Loan

[Evanevoo]

Hi
Can anyone tell me how student loans work? Is it a good idea to get one? Also I heard university is free in Ontario for low income people, is that true?
Thanks
Evan

 

[scylla]

Hi
Can anyone tell me how student loans work? Is it a good idea to get one? Also I heard university is free in Ontario for low income people, is that true?
Thanks
Evan

No - university is not free for low income people. Yes - student loans are available. They are arranged through banks and you don't have to repay them as long as you are studying and they accumulate no interest. Once you complete your studies, you have to start repaying the loan. Whether it's a good idea is really up to you.

 

[Evanevoo]

No - university is not free for low income people. Yes - student loans are available. They are arranged through banks and you don't have to repay them as long as you are studying and they accumulate no interest. Once you complete your studies, you have to start repaying the loan. Whether it's a good idea is really up to you.

My friend lives there, he said he pays half the amount bcs of low income. Not sure how true is that. Should I have a good credit to be accepted for a student loan?
Thanks

 

[Evanevoo]

Windsor university survives by collecting tuition from international students and OSAP seekers who just attend university to receive student load. I have seen many old people going to windsor just to get student loan and somehow trying to get some benefits from government and live through 65 years like that to avoid paying back.
Your friend might receive some grant, bursaries etc which reduces some tuition fees. But if you look for real education to get a nice job in Canada, then you should go for good degree and school. Not better student loan. Saskatchewan University is way better than Windsor university in almost all aspects. So, you are a true student, try saskatoon first.

I actually moved from Saskatchewan. I'm not planning to attend UorW. I will move to Toronto for university. I'm not looking for a better loan. I just wanted to have a general idea about how things work.
Thanks for your advice.

 

[canuck78]

Your friend had a grant. There is a relatively new program giving grants to students from low income families. I suspect that may disappear with the new conservative government so wouldn't base your plans on that program. If you don't have any money saved for school stay at home and go to school in that city if possible. Go to a better school for graduate school. Rarely worth the extra $50000 or more to move to Toronto.

 

[Evanevoo]

ok. if you moved to SK, then two ways your loan will work out.
1. You have to stay in Ontario for 12 consecutive months without going to school full time in order to consider as ON resident and receive OSAP load. If you apply for student loan in less than 12 months then your student loan will be from saskatchewan.
2. If you are a full time student and has very low income, then you will receive like following (8 months)

• 7140$ for tuition. (loan)
• 1600 twice if you have kids (grant)
• 800 twice as grant.
• Another 1000 or something for low income, I can't recall
• 530 per month for 8 months (loan)
• Summer will be another application.

Some people take only 3+3 6 courses to stay full time. They pay 3500-4000 for tuition and use rest of the tuition amount for their living cost. All together about 17K maximum dollar you will get for 8 months ,which include tuition fees.

Thanks for the information

 

[Evanevoo]

Your friend had a grant. There is a relatively new program giving grants to students from low income families. I suspect that may disappear with the new conservative government so wouldn't base your plans on that program. If you don't have any money saved for school stay at home and go to school in that city if possible. Go to a better school for graduate school. Rarely worth the extra $50000 or more to move to Toronto.

The program I want is in Toronto. I will go no matter how it costs. But thanks for your information

 

[canuck78]

The program I want is in Toronto. I will go no matter how it costs. But thanks for your information

As previously mentioned depending on when you moved to Ontario you may still fall under SK funding. Would research OSAP and grants but grants may change and everything will be dependent on your family's savings, income, etc unless you are a mature student. Admission is the first hurdle.