Canadian students - Loans??

[Coquette22]

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Is there indeed a cap on the amount of loans you can receive?? My loans just barely stretched to cover my tuition, books, living expenses, etc this year and that was doing undergraduate, where the costs of tuition and books were much lower than the costs of going to AVC (yeah, I know, I haven't even interview yet, let alone get accepted, but it's hard not to think about this stuff).

Unfortunately, it looks like there's a limit to what CSL/NSSL will give you, according to this: http://tools.canlearn.ca/cslgs-scpse/cln-cln/40/sfae-eafe/sfae-eafe-0-eng.do. It looks like that limit is $7140 from CSL and $5100 from NSSL, which would barely cover tuition and books, and leave nothing for living expenses. Can anyone confirm that this is the limit?

 

[Newfie Girl]

Is there indeed a cap on the amount of loans you can receive?? My loans just barely stretched to cover my tuition, books, living expenses, etc this year and that was doing undergraduate, where the costs of tuition and books were much lower than the costs of going to AVC (yeah, I know, I haven't even interview yet, let alone get accepted, but it's hard not to think about this stuff).

Unfortunately, it looks like there's a limit to what CSL/NSSL will give you, according to this: http://tools.canlearn.ca/cslgs-scpse/cln-cln/40/sfae-eafe/sfae-eafe-0-eng.do. It looks like that limit is $7140 from CSL and $5100 from NSSL, which would barely cover tuition and books, and leave nothing for living expenses. Can anyone confirm that this is the limit?

Friends of mine who have gone to Law school and Med school have gotten professional lines of credit from banks. You can always call around and see what your bank offers 🙂 That's the route I'll be taking if I get in.

 

[Coquette22]

Yeah, I've looked at those. I wanted to avoid lines of credit, since my older sister got into serious financial trouble using a student line of credit. But she's not the most responsible person with money either. 🙄

 

[mhlaur]

The credit lines have a much lower interest rate than the student loans by the way. RBC gives $20,000 per year for 4 yrs, which helps you not to spend it all too fast. I will be doing that for the prime+1, maybe even +0.5, rate rather than prime+5 for loans. I don't think I'll apply for loans since the credit is enough.

Forgot to mention one major difference. You have to pay the interest monthly on the amount you've used so far while you're in vet school on the credit line. Then after vet school, you have 12 mths before you have to start paying back the principle. Basically if you're not working, you have to use your own credit line to pay the interest. We're talking about $80/mth first year and then $300/mth by 4th year.

 

[DVMhopeful]

Student loans don't cover vet school, they are more geared toward undergrad. Most people in my class have a line of credit, you can get them ranging from
$80 000 to $120 000, depending on which bank you go with. There's usually not a whole lot of time to work in vet school, with all the studying and what have you. But, you are going to be able to pay this off when you graduate. Here's a tip though...don't go with the minimum amount you think you'll need, you are going to be stressed enough with school, to ass money as a stressor will just make it that much worse.