Guest Dr Love Posted July 10, 2003 Report Share Posted July 10, 2003 Hi All, I have found your posts to an amazing help over the past couple of months (and years), but I have always been a quiet observer until now. My question is: What is the largest amount of student loan money that anyone has either received or heard of someone else receiving. A friend of mine just got $18000 to go to Western (including student loans and bursaries), and I was wondering if this was a normal value or if he just got really lucky. Thanks Link to comment Share on other sites More sharing options...
Guest fox Posted July 10, 2003 Report Share Posted July 10, 2003 I think the max you can get for student GOVERNMENT loans is about 10 000 or 11 000 a year (but it depends which province you get it from-I got mine from Ontario). Most people get lines of credit from the bank. The Royal Bank has a deal with U of A (I think most banks offer similar deals) where you can get up to $125 000 over four years, or $31 250 a year. You can get the max for your first year and if you don't use it, at least you know you have it. That's what I did. Link to comment Share on other sites More sharing options...
Guest shkelo Posted July 10, 2003 Report Share Posted July 10, 2003 Probably not "lucky". The extra money your friend received is probably due to Western's pricey medical school tuition and other school-related fees. Somewhere on the ALIS website, it says the maximum student loan is $11,300. However, student loans for medical school are handled differently because loans are given over a 9 month school term, not 8. People from Financial Services here at the U of A came to our class during orientation week and gave a useful seminar on student loans. Apparently, they say a U of A medical student can request up to $16,050/year. This, of course, does not take into account the extra $2000 differential fee that next year's class will face so this value may in fact be higher. I'm on student loans and I didn't get near that amount (I live away from my parents; out of high school > 4 years) and of the people I've talked to in our class, the average live-away-from-home student received around $13,000. You may also be eligible for the Canada Millennium Bursary worth $1500-3000. It is in your advantage to receive as much student loan as possible for two reasons: 1.) unlike credit lines, loan interest is payed for by the Alberta government during your time in school, and 2.) if your total loan is >$40,000, you are eligible for loan relief to bring your loan total back down to $40,000. You can check out more information on the loan relief program at: www.alis.gov.ab.ca/pdf/st...e/exit.pdf One final note: Your third year of medical school is 12 month long and therefore you will accumulate more debt (and loan) for this period. The loan relief figure cited above is also subject to change (it was $36,000 in 2001), so it may very well be $50,000 or even $60,000 once you (and I) graduate, thereby nullifying any potential savings. Let's hope not. If you need help with filling out your application for a student loan (for maximum loan potential), make an appointment with the financal aid office in SUB (U of A Students' Union Building). E-mail: sfaic@su.ualberta.ca ; Website: www.su.ualberta.ca/su/bus...ices/sfaic Link to comment Share on other sites More sharing options...
Guest fox Posted July 10, 2003 Report Share Posted July 10, 2003 I have been out of high school for >4 years and live away from home, and I only got $5000 in student loans (I was hoping for more = less interest). One of the big killers in qualifying for the student loans is if you have a car worth more than $5000 (if you do, they expect you to sell it or its' value counts against you). Link to comment Share on other sites More sharing options...
Guest shkelo Posted July 10, 2003 Report Share Posted July 10, 2003 That's true. You can't own a car over $5000 in value. Anything over this $5000 value is subtracted from your loan total (since they consider it an asset). Strange as it seems, you can own your own condo/home though. It isn't considered an asset. Not that I'm advocating the following, but many people get around this by selling their car to their parents or a brother/sister not in school (for a $1) and are then listed as an occasional driver. The insurance would have to be dealt with in the same town/city as your parents and your license would have to show that you live at your parent's address. This works because your address while going to school can be considered a temporary (non-permanent) address. It's the same reason why OOP students do not need get an Alberta license and insurance - still a temporary address. I found a link to useful financial info for medical students: www.su.ualberta.ca/su/bus...ns/meddent Most students don't know that they can claim an additional $1990 for clinical placement, transportation, and meal costs. Check out their brochure at: www.su.ualberta.ca/su/bus...dcosts.pdf Link to comment Share on other sites More sharing options...
Guest bearman14 Posted July 11, 2003 Report Share Posted July 11, 2003 Just a caveat about the comment re: insurance and temporary addresses: this only applies if you are away from your permanent address for less than 10 months (i.e. you return home to your permanent address during the summers). I spoke with an insurance broker about this (who was not trying to sell me a policy), and was informed that your policy can be nullified if you make a claim and have not lived at your permanent address in the last 10 months. Therefore. people who maintain a license and insurance in their home province, but do not live there are walking a very dangerous line, and could find themselves up the creek if ever in an accident -- even if they are students. It is becoming more and more common for insurance agents to phone the number listed as the permanent address and ask if "Claimant So-and-So" actually lives there. If the person who takes the call lies, and says that you do, they can be criminally charged. I looked into this for myself, as I did not want to give up my Alberta license and insurance for one in Quebec. Sucks, I know, but unfortunately, that's the way the tide is turning... Nonetheless, check with your insurer -- most have a deal where you pay a premium to be away from your permanent address for longer -- though that premium can be as much as 60%. Link to comment Share on other sites More sharing options...
Guest fox Posted July 11, 2003 Report Share Posted July 11, 2003 I still got half of the maximum for a student loan, even though I just bought a new car and I have no debt from undergrad or grad school. I didn't bother to try and "hide" the fact that I owned a car, it was too much trouble. I figure next year I will have some debt (line of credit) and will get more in student loans. Besides, although you pay interest on the money you use off your line of credit right away (but not on student loans), once you start paying interest on your student loan (which is six months after you graduate- you have to start paying it back in residency, whereas with some lines of credit you don't have to pay on the principle until after residency), I think the interest rate is quite high. Link to comment Share on other sites More sharing options...
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