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Canada Student Loan Application

Tanya Said:

financial aid for international student in canada?

We Answered:

There are so many uses for old secured personal loans, and the chances are you will be able to get one quickly and easily. It's a common idea that only homeowners can get loans from finance companies. That just isn't true, most people can apply for, and receive an unsecured personal all kinds of uses. You can get loans from a few hundred pounds, up to £25,000, unsecured. These loans can be used to buy a new car, a holiday abroad, a new kitchen, the latest cell phone available, or just about anythingelse. It is a true that you will probablypay more interest than a homeowner who takes out a secured loan. But on the other hand, they have to take out a second mortgage to get their hands on the money.

Jo Said:

Need a student loan for $22,000 per year for a school in Canada. What should I look for in a loan?

We Answered:

You should be able to get the Stafford Student loan --- and your parents the Parents PLUS loan ---- if the school is recognized by the U.S. Department of Education. Our family is financing all of our son's Canadian education via a combination of both loans. Look at the "U.S. Federal School Codes for 2008/2009" document at the bottom on the FINDING YOUR SCHOOL page on the website below (the list of Canadian schools begins on page 139) to see if your school is listed. Also check out the EDUCATION FUNDING page. The FinAid website (link at the bottom of the page) offers a great number of suggestions for reasonable alternative private loans. I also included the website for the loan provider that handles our student loans. They've done good by us and they must be reputable since they partner with both the federal government and the state we live in. Good luck!

Jennifer Said:

Does Canada student loans count as public funds when applying for Youth Mobility Scheme in the UK?

We Answered:

No. It means you cannot have BRITISH funds ie you cannot claim benefits from the UK government.

Brandy Said:

BC Student loan application - savings and checking question?

We Answered:

If you have savings then you are expected to use that money towards your education. Student loans in Canada are designed to assist you to go to school, not pay your entire way. You are expected to make some sort of contribution.

Unfortunately for you, going to visit your boyfriend is not what they will consider an appropriate use of your savings.

Despite what you have heard, they don't "make" you do anything. They ARE strict about paying back your loan -- but no stricter than anyone else that you borrow money from. Just because its the government doesn't mean that you don't have to repay your loans. The best advice I can give is for you to maintain control of the repayment process. First, you need to realize that, although you don't start paying for 6 months, the interest on your loan is accumulating in that 6 months. Be careful if you move -- make sure they have your address or make sure that your mail is going to your parent's house or some other PERMANENT place. If you have not received anything from them about 4 to 5 months after your graduation, phone them. There are several pieces of important mail they will be sending to you. If you do not respond, you will find yourself in trouble with your loans. Again, this is no different that borrowing money from the bank, taking out a car loan or any other financial transaction -- if you do not respond, you generally end up in collections and that's when the unpleasant stuff starts.

Check out the BC student loan website -- they have a number of scenarios where a portion of your loan is forgiven -- under certain circumstances. Like, for instance, working in a remote area of the province for a year or 2, working in certain fields, etc.

Sidney Said:

For Canadian Student Loans, how does someone change their status?

We Answered:

Go to the financial aid office at the school. Ask for the change of status form. Fill it out. Send it in.

It helps if it has been 90 days since the separation and you have gone to CRA and filled in the Marital status change form to change your status for the income tax people.

She may also have to provide proof of separation - either a court order or an affidavit. If she has children she may have to prove that she has custody.

OSAP can be suspicious of people who suddenly separate when it becomes obvious that the student is not going to get any OSAP funding unless the spouse with the higher income is taken out of the picture.

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