fishy0118 Posted May 17, 2007 Report Share Posted May 17, 2007 Is there any difference in the loan application process for non-trads? Do they have to check my parents' accounts (they are retired!) or my wife's? ... yikes ... a lot of research to do ... Link to comment Share on other sites More sharing options...
Kirsteen Posted May 17, 2007 Report Share Posted May 17, 2007 Is there any difference in the loan application process for non-trads? Do they have to check my parents' accounts (they are retired!) or my wife's? ... yikes ... a lot of research to do ... Hi there, If you're referring to provincial/national student loans, then there's no real difference. They're as straightforward for you to secure as anyone else (income permitting). However, parents' accounts are not checked. (I think that's on the basis of the number of years since high school graduation.) Cheers, Kirsteen Link to comment Share on other sites More sharing options...
agregson Posted May 17, 2007 Report Share Posted May 17, 2007 I believe that you'll have to include some of your spouse's information. Link to comment Share on other sites More sharing options...
fishy0118 Posted May 18, 2007 Author Report Share Posted May 18, 2007 The reason I'm asking is because I've been working for 8 years (so, a bit of savings + RRSP) ... got a house now that I am gonna sell (that will generate another chunk of money), and my wife will continue working after we settle in Calgary ... hmm ... Link to comment Share on other sites More sharing options...
Satsuma Posted May 18, 2007 Report Share Posted May 18, 2007 Hey, It wouldn`t be a bad idea to set up a meeting with a financial aid counsellor. Your parents income is not a factor. Your spouses income however, I believe is a factor. Some info I remember from my meeting...2 years ago, so can't give you many details since I don't really remember them! (this is for OSAP...don`t know how things are different for other provincial loans) 1) Your primary residence isn`t "counted against you". That is, they don`t expect you to sell your house if you want to go to school, but they would expect you to sell a cottage. 2) For RRSPs...I think the allowance was $2000/year since finishing highschool that you aren`t expected to touch. So if you've been out of highschool for 10 years then you could have up to 20k you don`t need to touch but anything over would be counted against you 3) your car...this is the worst! You can have a car worth up to 5k (and OSAP determines how much your car is worth based on some book they have). Whatever amount your car is worth over 5k is directly taken off you amount of OSAP you qualified for. So if you qualified for 8k and your car is worth 10k then you will end up getting 3k. This is true whether you own or lease your car For all the above, I think it is your "status" as of May 15th?? of the year you apply. So if you owned a car May 15th and decided to transfer than car to your parents or spouse etc. in June it doesn`t count...it's too late, you have to put it down. So these are a few things I remember, a financial aid counsellor could help out alot more. Sats Link to comment Share on other sites More sharing options...
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