I need Students loan and grants

[HappyLucky]

Hi everyone
I deeply appreciate your advices

I am landing in Dec 2016 with PR Visa,
planning to apply for MBA which is a costly program, and usually university loans don't allocate to business schools
So I have to apply for other loans, like Bank loans and other grants,

if I bring the minimum fund as PR ( about $11000 ) I may not be eligible for many loans as I read one of the best source of student loans ( forgot the Org name) doesn't consider students having more than $4000 in their bank account...

as you may know tuition for Business programs is about 3 times higher than other master programs, so I really need the loans and grants,

The question is How much money should I bring to be eligible for students loans and grants? or what is the maximum amount in bank account to be eligible for loans ?

 

[spyfy]

I am not sure which "best source" for a student loan you mean. That also depends on the province you are going to.

However, no matter the student loan program that you use, it is completely irrelevant how much money you bring with you or have in your Canadian bank account. What they care about is only and exclusively what your net worth is.

Let's say you have 19000 in your bank account in the country of origin.
If you bring only 11000 with you and leave 8000 behind, your net worth is still 19000.
If you bring 13000 and therefore only leave 6000 behind, your net worth is still 19000.
It's the exact same number. Again, it is irrelevant WHERE the money is.

I want to highly discourage you from trying to deceive governmental and similar organizations giving student loans about your net worth by not reporting assets overseas. Not that I think you are trying to do that, I just want to stop you before you even get there. This might otherwise fall back on you at a later date and inflict penalties or more serious consequences.

Unfortunately I never used a student loan in Canada, so when it comes to good sources for student loans, someone else would have to chime in.

 

[HappyLucky]

I am not sure which "best source" for a student loan you mean. That also depends on the province you are going to.

However, no matter the student loan program that you use, it is completely irrelevant how much money you bring with you or have in your Canadian bank account. What they care about is only and exclusively what your net worth is.

Let's say you have 19000 in your bank account in the country of origin.
If you bring only 11000 with you and leave 8000 behind, your net worth is still 19000.
If you bring 13000 and therefore only leave 6000 behind, your net worth is still 19000.
It's the exact same number. Again, it is irrelevant WHERE the money is.

I want to highly discourage you from trying to deceive governmental and similar organizations giving student loans about your net worth by not reporting assets overseas. Not that I think you are trying to do that, I just want to stop you before you even get there. This might otherwise fall back on you at a later date and inflict penalties or more serious consequences.

Unfortunately I never used a student loan in Canada, so when it comes to good sources for student loans, someone else would have to chime in.

Many thanks for your advice , actually I don't have much by myself , I do not want to deceive any organization , but since as an immigrant we had to provide a min fund proof (my father's money in my bank account which was way more than min fund ) so still my father is going to give the money I have declared As MY OWN MONEY ,
still I am not sure if on first land I have to bring the minimum fund or not???

anyways , ALL I am trying to say is that, I by myself have no money even for a few months, all I am bringing will be my father's support, so I really need funds,to not to continue getting support from parents having other children to support too!

 

[frotenacs]

MBA program from any good school is a very expensive program, and a very competitive program as well. In a year it is something like 70-80K. Considering you are bringing a minimum fund during your landing, I would advice to hold off the thought of doing an MBA right away. May be just take a year and start a job, get your foot inside industry. Canadian experience is a big factor during admission. Just my 2 cents.

 

[HappyLucky]

MBA program from any good school is a very expensive program, and a very competitive program as well. In a year it is something like 70-80K. Considering you are bringing a minimum fund during your landing, I would advice to hold off the thought of doing an MBA right away. May be just take a year and start a job, get your foot inside industry. Canadian experience is a big factor during admission. Just my 2 cents.

Thanks +1 for your kind advice
But, since I wanna change my career path,plus many reasons, I have ( love) to attend a business program, so I am looking to find a way to reduce my expenses

any Idea to help this matter?
Regards

 

[mrbeachman]

I want to highly discourage you from trying to deceive governmental and similar organizations giving student loans about your net worth by not reporting assets overseas. Not that I think you are trying to do that, I just want to stop you before you even get there. This might otherwise fall back on you at a later date and inflict penalties or more serious consequences.

Canadian government will never know how much money you have overseas. They can't be even bothered to deal with obvious tax cheats in Canada.

 

[HappyLucky]

Canadian government will never know how much money you have overseas. They can't be even bothered to deal with obvious tax cheats in Canada.

Thanks for your advice, actually Taxing is not the issue here,

I cant handle the tuition and Im not willing to ask my father to pay for MBA, How can I be eligible for students loan? how do they assess eligibility THROUGH BANK STATEMENT OR MY SAVING IN BANK ?

 

[spyfy]

Canadian government will never know how much money you have overseas. They can't be even bothered to deal with obvious tax cheats in Canada.

The fact that the government doesn't prosecute all cheaters doesn't mean cheating is a good thing. It is never a good advice to try to exploit loopholes, particularly if you are an immigrant and therefore your status in a country could be challenged anytime. Even apart from the legal consequences, it is highly unethical to use government programs by deceiving the authorities about your situation, because it leaves less money to those who actually need it.

But if I get it right, this isn't the point or plan of the OP, so I'll leave it at at that.

 

[spyfy]

Thanks for your advice, actually Taxing is not the issue here,

I cant handle the tuition and Im not willing to ask my father to pay for MBA, How can I be eligible for students loan? how do they assess eligibility THROUGH BANK STATEMENT OR MY SAVING IN BANK ?

Every MBA program has a page like this (Example from University of Toronto):
http://www.rotman.utoronto.ca/Degrees/MastersPrograms/MBAPrograms/FullTimeMBA/GettingIn/ScholarshipsFinancialAssistance.aspx

Believe me, these pages have much better information than us forum users have. So check them all out.

 

[spyfy]

Thanks for your advice, actually Taxing is not the issue here,

I cant handle the tuition and Im not willing to ask my father to pay for MBA, How can I be eligible for students loan? how do they assess eligibility THROUGH BANK STATEMENT OR MY SAVING IN BANK ?

Also, here is the student line of credit program of RBC, one of the major banks. All big banks have a similar website that lists all the details about eligibility etc.

http://www.rbcroyalbank.com/personal-loans/student-line-of-credit.html

 

[HappyLucky]

Also, here is the student line of credit program of RBC, one of the major banks. All big banks have a similar website that lists all the details about eligibility etc.

http://www.rbcroyalbank.com/personal-loans/student-line-of-credit.html

Thank you +1
at the first glance looked very helpful, have to check its details