenue Agency.

Help paying back your student loan

Worried that you can’t make your loan payment? Help is just a phone call away. Even if you have already missed a loan payment, you still have options. Contact the National Student Loans Service Centre today to discuss options to help you get back on track.

Interest rates for Canada Student Loans

Your Canada Student Loan is payment-free until 6 months after you graduate or leave school. You won’t have to make loan payments during this 6 month period but interest will be charged.

You can choose between a fixed interest rate (where the rate doesn’t change for the duration of your loan) and a variable, or “floating,” interest rate (where it can fluctuate).

For Canada Student Loans issued on or after August 1, 1995:

• the fixed interest rate is prime + 5%
• the floating interest rate is prime + 2.5%

For Canada Student Loans issued before August 1, 1995:

• the annual interest rate is published each year in the Canada Gazette, Part 1

Interest rates for integrated and separate provincial loans may be different. Check with yourprovince or territory for more information. Once you graduate or leave school, check with your lender to find out how interest is calculated and paid.