A little Canadian Student Loan rant

[Sign Of The Fish Burger]

Well this is my third time applying for a Canadian student loan... I have been rejected twice, and this time, although requesting more money, because I am going to a school far away, it still looks hopeless.

Im still considered a dependant student, because I havent been out of Highschool for 4 years, and I still live iwth my parents, even though, I am in NO WAY dependant on them.

Its so frustrating, another thing that kills me, is Im an only child.. so there are no other dependant students living in my house. Combined, my parents make decent money... I guess... but they just CANNOT afford to help me out whatsoever (due to poor decision making and well its a huge long story... but anyways) They are just finally starting to get back on their feet... but all they see on the application, are numbers... and assume that because my parents make decent money, they are able to foot my University bill.

But thats not the case... plus anyways, its MY university education, not theirs. Its my responsibility.... I have a friend, whos parents make about the same as I do, and she has a brother in Uni, and she got enough money to fund 2 people to go to school, when there are people like me, who get nothing.

I guess if I had to tag a question onto this thread, maybe it would be, how do you other canadian university students, who ARNT lucky enough to have their parents pay for the schooling, afford to go? How has student loans worked for you? Or do you know of any loop holes around it?

I just want to cry rightn ow

 

[klewlis]

Unfortunately, it's just a nasty fact of life... I had the same problem... I don't know the loopholes. You can appeal the decision though, and perhaps if you wrote them a letter explaining your situation, they might consider it.

 

[Svt4Him]

Well, I hate to say it, but I've put myself through university and my parents haven't done anything. Can't qualify for a student loan either. If your parents make decent money, then yes, it should be them helping instead of me. Why is it me? Well, I pay taxes, and a lot of them. Sorry, little empathy from me. As an accountant, I've seen those numbers, and sometimes it's amazing. I've had people ask for student aid to pay $270.90 a month tuition, who make over $50,000 a year, drive a new SUV and take vacations to Whistler, while a single mom makes a $460 a month payment while earning less than $30,000. Ok, my little rant is over. Here's what I believe. You plan your ways, believe that God will direct your steps. If God is for you, who can be against you? Honestly, my tuition costs 1/3 of my income, and that doesn't include my wife's tuition. But God has blessed me and my wife, that's the only way I can say it. Have faith, because it's during these times that God shows how big He is.

 

[Sign Of The Fish Burger]

Well Gee... thanks for making me feel better.

But in my parents case, they CANT help me, regardless of how much they make. Its not their duty anyways to pay for my colllege tuition. And my parents DO NOT drive and SUV, and our house is very very small. My parents are just kinda starting to see their way out of debt, due to a cut in my father salary... anyways thats a long story... the money stopped but the bills kept on comming... and although now thigns have gotten better, they are still paying for those few years that really put them behind. Its not cool...

Anyways whatever... Im just in a really bad mood.

 

[myutmost4him]

Here's a suggestion... check it out first as this is not first hand info. Move out of your parent's house and then apply, when they ask your parents if they will support you in any way, their response should be NO! My wife collected Unemployment Insurance this way when she was first out on her own and I bet it would help regarding a student loan. Just something to look into...

 

[Sign Of The Fish Burger]

I absolutely CANNOT afford to move out lol... seriously, I am working at a christian camp this summer, and from June to August I will make $3000.... and that is not enough to move out on...
Plus, there isnt much point, even if I DID move out, I am still considerd a dependant student (trust me I looked into everything) because I havent been out of Highschool for 4 consecutive years. And I havent been FULL TIME in the work force for 2 years. Nor am I married or have children

 

[klewlis]

The most obvious solution, of course, is to wait until you do qualify under those conditions... that means putting off your education for a couple of years. But on the plus side, it gives you time to save up, as well.

And of course, there is an election coming up... be sure to vote for someone who is supportive of students.

 

[Svt4Him]

Well Gee... thanks for making me feel better.

But in my parents case, they CANT help me, regardless of how much they make. Its not their duty anyways to pay for my colllege tuition. And my parents DO NOT drive and SUV, and our house is very very small. My parents are just kinda starting to see their way out of debt, due to a cut in my father salary... anyways thats a long story... the money stopped but the bills kept on comming... and although now thigns have gotten better, they are still paying for those few years that really put them behind. Its not cool...

Anyways whatever... Im just in a really bad mood.

Sorry. As you can tell, this is a touchy area for me as well, and I apologize. I was just having a simular conversation with my in-laws.

But honestly, I think it's only been God who's allowed me to go so far. Have faith in God, not the system.

 

[traingosorry]

Hello Fish!
Many people I know have student loans and STILL live at home. How do they do it , you ask? Well...they simply give another address as their residence. The gov't wants you to have lived away from home for at least a year before they give you a loan.
Ask a relly or a good family friend if you can use their address.
Also contact the school's student financial assistance office- they are usually more than willing to help you out- and they would know, if anyone, what the loopholes are and how to use them.

Good luck lady!

Heather <><

 

[Eirenay]

A suggestion. How about applying for a credit line from the bank. I mean you'll have to pay interest every month, but its usually only prime plus one, and its easier to get approved. Your parents will probably have to co-sign, but its not a big deal.
I did this instead of going the student loan route, because having worked in a bank I had seen all the hassle the student loan system creates for students. Yeah a credit line might cost you $75-100 a month in interest but its hassle free!
Cheers

 

[JC 101 FM]

Really...wait a few years, get a real job and save your money. Don't be in such a hurry to get into debt, all for a crappy entry level job that awaits you after graduation.

 

[klewlis]

Really...wait a few years, get a real job and save your money. Don't be in such a hurry to get into debt, all for a crappy entry level job that awaits you after graduation.

Agreed!

I was making more right out of highschool than in my first couple of years after college. Take your time, save some money, even take part time courses while you work so that you can kill two birds with one stone.

Don't get caught up in the false illusion that once you graduate college you will instantly be making tons of money. That rarely happens. Most people have to still start at the bottom.

 

[Sign Of The Fish Burger]

A suggestion. How about applying for a credit line from the bank. I mean you'll have to pay interest every month, but its usually only prime plus one, and its easier to get approved. Your parents will probably have to co-sign, but its not a big deal.
I did this instead of going the student loan route, because having worked in a bank I had seen all the hassle the student loan system creates for students. Yeah a credit line might cost you $75-100 a month in interest but its hassle free!
Cheers

The thing is, I already have a $13,000 line of credit from my bank from my first 2 years of university, and my interst payments are already $100 a month... add anymore to that and Im looking at a HUGE interest payment everymont.
Anyways, it talked with my parents today, and chances are Im gonna have to go that route again... even though I dont overly want to

 

[Sign Of The Fish Burger]

Really...wait a few years, get a real job and save your money. Don't be in such a hurry to get into debt, all for a crappy entry level job that awaits you after graduation.

Ive already doen the work thing... trust me, Im ready to go back to university. Plus its really where I feel God leading me.
And where I am from, unless I want to work part time in retail, there isnt much work at all... trust me, I didnt go to school this past winter and it was IMPOSSIBLE finnding work. I just ended up volunteering all winter at my church.

Im not in a hurry to get in debt... Ive been out of highschool for 3 years now, did a year and a half at uni, worked for a year and a half, and now I am serious about what I want to do....

Im going to Bible college to get into ministry, Im not looking to find a job making all kinds of money

 

[SeRapH&CheRi]

Im going to Bible college to get into ministry, Im not looking to find a job making all kinds of money

The thing about going into full-time ministry is that you will not be making very much money. Therefore, you really need to seriously consider if taking out a loan will be the wisest thing to do, because you don't want to get stuck with this huge debt after you graduate. I did my undergrad studies at Trinity Western University and so I had to take a loan out. At the time I took out the loan I was living on my own in a basement suite with a couple of friends from school, therefore I was qualified for a loan. My parents helped a little, but not much. Have you thought about going to a school that's closer to home? It would definitely cut down the cost of tuition if you didn't have to live in residence. Are there any good Bible schools in your area? I can identify with you and your frustrations with finding the resources to pay for your education. I got accepted into Fordham University, (located in New York City) for their Master's in Social Work program, and am looking around for different scholarships, fellowships, and loans. I know that I will definitely be needing to take a loan out, but I am hesitant because I don't want this huge debt after finishing grad school. Being a good stewart of the resources God has given us is very important and I suggest that you talk to someone at the student loan center and even the bank about student loans and the different options available to you. I'll keep you in prayer SOTF.

 

[laura_lynn]

SOTF, I totally understand what you are going through!!! Yikes, it's totally unfair. The scale in which they look at is how much your parents make and doesn't vary that much even when considering HOW many people are in the house. I would honestly suggest just waiting until your debt is down with your line of credit (which is what I am currently doing too) - moving out will NOT fix your problem! I can't believe someone said that before, because you have to be on your own for 2 years until you are considered independent anyways.

Search for scholarships... if you go to the college/university and plead your case, they can help you. SO MUCH scholarship money goes unclaimed each year, my mom gave me last year's annual figure and it was ridiculous. I, surprisingly enough, will be getting a couple and my marks were not that great (75% average in highschool).

If all else fails, pray pray pray!!!

 

[Svt4Him]

How do they do it , you ask? Well...they simply give another address as their residence. The gov't wants you to have lived away from home for at least a year before they give you a loan.
Ask a relly or a good family friend if you can use their address.

I would think this is an ethics question, as I don't believe God will bless a lie.

 

[Breetai]

That's what I had to do when I didn't get a Canada Student Loan the first time(I got one the second time...after I was 5 years out of HS). I got a student line of credit from the bank. The TD Canada Trust offers an $8000 line of credit/year for uni students. The Bank of Montreal offers $5000. You can get one from each if you want. Also, although you have to pay a certain amount each month(my TD account wanted about $60/month), you can just take the money out and then re-deposit it. It's kind of pointless, but it works. It's a loophole that you can use!

 

[Cordy]

Hey Sign,
I understand your frustration. Until this point, I haven’t had a student loan and never applied for one, but I will need one this coming year, and I understand how needed they are for many of us to get an education. Our situations are quite different, but here are a few suggestions:

Work in a restaurant for the summer. From other posts and pictures you have on the board, I think you must absolutely love camp and serving God there. I loved working at camp too – but sometimes it is not practical. I would pray about it. If God wants you to serve at camp AND go to school, he will provide a way. Sometimes, however, we have to choose one or the other, and maybe you have to make that choice. Only prayer can give you that answer.

Go to a cheaper school. There are some really great schools that are a little smaller, that still maintain excellent educations and reasonable tuitions.

Board with a friend of the family. You might be able to find someone who will let you have a room at a cheap rate if you provide your own food. Ask your parents if they could help you with groceries and learn to love beans.

Find a good job during school. If you can find a good job for evenings and weekends, you can greatly help pay your bills.

You might have to take a year off and just save up in the meanwhile. I did this. I lived away from home and worked in a restaurant. I lived off of tips and saved enough from my tips to pay my room and board, and tuition for the following year at school as well (and I had my paychecks in the bank to help after that).

 

[laura_lynn]

No no no, don't move out - but when you are filling out the application form for a student loan or whatever, specify that you PAY RENT to stay in your home. That might be easier...