Canadian Student Loan

[Tonometry]

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does anyone know the student loan limit for Canadian Students?

I'm from the Province of Alberta and the Provincial Loans are not integrated with the Federal Loans and quite honestly, our government website is terrible at explaining anything about loan limits or how much i can receive a year, I sent them an email or two now hopefully you guys have some more insight while i wait for their response?

Thanks

p.s. From wikipedia --> $210 a week for a max of 400 weeks (lifetime limit) If enrolled in optometry, aproximately how many weeks would be full time study for a OD student?

 

[Optedirectioned]

You should give your provincial loan department a call. I'm from Quebec and I was told that I can loan up to $6000/semester, no bursary. And to top it all off, interest on the loan on starts to build 6 months after graduation.

 

[pollyypocket]

For Alberta students I believe the the limit for Canada student loans is $95,000 for optometry students. This however is your accumulated total. So if you took out say a 40,000 loan for your undergrad then you would only have 55,000 left that you are eligible for. I hope this helps!

 

[mishee]

Hi, I'm also from Alberta, and the provincial loan is integrated with the federal one. You only need to apply through Alberta and your application will also be automatically sent to the federal loans.
The legislative maximum for all students is $13,300/year, which would be the amount they approve when you first apply.
However, since optometry is a professional degree, you could then apply for a COC (change of circumstance) and state your need for more loans. Upon which, they will most likely approve your request and give you one more semester worth of loan, totalling to $19,950.
Hope this helps 🙂

 

[Tonometry]

Hey mishee,

Thanks for your information!! Did you have to open a line of credit with banks mishee?

 

[mishee]

Yeah I did, I had to!
Even with the line of credit + government loans, I still don't have enough for the ridiculous tuition 😛
Best of luck with getting your loans!!
Feel free to ask me anything and I'll try my best to answer them....via whatever limited experience I've had haha

Oh, and I should also add that since I did not work last year, part of my student loan was a "Federal Middle Income Grant" ($900), which means 900 less to pay back later on 🙂

 

[abcdefj]

I don't mean to hijack your Alberta-based thread, but does anyone know how this applies to/what it's like for British Columbians (I'm enrolling in the states as an international student, eep)?

 

[mishee]

I have a BC-er in my class and from what I've heard her mention was that the provincial and federal loans are also integrated, and that her legislative max was also around $13000
I know there is also a COC form available for BC, though I'm not sure what the process is or if the form is used for further loan requests. No harm in still applying in COC though in my opinion 😛

 

[macjkk]

Hi mishee,

How did you fund for the rest if, even w/ the line of credit + government loan, the tuition is still too high?

 

[Meme90]

Hi,

I'm also from Alberta and currently in the states studying. You're best bet is to get a bank loan (not necessarily a line of credit). Different banks give a different amount for graduate programs and you can usually find one that gives around 30,000 a year.. so with that and a provincial loan you should be fine.