Provincial Student Loans vs. LoC

[Telric]

Hey guys, quick question:

 

Does a provincial student loan (Alberta in my case) operate similarly to a LoC, in that you get approved for a certain amount, but are only responsible for paying back what you actually spent? Or do they give you all the money and then you pay it all back regardless of your usage?

 

I'm curious what the best combination of the two financial resources to use for tuition etc. is

[Gametime24]

Hey guys, quick question:

 

Does a provincial student loan (Alberta in my case) operate similarly to a LoC, in that you get approved for a certain amount, but are only responsible for paying back what you actually spent? Or do they give you all the money and then you pay it all back regardless of your usage?

 

I'm curious what the best combination of the two financial resources to use for tuition etc. is

 

Student loans typically work in the way that you get a certain amount of money approved and they give that all to you and then you pay it all back at the end of residency.

 

Use the student loans for as much as possible as they don't accrue interest until after residency. Use the LoC for only what you need to as it accrues interest right away. AFTER residency, the government will want you to start paying back your student loans. These loans have a higher interest rate than the LoC typically, so I'd pay them off in full with the LoC and then pay down the LoC at the lower interest rate.

 

Also, some provinces (not sure if all) will make some of your student loans non-repayable grants/awards, which is great. So yeah, use the student loans for as much as possible.