hotdog2014 Posted July 20, 2010 Report Share Posted July 20, 2010 Hi, I'm starting med this coming Sept. I've been out of high school for 4 years so I'm considered independent in terms of loan application. My parents are not giving me money per se, but they are giving me a credit card so I can use to help with living expense. Do I have to declare that on my student loan app? And how would I go about declaring that? Thanks for the help. Link to comment Share on other sites More sharing options...
rmorelan Posted July 20, 2010 Report Share Posted July 20, 2010 Hi, I'm starting med this coming Sept. I've been out of high school for 4 years so I'm considered independent in terms of loan application. My parents are not giving me money per se, but they are giving me a credit card so I can use to help with living expense. Do I have to declare that on my student loan app? And how would I go about declaring that? Thanks for the help. nope, no need to declare it - it is not income, an asset, or credit in your name Link to comment Share on other sites More sharing options...
future_doc Posted July 20, 2010 Report Share Posted July 20, 2010 Indeed, it is either a gift or a loan, which is not an asset but a liability. Link to comment Share on other sites More sharing options...
hotdog2014 Posted July 20, 2010 Author Report Share Posted July 20, 2010 thx for the replies. but would it be considered "money gift"? and in that case, declarable? Link to comment Share on other sites More sharing options...
rmorelan Posted July 20, 2010 Report Share Posted July 20, 2010 thx for the replies. but would it be considered "money gift"? and in that case, declarable? At the time of the application you actually haven't recieved any money at all (assuming you haven't already taken out a cash advance on the card). So it is not yet a gift Link to comment Share on other sites More sharing options...
itimebomb2 Posted July 20, 2010 Report Share Posted July 20, 2010 thx for the replies. but would it be considered "money gift"? and in that case, declarable? It would be supremely honest of you to declare it since they have no way of tracking it, but yes - if you do declare it it would result in a lower OSAP loan for you. Link to comment Share on other sites More sharing options...
future_doc Posted July 20, 2010 Report Share Posted July 20, 2010 I would like to think it is a 'loan' which your loving parents may choose to eventually forgive. I know a person who was in a desperate financial cicumstance and under provincial welfare, which did not nearly cover the monthly essential expenses. Accordingly, this person received a (secondary) credit card in her name on the credit of a loving family member, and was able to have cable TV, an internet account and pay for essentials when the money ran out. This was a necessary supplement, be it a forgiven loan or whatever. It was never a problem. Link to comment Share on other sites More sharing options...
jackmison987 Posted August 26, 2010 Report Share Posted August 26, 2010 This is an interesting discussion. thank you for sharing Link to comment Share on other sites More sharing options...
future_doc Posted August 26, 2010 Report Share Posted August 26, 2010 ^more commercial spam Link to comment Share on other sites More sharing options...
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