OSAP vs Alberta Loans...can anyone help?

[hjmed]

I am wondering if anyone would have been in a similar situation as me, and thus guide me to the best options? I really appreciate it in advance.

 

1. I am an Alberta resident, but hold OSAP (Ontario student loans) from doing undergrad there.

 

2. I am going to UCalgary for meds this year, and looking to apply for student loans.

 

What should I apply for? Alberta loans or OSAP?

 

Thanks guys...

[hjmed]

Out of curiosity, where have you been filing your taxes?

Also, I was under the impression that you could not get OSAP without being an Ontario resident in the first place.

That said, the financial aid/services office at your med school will be the best place to ask.

 

Thanks! Been filing as Ontario resident.

[flying kumquat]

I am neither an Alberta or Ontario resident. I was under the impression, however, that Alberta loans give med students much more money (including bursaries) and don't count a car against you, vs. OSAP. If you have the option of choosing either, I would look into how much of a loan you can get on either. Anything that you don't have to put on your LOC is awesome.

[hjmed]

I am neither an Alberta or Ontario resident. I was under the impression, however, that Alberta loans give med students much more money (including bursaries) and don't count a car against you, vs. OSAP. If you have the option of choosing either, I would look into how much of a loan you can get on either. Anything that you don't have to put on your LOC is awesome.

 

So it turns out that in order to be considered an Alberta resident for student loan purposes (and thus to apply through ALIS), you must have lived in Alberta for 1 year, without being a full-time student.

 

I guess no choice but OSAP for me.

 

Thank you for your help.

[Jochi1543]

So it turns out that in order to be considered an Alberta resident for student loan purposes (and thus to apply through ALIS), you must have lived in Alberta for 1 year, without being a full-time student.

 

I guess no choice but OSAP for me.

 

Thank you for your help.

 

You should still be able to apply through ALIS, you just won't get as much $. I don't meet that resident condition, and I've received funding through them before.

[hjmed]

You should still be able to apply through ALIS, you just won't get as much $. I don't meet that resident condition, and I've received funding through them before.

 

You mean you applied in addition to your other-province loans? If not, why not just apply through OSAP, if it will give more?

[Jochi1543]

You mean you applied in addition to your other-province loans? If not, why not just apply through OSAP, if it will give more?

 

No, I don't have residency anywhere.

[fireball]

I am neither an Alberta or Ontario resident. I was under the impression, however, that Alberta loans give med students much more money (including bursaries) and don't count a car against you, vs. OSAP. If you have the option of choosing either, I would look into how much of a loan you can get on either. Anything that you don't have to put on your LOC is awesome.

 

I am an Alberta resident, and their maximum funding for myself is $19 950 a year, and a vehicle does count against me if it's over $5000. Meaning if your vehicle is worth under $5000, they don't care, but if it is over that amount, then it directly effects the amount of money you can receive.

 

I am eligible to receive up to $97 820 in student loans, and if I hit that maximum I will be eligible for the loan relief bursary at the end of my studies.

[Jochi1543]

a vehicle does count against me if it's over $5000.

 

$5000? WTF!? For 5 grand, all you can get in Canada is a 20 year-old clunker. OSAP has a $9 or 10K limit, doesn't it?

[rmorelan]

$5000? WTF!? For 5 grand, all you can get in Canada is a 20 year-old clunker. OSAP has a $9 or 10K limit, doesn't it?

 

its 14000 for the first year max, BUT the level drops in a very socialist way If you have car over 5000 you will be penalized (students don't "need" a car, so they think you should sell it), and if you earn too much in the summer you get a reduction as well, same if you have any other significant asset (but a house you own, and RRSPs to a limit are not included).

 

basically you are supposed to be a stereotypical starving student

 

Right now I a juggling some of the numbers is this regard - OSAP will forgive a good chuck of the loan, so the max you owe is 3500 per term so 7000 I believe for the year (again only occurs if you don't earn too much), so there is a point where working this summer will cost me money in a strange way.

[Hopeful Med]

I honestly don't think we need a car and we also should be very grateful for the some of the loans which will be forgiven by OSAP.

 

My aim is to have little debt when I graduate in 2013. i have worked very hard and sacrificed plenty for this goal.

 

Went to the bank the other day and was very uncomfortable with their allowing me such a large LOC. I want to stay away from that.

 

I know what you mean about having to quit work early rmorelan but I guess OSAP has to draw the line somewhere. I was hoping to work till the Friday before med school but I cannot.

[Jochi1543]

 

Right now I a juggling some of the numbers is this regard - OSAP will forgive a good chuck of the loan, so the max you owe is 3500 per term so 7000 I believe for the year (again only occurs if you don't earn too much), so there is a point where working this summer will cost me money in a strange way.

 

What's their definition of "earning too much"?

[Jochi1543]

I honestly don't think we need a car

 

That's great til there's a transit strike (like happened to me in undergrad for 3 months in the dead of the winter) or you get a rural rotation 4 hours out of town. Then you start scrambling around for a ride.

[Hopeful Med]

That's great til there's a transit strike (like happened to me in undergrad for 3 months in the dead of the winter) or you get a rural rotation 4 hours out of town. Then you start scrambling around for a ride.

 

In those cases I would rent a car. It is so much easier than worrying about repairs, insurance etc. while in med school. When it becomes obvious I need a car I will buy one but not until that time. Trying to make my life as simple as possible while in med school.............so living across from the school, no car and no real estate etc.