a question for people with student loans

[sh0ko]

Hey guys

I recently decided and need to get student loans this year (first time) as i am moving out in october/november. I figure i try to do move out and do my own thing while in school... i wanna get that step ahead .. see what it would be like to be "independant" during school...


Now i know getting the student loans is very possible but as for the grant situation i was wondering what the case would be.

My 2008 tax line 150 total income was 8264 while my 2009 "pre study income" was about 11600....but ill probably have about 1-2000 in savings b4 school starts...

i am living with my parents during the pre student period

will they consider grants at all?
I need food when i move out!

please leave your smartass comments to yourself as i dont wanna screw up anything on my student loan forms...

[Arnold]

When i applied for my student loan i got approved for 6k of that roughly 4.5k was bursaries and grants. It all just depends on your income for eligibility, on your application just let them know that you'll be living on your own and not making very much income during the school year.

[oilerfan4lyfe]

I think that if you get approved for student loans they hand out a ton of $3000 bursaries to people? And I don't think you need to have a $15,000 loan or anything like that to qualify.

Just make sure you get all you can...account for all your expenses when you're living alone - it doesn't hurt to take more.

[Ebon]

Bursaries are done on a need basis. Most people don't get much. Just do your expenses properly and you'll still get loans to cover the difference between your assets and expenses.

[Jonel]

I filled mine as accurate as possible - some people lie they pay rent and what not and really i don't know if that helps. but in the end on a 14k loan i got 7.4 in bursaries.

[sh0ko]

7.4k in $ u didnt hafta pay back?! hot damn! thats pretty nice

[Jonel]

Originally posted by sh0ko
7.4k in $ u didnt hafta pay back?! hot damn! thats pretty nice

yep .. if i'm reading it right, we don't pay the ALTA Opportunities Bursary and Loan Relief Benefit right?

[leftwing]

hey good thread. i got a question. im looking into a student loan (the reason i want the loan is to buy a decent summer car) i dont actually need a loan i just want to take advantage of it since im a student. i got a few questions for people who have had student loans.

1)how does the interest work, ive heard that is doesnt start accumulating interest until you are done school, but im not sure if that is true..how does the interest work?

2)what are these bursaries, ive never heard of them on a student loan, and why dont you have to pay them back?

when i apply for the loan i will have 3000 in savings and a 4500$ vehicle as my only real asset.

anybody have good tips of how to go about getting a loan for as much s possible.?

[signature7]

My cousin just filled out a loan yesterday. After completion it says being reviewed. However, his friend told him they would've told him right away if it was approved or not? Should he be concerned? This is his 2nd loan process and also they didn't ask my aunt's 150 just my uncle's, is that normal as well?

[euphoria]

So about a week ago I applied for my student loan and I also have a couple questions regarding student loans, mainly about my application.

How long does it usually take for the application to be processed and how do I find out if I qualify? ie. via email, mail, or check online?

[Amysicle]

Originally posted by leftwing
1)how does the interest work, ive heard that is doesnt start accumulating interest until you are done school, but im not sure if that is true..how does the interest work?

If it's a government student loan, your loan is in a grace period until 6 months after school ends (whether you decide to drop out or graduate) and payments aren't necessary until the end of the grace period. However, interest is paid for by the government while you're in school but as soon as you graduate (or drop out), the interest starts to accumulate.

With a student line of credit or loan from the bank, I'm pretty sure interest is calculated monthly and payments are expected while you're in school.

Originally posted by leftwing
2)what are these bursaries, ive never heard of them on a student loan, and why dont you have to pay them back?

http://www.alis.gov.ab.ca/et/fo/scholarships/what.html

[Jonel]

Originally posted by euphoria
So about a week ago I applied for my student loan and I also have a couple questions regarding student loans, mainly about my application.

How long does it usually take for the application to be processed and how do I find out if I qualify? ie. via email, mail, or check online?

Originally posted by signature7
My cousin just filled out a loan yesterday. After completion it says being reviewed. However, his friend told him they would've told him right away if it was approved or not? Should he be concerned? This is his 2nd loan process and also they didn't ask my aunt's 150 just my uncle's, is that normal as well?

When I was doing mine the first time, they urged me to do it online since it gets processed faster (decision came in after only 4 business days). If your cousin did it manually, you might have to wait up to 3 weeks. As for your aunt and uncle's 150 that is quite weird, did he fill out a booklet type application or just a regular loan application that has a staple on the top left hand side? This could also contribute to the fact the decision is taking so long since they're missing information.

Best to call Alberta Education and double check with them, make sure he has his alberta student id + SIN ready prior to making the call. If you call around 11am (when their system opens up) you can get lucky and will only have to wait for maybe 4 minutes before a representative can help you.

[signature7]

He did it online. He can't remember if they told him right away if he was approved or not. But the consensus is it takes a couple days so his friend probably gave him misinformation. He remembered the first time he did it he had to fill out online his moms 150 and his dads but yesterday he said he was only asked for his dads info.


I'll just tell him to call to make sure it's gravy.

[hattonlynch]

Originally posted by leftwing
hey good thread. i got a question. im looking into a student loan (the reason i want the loan is to buy a decent summer car) i dont actually need a loan i just want to take advantage of it since im a student. i got a few questions for people who have had student loans.

1)how does the interest work, ive heard that is doesnt start accumulating interest until you are done school, but im not sure if that is true..how does the interest work?

2)what are these bursaries, ive never heard of them on a student loan, and why dont you have to pay them back?

when i apply for the loan i will have 3000 in savings and a 4500$ vehicle as my only real asset.

anybody have good tips of how to go about getting a loan for as much s possible.?

why are you buying a new car??? that is such a lousy investment bro....err i dont know why this irks me but it just does. ahh

[leftwing]

Originally posted by hattonlynch


why are you buying a new car??? that is such a lousy investment bro....err i dont know why this irks me but it just does. ahh

buying any car is a bad investment, it just depreciates, i know.

im not looking at buying a 30,000 car. i know exactly what car i want and i only need 6-10g. i just want a car to drive during summer, a toy to have, its a hobby of mine, i like having cars and working on them (right now my vehicle is an SUV and not much fun to drive). and i m going to buy a car no matter what. if its today or 20 years down the road, so why not have it now and take advantage of a very good loan opportunity.

i just re read your post, im not buying a NEW car, i mean like new to me. im looking to buy a 3rd gen mustang or 99-04 4th gen.

not a bad investment, keep me busy during school.

[sh0ko]

and fixed for u

Originally posted by leftwing



its a very bad investment, keep me broke during school.

not to mention probably distracted

[hattonlynch]

hold on guys....when you receive grants you do not have to pay them back? why do they give out grants and how can i get in on this?!

[BrknFngrs]

Originally posted by leftwing
i m going to buy a car no matter what. if its today or 20 years down the road, so why not have it now and take advantage of a very good loan opportunity.

.....not a bad investment, keep me busy during school.

I'd put some real thought into this before you decide to take out debt for something you'll likely grow out of before you graduate. How many years do you have left? Do you have worked signed for when you're done?

In regards the student loan being a "very good loan opportunity", you'll want to make sure you do your homework. For myself I got a much better interest rate on a student line of credit than was offered by the government.

[leftwing]

Originally posted by BrknFngrs


I'd put some real thought into this before you decide to take out debt for something you'll likely grow out of before you graduate. How many years do you have left? Do you have worked signed for when you're done?

In regards the student loan being a "very good loan opportunity", you'll want to make sure you do your homework. For myself I got a much better interest rate on a student line of credit than was offered by the government.

i have 3 years left, so no i have no job yet. long ways to go. its a loan opportunity as in the min monthly payment is like 10 bucks so if im strapped for cash im not gonna hurt my credit. if i do go ahead and buy a car i will do my homework and find the best loan/line of credit opportunity for me. im doing my homework by searching on the net and asking questions here. im not just gonna go to the bank and say give me a loan, any loan. then go buy a car. im not dumb, and im actually really good with money so im just trying to find out different ways of actually getting a loan.

[dandia89]

does anyone know where you can do the bursaries online? ive been searching for awhile but everything directs me to service stop. i don't want to go there and wait hours for a simple link, and i've called. any help!?