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Student Loan Questions


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46 minutes ago, Luna Lovegood said:

I'm being a bit paranoid, but does StudentAidBC have access to your bank account balances? I want to apply for student loans/bursaries, but if they have access to my balance, doesn't that make me less likely to get a loan?

StudentAid BC looks at your tax return. If they discover inaccuracies in what you declare, the CRA can audit you. When you get audited by the CRA, they can see all your bank accounts and claw back the loans you received if they find out any info is falsified. However, I don't think they base "need" on how much money you have in your bank accounts. I believe it's based on your annual income and whether you're dependent or not. (Please correct me if I'm wrong) 

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42 minutes ago, Butterfly_ said:

StudentAid BC looks at your tax return. If they discover inaccuracies in what you declare, the CRA can audit you. When you get audited by the CRA, they can see all your bank accounts and claw back the loans you received if they find out any info is falsified. However, I don't think they base "need" on how much money you have in your bank accounts. I believe it's based on your annual income and whether you're dependent or not. (Please correct me if I'm wrong) 

Yup, that’s correct. They don’t ask about assets. Basically just your income, and depending on your age and circumstances, may also require income information for you parents or spouse. You also have to declare any money you know you’re being given to support you or directly pay your tuition (e.g. from parents, grandparents, etc).

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