Studying in Canada from US… Student loans question… (Really important, please help!)?
My plan was to study at a college in Victoria in the fall (but move there in June)… I have to show proof that I have enough money to support myself while I live there. I had planned on working to cover most of my living expenses. My cost of tuition for 2 years will be $21,880 (Canadian) or $5,470 per semester. My living expenses (including books and other school fees) for the 2 years will be roughly $24,000 or $6,000 per semester. Unfortunately, I won’t be able to work until 6 months after I go to school. Based on my budgeting, I will only have roughly $3,000 saved without resorting to student loans. Will I be able to get a student loan that will give me the extra money for living expenses, to satisfy the immigration people, in order for them to grant me my study permit?
As a parent of a student studying in Canada, I too was concerned about the requirements to apply for a Canadian Study Permit. It’s not as scary as it sounds, but it definitely helps to call and speak directly to an agent at the border crossing where you plan to complete the application. I’ve never found any of the Canadian agents less than extremely helpful, understanding and kind.
For our family, the easiest avenue was for our son to use my financial documentation (since he is considered a dependent for tax purposes) as well as his own financial support material (e.g., his student loan promissory notes).
As far as student loans, yes if the Canadian school is recognized by the U.S. Department of Education, you are eligible for U.S. Stafford Student Loan. If you’re a dependent, your parents are eligible for the Parents PLUS Loan. Those two U.S. government loans are the most popular due to their attractive terms and conditions. Both require completion of the FAFSA (deadline this June – for next fall). Depending upon where you live, you might also be able to apply for the federal loans through your state’s own financial authority (reduced interest rates, etc.). An alternative is to look into private student loans, but be diligent when researching their terms and conditions.
There are two pages on the website below which will help guide you. The LEGAL DOCUMENTATION page has some links under the “Additional References” section to locate the border agency where you’ll be crossing so you can call and ask for specific information about your financial obligation to complete the Canadian Study Permit. The EDUCATIONAL FUNDING page will guide you through the FAFSA process and how to apply for financial aid for Canadian Schools. There is a link at the bottom of the page that lists Canadian schools recognized by the U.S. Department of education which also has their federal school codes – which is needed to complete the FAFSA application. The other pages on the website might help, as well (there’s even a suggested packing list – ha!).
Good luck and enjoy Canada!
