Need clarity on my situation for SDS visa application

[TTTan]

I have been admitted to a top ranking Canadian B-School for an MBA for Jan-24 intake. I intended to fund my advanced education through an education loan. However, due to a delay in the loan process, I could file my study permit application (after paying 1 yr tuition fee and GIC) under SDS program only on 16th December'23. I got my visa acceptance and request for passport submission on 18th January'24 but my school has asked to defer my program to Sep-24 intake, since the classes started on 4th January itself and I am too late to attend the ongoing intake. I am left with no option but to agree to the program deferment. Now, I want to avoid paying a considerable monthly interest to the bank towards my loan account and I am looking to close it after initiating refund of tuition fee and GIC. My bank has assured to reapprove my loan application for Sep-24 intake.
Given the scenario above, I am trying to understand the impact of refund on my visa status. Obviously, I would need to inform IRCC about my program deferment and would need to seek an extension of study permit but would a refund of tuition fee and GIC affect my visa status in anyway ? .. since the core requirement of SDS application is 1 yr tuition fee payment and GIC...
Looking for advice from experts. I do not want to jeopardize my study permit and wan't to proceed in the most legitimate way for my higher education along with safegaurding my financial interests.
Thank you.

 

[rcincanada2019]

I have been admitted to a top ranking Canadian B-School for an MBA for Jan-24 intake. I intended to fund my advanced education through an education loan. However, due to a delay in the loan process, I could file my study permit application (after paying 1 yr tuition fee and GIC) under SDS program only on 16th December'23. I got my visa acceptance and request for passport submission on 18th January'24 but my school has asked to defer my program to Sep-24 intake, since the classes started on 4th January itself and I am too late to attend the ongoing intake. I am left with no option but to agree to the program deferment. Now, I want to avoid paying a considerable monthly interest to the bank towards my loan account and I am looking to close it after initiating refund of tuition fee and GIC. My bank has assured to reapprove my loan application for Sep-24 intake.
Given the scenario above, I am trying to understand the impact of refund on my visa status. Obviously, I would need to inform IRCC about my program deferment and would need to seek an extension of study permit but would a refund of tuition fee and GIC affect my visa status in anyway ? .. since the core requirement of SDS application is 1 yr tuition fee payment and GIC...
Looking for advice from experts. I do not want to jeopardize my study permit and wan't to proceed in the most legitimate way for my higher education along with safegaurding my financial interests.
Thank you.

AFAIK, you cannot refund your tuition if you did not get a study permit refusal. But check with your DLI for their refund policy. As for GIC, talk to the Canadian bank on how to widraw prematurely. If you are just deferring, then you are not widrawing from your program. So, not sure how you can initiate a refund.

 

[TTTan]

Thanks for sharing your thoughts. As far as DLI is concerned, it is willing to refund the tuition fee and the same is in process as well. I am just concerned with any possible objection from IRCC's end in context to refund of my tuition fee and GIC, since these are the specific requirements to apply under SDS. Pls help