Student Loan Eligibility?

[Guest rpuff]

I did a lot of searching on the Canadian Government Student Loans website, and I just wanna make sure I got this straight...

 

So I got accepted into U of A after 3 years, which makes 1st year med my 4th year of school since I left high school (and it's still an undergraduate program). Thus, a certain "parental contribution" will be taken into consideration...and I will be denied a loan because my dad is a doctor.

 

So my only option is a LOC from whatever bank, and I know those are very simple to come by, done all the research, I'd just rather get a student loan first.

 

My second question is, if you don't qualify for student loans does that mean you can't apply for any scholarships and bursaries that denote special consideration for financial need? I understand that it's totally fair I didn't qualify under that category in my first degree but I feel it's kinda unfair to expect my parents to pay for my MD degree, based on the assumption that they "make enough money" and would supposedly continue to financially support me.

 

Did other third year acceptees have this problem?

any thoughts would be appreciated

[Hopeful Med]

I know many third year acceptees with this problem. One had a 40 plus MCAT and a perfect GPA but had to wait for the magical 4 years out of high school to get any financial need loans, scholarships or bursaries.

[Neisseria]

You are in a fortunate position to take out a parental loan. You can ask your parents to loan you money and when you get on the med payroll you can pay them back every cent (if you have been a good child, you can probably negotiate your way out of interest). The down side is that you won't be qualified for bursary. But again, bursary is given out on need basis.

 

Another option is to become independent. Not sure if that works if you only start now...