Canadian Student Loans

iVillage Member
Registered: 11-14-2008
Canadian Student Loans
4
Thu, 06-11-2009 - 11:28am

I just talked to a girl friend of mine and she said that student loans in Canada are only given out if your parents don't make much money. Is that true? Do they take your tax returns and decide that way if they will give your child a student loan? I am wondering about my own kids. I want to help with their education but I don't think we will pay for it all. Let me know your experiences please.


iVillage Member
Registered: 08-02-1998
Thu, 06-11-2009 - 1:50pm
My 2 youngest have both received Canadian Student Loans without using our income. The only time they had to mark down our income was when they were applying for some scholarships or bursaries. Please make sure that they get the scholarship book from their high school so that they can apply for all the scholarships and bursaries they qualify for. Some are very specific and so don't have many students applying for them. Some scholarships and bursaries go strictly by grades or what they are planning on majoring in. I work for the Local Arts Council and we donate $2,000 each year to the high schools to be given to a student who is continuing in fine arts. Also if you or any member of your family belongs to a service club, check and see if they have a scholarship/bursary that they can apply for. Having a family member in the club may give them an edge.
Sharon




iVillage Member
Registered: 11-14-2008
Thu, 06-11-2009 - 2:40pm

Thanks Sharon.


iVillage Member
Registered: 04-10-2003
Fri, 06-12-2009 - 8:21am

When I took out my loans (2000-2004) they considered my parents income.


The form asked for my expected income and my custodial parents income (Dad's wasn't considered because Mom included the child support in her income). They pro-rated the amount of assistance I got based on that. They also consider how many children are in school at one time.


When I took out my loan in 2006 they didn't consider my parents income because I was over 25 at the time.


Regardless, of all my friends that applied, your parents must have been making BIG money in order to get rejected completely. Hope this helps!



Bex -

iVillage Member
Registered: 08-24-2007
Sun, 06-14-2009 - 6:59pm

My daughter has just graduated with almost $60,000 in student loans, so we're experts now.


Yes, your parents income is taken into account.

Kate


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