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Government Loans

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Hi everyone, 

I had a concern regarding Government loans. I am applying for them again this year and they always give around 1/3 (roughly $20 000) the amount of tuition (plus other expenses) they had estimated. Its actually been decreasing since the first time I applied (no idea why). 

I am just wondering if people who also apply for them get around the same amount (about 1/3 the total tuition). I guess the amount from the provincial government will differ but does everyone who applies for them, get around $14 000 from the federal government? Does anyone know on what basis do they calculate how much you get? 

Also do you guys pay the rest of your tuition with LOC? lol

Any responses appreciated!

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I'm pretty sure that's normal.

Now the government loans are dependent on your financial situation (how much you made last year), but they won't cover the entire costs of dental school. The rest will have to be paid through the LOC/savings. The government loans are just there to SUPPLEMENT your tuition fees, mainly because they are interest-free until you graduate. I reckon that depending on your province, student loans have a maximum allowed per lifetime (something like 120k or so).

Hope this helps!

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  • 1 month later...

Did you fill out your prestudy period form? If you had some income during this period (past 9 weeks ish), you will usually see a decrease in the amount they initially calculated because they will factor in the money that you earned during the prestudy period.

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Student loans are interest-free until you graduate, but they are only meant to supplement your tuition costs. There is a lifetime cap on student loan borrowing that varies by province (something like 120k or so). I used to get about $3,000 from them each year. Due to the middle class upbringing of my parents, our annual household income was $80K.

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