woolywooly Posted June 3, 2008 Report Share Posted June 3, 2008 Does anyone have any advice regarding BC student loans? Link to comment Share on other sites More sharing options...
moltenflammingcore Posted June 3, 2008 Report Share Posted June 3, 2008 You should book an appointment with UBC's Medical school finanical advisor. I went to see him with my husband and he was awesome. Bryan Hicks Student Financial Assistance Officer Faculty of Medicine, MD Undergraduate Program Phone: (604) 875-5834 Email: bryan.hicks@ubc.ca Toll Free: (1-877) 875-7800 Link to comment Share on other sites More sharing options...
ouchitburns Posted June 3, 2008 Report Share Posted June 3, 2008 He is away until the 16th! Link to comment Share on other sites More sharing options...
moltenflammingcore Posted June 3, 2008 Report Share Posted June 3, 2008 Also we should all apply before June 30th apparently. Link to comment Share on other sites More sharing options...
Jigen Posted June 3, 2008 Report Share Posted June 3, 2008 Here's the contents of the Financial Advisor's out of office reply form. "If you are an entering student seeking information on financing your MD education, please note that I will be doing a presentation on government student loans, student awards, and professional student lines of credit. The presentation will be at 6:00pm on Thursday, June 19th at the Medical Students Alumni Centre located at the corner of 12th & Heather. A light dinner will be provided. No rsvp is required. Spouses are also welcome. Please note there are no critical application deadlines prior to June 30th." Link to comment Share on other sites More sharing options...
woolywooly Posted June 3, 2008 Author Report Share Posted June 3, 2008 Yes, I tried to book an appointment with Bryan yesterday but received the reply saying he's away til the 16th. I'm working the night of the information session but I'll see if I get the night off. Thanks for your replies. Link to comment Share on other sites More sharing options...
D-Rock Posted June 4, 2008 Report Share Posted June 4, 2008 And Bryan is going to Law school, so I don't know how long he'll be around after he's back from holidays. They're trying to find a replacement. In short, the necessary things to do are: spend all your money now, sell your car to your parents/sibling (not spouse), and don't work this summer. In fact, don't ever work again, because any money you make will reduce the amount you get from the government and from bursaries. No one gets madder than the people who work over the summer to make a couple grand and then get no bursaries because their assessed need is less than the person who travels around the world all summer. It's a terrible system, so learn it early. Link to comment Share on other sites More sharing options...
woolywooly Posted June 4, 2008 Author Report Share Posted June 4, 2008 And Bryan is going to Law school, so I don't know how long he'll be around after he's back from holidays. They're trying to find a replacement. In short, the necessary things to do are: spend all your money now, sell your car to your parents/sibling (not spouse), and don't work this summer. In fact, don't ever work again, because any money you make will reduce the amount you get from the government and from bursaries. No one gets madder than the people who work over the summer to make a couple grand and then get no bursaries because their assessed need is less than the person who travels around the world all summer. It's a terrible system, so learn it early. THat's the scoop I was looking for. I have the option of moving in with family when I'm in vancouver. I haven't lived at home for 10 years. Does that take me out of contention for bursaries as well? Link to comment Share on other sites More sharing options...
D-Rock Posted June 4, 2008 Report Share Posted June 4, 2008 I think it seriously reduces the likelihood of living an entire life without killing your relatives. A large portion of your assessed need is your living expenses. If you are not paying rent, then your expenses will be less and you almost surely won't get a bursary because your assessed need will be lower than most other people's. I don't support lying about your expenses, because it's wrong. It's also unfair to the people who need the money more. And if you get caught lying to the government or UBC, you will be in trouble. But, I can assure you that you will have classmates living at home who "pay their parents rent". Link to comment Share on other sites More sharing options...
D-Rock Posted June 4, 2008 Report Share Posted June 4, 2008 Another scoop: for every year over 18 you are, you are allowed to have $2000 of RRSPs. You'd best confirm that with the financial advisor or with the government, though. Anyway, if you have extra money and don't want to waste it on gambling and traveling, and if you have room left on your RRSP contribution space, dump it into several $1000 RRSPs. That way, you can make the contributions and bank them until you graduate and make money, not have extra money available, and you can use it help pay for your education through the life-long learning plan (or buy a house through the HBP). If they're in $1000 increments, you can take out $1000 dollars at a time without having to redistribute the other amounts. Link to comment Share on other sites More sharing options...
ouchitburns Posted June 5, 2008 Report Share Posted June 5, 2008 nice. thanks D-rock. Link to comment Share on other sites More sharing options...
tommy1978 Posted June 5, 2008 Report Share Posted June 5, 2008 Anyone know how rigidly they audit these applications? I am in the process of filling it out and I am just wondering how they actually verify our income between May - August, especially since we are only half way there. Link to comment Share on other sites More sharing options...
BMO guy Posted June 6, 2008 Report Share Posted June 6, 2008 Just some quick info regarding having assets: - You may have a vehicle with a fair market value of up to $5000 before it starts reducing your the amount of loan you are eligible for from the government. - Having a property (worthy ANY amount) will not have a negative impact on the amount of student loan you recieve - Most students are not recommended to contribute towards RRSPs, especially when your in a field where you will be making significantly higher income later on. This is because your current income tax level is very low, any tax credit you recieve from RRSP will be almost negligible. For example if your current tax rate is 18%, you will receive $180 for every $1000 you contribute towards your RRSP. However, when your income skyrockets after residency your marginal tax rate is nearly 40%, so for every $1000 you contribute you will recieve $400 back. Your RRSP room can be carried forward indefinitely, so its best to save up your RRSP contribution room until your marginal tax rate is at its highest. - Its true that you can use RRSP for your first time homebuyer option, however since you are only able to contribute $2000 per year without any consequences towards your governmetn loans, the money you save from that will be minimal as well. - If you have a spouse with a higher income level, it will be more beneificial to do a spousal RRSP instead. - If you have children there are also other tax benefits that can be reaped from government loans and the amount of income you can report. **** in conclusion, definitely talk to a qualified financial planner and or tax specialist in conjunction with the information Bryan will provide you in order to set up a financial plan that will best optimize your needs. Link to comment Share on other sites More sharing options...
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