Rejected due to student loan

[Vave]

I have had this experience. In college i got student loan at 40 thousands. After several years, when I was needed money, I can not got simple long term loan. My friend said that I can try to get secured loan and put as an asset my car. It was really good idea. For it I used a quality Uk sevice which offers you all information about this type of borrowing. Usave offers you at their website tens guides about how and where to get it, why need it exactly. Also on their site you can compare the best offers around you and select the ideal one. Student loan is not a reason for a bad life after graduation

 

[priyankamehta]

My views on the loan

What they consider is that you are not going to earn for 6 months while you come to Canada. This is the reason they ask for a certain amount to survive for at least 6 months as POF.

Now in your case you have to pay USD 235 as loan amount which is CAD 300 approx even when you come to canada. So for 6 months the amount is 1800 CAD which anyhow you will keep paying whether you earn or not.

Now the logic is that you need this amount above the required funds of 23000 CAD.

23000 CAd + 6 months loan repayment amout 1800 CAD

so the required fund for you is 24800 and not 23000.

But it takes time to process your application so you need to show the repayment of atleast one year or 1.5 yrs as safe side.

So safe POF amount for you should be 23000 + 5400 = 28400 CAD

Note: Please confirm this with other seniors. I have sent personal reply with details

Hi, This is a great insight. I am in similar situation and I received my ITA recently. For my PoF I am showing 12,960 CAD per IRCC requirements as well as 1.5 years of monthly installments towards my loan payment. I have a letter from my education loan firm disclosing the loan. I will also be including an LOE explaining my repayment plan and installments for 1.5 years unencumbered by my funds per IRCC requirement. What do you think are my chances of getting rejected?

 

[nishant94]

Hi, @priyankamehta. I am exactly in the same situation as you and worried if that is the correct case to apply or no. In my case, I have 12960 CAD in my personal account and have 13000 CAD education loans for the term of 15 years starting from next year. If I deposit approx 5500 CAD towards my education loan and show that in the letter of explanation getting signed from the bank. Will that work or do I need to fully pay back my loan first ??
Any advice would be appreciated. Also, @mpgSL any updates regarding your case ??

 

[Vani Manasa]

Hi all, I am planning to start my immigration process in next couple of months. I am in a situation where i need to be a co-applicant for my sister's education loan. Is this going to affect my immigration process?

I am only going to be a co-applicant to her loan. The liability to repay the loan would be on my sister after 2.5 years from now after she graduates from the university. @mpgSL @priyankamehta

 

[deeps1987]

Hi all, I am planning to start my immigration process in next couple of months. I am in a situation where i need to be a co-applicant for my sister's education loan. Is this going to affect my immigration process?

I am only going to be a co-applicant to her loan. The liability to repay the loan would be on my sister after 2.5 years from now after she graduates from the university. @mpgSL @priyankamehta

Unless the loan amount is getting debited from your account whose statements you are planning to submit for proof of fund, you do not have to worry about it.

 

[jenniferdehner9]

Thanks for information.