I don't have any credit card debt and will have around 3000$ in my checkings account. I also have a gift deed of 8 lakhs rupees from my parents but have a student loan of 3 lakh rupee loan on the same account. So does IRCC consider PoF as gift deed + checking account - Student loans or just the giftdeed and checking account as the student loan is future debt? I also have a job and will be able to clear the loan in 2 months(should I mention that in the LOE?), I also might receive my tax returns which will be around $3000 and will be reflected on my bank statement(Should I mention the sudden deposite in tax return in my LOE?) . I already received the ITA. Am I good in the PoF part, if not what should I do?Thoughts?
Will student loan have a negative impact on Proof of Funds
- Thread starter UnitedBaller
- Start date
Your student loan won't affect your pof. Since the loan is attached to the same account as pof you can just declare it through bank statements. I don't think an loe is necessary but you can write it for your own peace of mind.
Hi @UnitedBaller , I see from your various posts that your PR application was approved. Did the student loans prove to be an issue? I am in a similar situation where my POF is above the required without loans, but the analyst seems to have subtracted my loans from my assets, and I was told I dont have enough funds. Just wondering if something similar happened to you.
Hey, No it didn't impact me. I wrote a letter of explanation saying that I am paying off the loan at a fast pace and It should be paid off before I move to Canada. And it wouldn't impact my PoF as I am paying it off with money from my current job.
If you have a loan but the funds you are showing as POF are not encumbered by it, it shouldn't matter.
Thanks for your reply! That's so weird because I did have a letter of explanation, but they still flagged my app and have given me 30 days to explain. Guess I'll make it clear that the student loans didn't go into my savings account and they will be paid off with future income, and hope for the best.
You should explain that. Also, you can get a bank letter that says the funds are not encumbered by the loan and can be paid in monthly installments, something related to that.
You shouldn't had declared the student loan in the first case, anyway, it will get sorted.
