Canadian Student Loans
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Canadian Student Loans
| 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.



Sharon
Thanks Sharon.
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 -
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