Livin - Loud

so now that i'm back into school full time i'm goign to have to look into some student loans. especially if i plan on moving elsewhere for the schooling i want. does anyone have any suggestions what loans are good? like banks, and financial institutions, etc? by good i mean interest rate wise, or time to pay back, and amount they will give you per year and stuff?
any input on this would be helpful, as i really have no clue? thanks.

Livin Loud

Audio_Rookie

iTrader: (2)

well..it depends on the school.

From what I have learned you can get student loans from the bank...but the interest rates are high and you have to start paying it back right away. Like as soon as you get your loan you have to start making payments to pay it back.

At my school we have a area in wich we can go and talk about any student loans/scholarships that are available to us. The lady I talked to that worked at the university told me when there would be people cooming to the school that could help you fill out an application for a loan. In a couple weeks there was a bunch of tables set-up at the school for giving out student loans.

On the student loans through the school we dont have to pay back our student loans until AFTER we finish schooling in that university. As for the amount they give you..It really depends, I know people that have taken out 30000$ in 1 year and claimed that most of the loans were from living expenses. You really have to talk with the person face to face to work out a loan though...its dependent on your situation and who you talk to.

Also if you get a 4.0 GPA (average) the goverment would basically cut your loan in half.

Definately go to the school and try to find the person in charge of scholarships and student loans...I am sure there is one at your school as well. These are some rules I found out...but im sure they could give you more info.

Hope I was helpfull.

Blinddemonz

I used OSAP (ontario) and they jerked me around a lot it was so ridiculous the hoops you have to jump just to get money. They dont mail it straight to you you gotta do so many things just to get it, its retarded. Sure a security feature but the least they could do was make it more accessible or a more reasonable method.

Because of that my 2nd year (now) I got a Student Line of Credit in my bank (TD CANADA TRUST) and they gave me $8,000. (more than osap did osap didnt even give me enough to cover everything). Some people also go with both of those options. With the TD loan right now I only pay the interest payments until I'm done school and then I start paying the full amount back.

seege

iTrader: (1)

I managed to get $11500 in government loans, but it depends mostly on your parents income. I claimed the maximum amount for rent, food, utilities, etc. and my parents income was only about $30000 combined. I know if your parents make over $60000 combined, you can't get much more than $2000 or so, and if it is over $80000 combined, I don't think you can qualify for anything. Kinda sucks for those of us whose parents won't pay for schooling.
Best part of mine though is that $2800 is under what they call a millenium grant, so I don't have to pay it back.

Blinddemonz

Seege my parents combined make over $60,000 and I received $6,500

Cavalier Chunk

man i gotta start looking into this stuff for college when i go into mechanics. i only got 3 more semesters left and im out of school.

[ December 08, 2004, 12:06 AM: Message edited by: lumina_kid ]

Blinddemonz

Lumina start saving your money now you'll thank yourself later.

Coffeyman

i put all my schooling on alberta and gov. loans. they are better then the banks b/c you don't have to pay interest on them while you are in school and you don't have to pay back until you are finished school. you just better hope that you get a good job in the end or you'll be paying for the rest of you life!!!

Father Yuli

iTrader: (17)

yes it all depends on your parents income, just say they are both on welfare and u gonna get a WHOLE lot more money. trust me!!

my gf made a mistake on her OSAP once and missplaced a "," and a "0" making it appear that her father makes $1.4 million a year. Osap gave her like 30 bux, it was funny as hell

Blinddemonz

Yuli they check to see if you lie on the application man the 'welfare' thing usually doesnt work.

Coffee I did the gov loan thing until they were dicks about it and took the bank loan, the interest payments are only like $40 anyway.