Student Loans?

[Dave P]

Just wondering what you guys think of student loans. I really wanna move back to edmonton after this semester, but i cant afford it on my own and my parents said that they would get me a nice place to live but thats it.

Are any of you living off them right now? Whats it like? How big of loans can you get on avereage?

And does any one know if you can get your loans in before school starts?



Thanks for any feedback or info


Dave P

[Ben]

I dont qualify for any, so I have to pay my way, which IMO is way better anyways cause then you dont get stuck paying them off the next 20 years of your life. Alberta has good Student Loans though, once you graduate they cut them In half! I sometimes wish I qualified, but hey, no loan is better than any loan.

[350hp_or_Bust]

That's not entirely true about the AB student loans.

Qualifying can be pretty tough too unless you've been living away from home for a long time. I don't remember the specifics, you'd have to look into it yourself. You basically have to have no assets (i.e. a car that is worth $500 at most), and no income, and you're parents basically have to be poor, or you have to have been living on your own for a number of years.

I didn't qualify for a student loan at all, but my girlfriend did in our last year and we got one to go to Mexico over reading week :thumbsup: ... we're still paying it off, but it should be payed off by the end of this month. Well worth it in my opinion.

If you can swing it though, its much much better to get a good paying summer job and save like hell, then live off your savings (that's what I did)... if you have to, pick up a part time job too.

I think the most you can get for a student loan is about $5000 per year unless you really really need it (and I mean if you're starved)... they've been getting pretty stingy about it lately.

hope that helps

[three.eighteen.]

i got it a student loan pretty easily when i was 17 and just moving out

[NickGT]

I was denied at first, then appealed their decision in a written letter, they gave me exactly enough to cover what i needed for school.....

[redbaron303]

I didn't qualify and still got almost $3500.00 in loans cause I didn't want my parents to pay for it. They have enough on their plate they shouldn't have to pay for MY education! point is if you really want to go to school bad enough you can do it, even with loans, even if you "don't" qualify!

[FiveFreshFish]

It used to be that your parents were expected to contribute to your education, so your loan factors in their income. If you've been out of school for 3 years or more, your parents aren't expected to chip in.

That's how it was way back in the dark ages. Don't know what it is these days.

[ExitSpeed]

.

[GTS Jeff]

i dont qualify cuz of my parents

[szw]

You don't get as much as you would, say, 10 years ago. Back then you could get lots of money, and only pay back half or something.

Nowadays, the gov, not the banks, give out the money. They are stingier, and according to what I've read, once you are out, you pay the full amount, no more reduced payment unless you meet a certain limit. I forgot what the limit was, but it was pretty high.

[Stratus_Power]

i havent applied yet, buti probably will in 3 or 4 years. I heard that once you applied for one you are not allowed to own any vechicle over $5000.. rumors..

[Si_FlyGuy]

I think the asset worth is $2000. However, once you're over 21, you don't have to submit your parents' income statements because they won't be liable to help out with your loans.

The alternative to student loans would be a student line of credit. You just have to prove that you're in school, have an income, a total debt to service ratio under 40%, and be willing to pay interest on it while you're studying.

[EG STyLeZ]

i applied and they gave me a lot because my mom isn't workign right now because she has arthritis, so that's like a big chuhnk of the family income gone.

[GTS Jeff]

Originally posted by Si_FlyGuy
I think the asset worth is $2000. However, once you're over 21, you don't have to submit your parents' income statements because they won't be liable to help out with your loans.

The alternative to student loans would be a student line of credit. You just have to prove that you're in school, have an income, a total debt to service ratio under 40%, and be willing to pay interest on it while you're studying. paying interest is called RAPE

[350hp_or_Bust]

dude, paying interest is a fact of life

[GTS Jeff]

not if u know how to manage your finances

[350hp_or_Bust]

so you're going to buy a new house and a new car without paying interest?

[GTS Jeff]

well interest on a house is acceptable because houses appreciate in value anyway. but no, i would never buy anything, such as a car, that depreciates, on credit. why do u think i drive an 85 corolla and not a 02 sir? anybody can tell u that going in debt is a BAD thing.

[350hp_or_Bust]

yeah, that's a good point actually about the house appreciating.

Still, there are some other things that are worth going into debt for, IMHO.

Back on topic though: I'm actually surprised how easily some people said they could get student loans ... The loan officers always seemed like loan nazi's to me.

[EnRich]

Hey guy...
Listen... when you apply for student loans their gonna give you just enough to pay for your school... Their barly gonna give you enough to pay for your books, nothing in which you can live on... Your gonna have to get a part time job if you wanna move out... Unfortunatly... Most of the guys on here have some pretty awesome rides and when you apply for your loan regardless of what age you are their gonna ask you about information on what kinda car you drive.... If the cars worth more then $5000 your loan is trashed and you are not eligiable... Sorry bro.... If you wanted my help I suggest you sell you car to your parents for $1.00 and get insured as a co driver on it so that you have as little assets to your name as possible.... The less Asset you have the more the government will give you... I also recommend you take your RRSPs down to $1000 and tell them you make under $350 a week at a part time job.... Rem you can still drive your car... its just not under your name....

;)
Rich