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Student Loan: how do you manage?

edited May 2009 in General
Hello folks,

Is it a good option to apply for student loan?
Could anyone give me any idea on how to apply, repay the debt..etc?

Thanks

Comments

  • edited May 2009
    You apply through the link provided on the previous post and you can repay through online banking. Some of your money will be provincial and most will be federal, and each will have their own account number that you use to pay with. I went through this when I did my diploma at BCIT and found the process to be quite accommodating to students.

    Also, interest on student loans is tax deductible!! This interest amount can be saved until you need to use it. After I payed my loans off, I waited until I earned enough money for it to make a difference and then I applied it against my income for tax purposes.
  • edited May 2009
    justinbh2;54576 said:
    You apply through the link provided on the previous post and you can repay through online banking. Some of your money will be provincial and most will be federal, and each will have their own account number that you use to pay with.


    Interest on students loans is tax deductible!!
    Thanks Justin!
  • edited May 2009
    no prob,

    Student loans are a great investment!
  • edited May 2009
    anyone able to get bursaries? i think those are usually small and don't have to be payed back.
  • edited May 2009
    I remember getting a 600 dollar bursary and didn't have to pay it back. I had to write a thank you letter, though. Must have come from a private source.
  • edited May 2009
    Bursaries are like scholarships so you don't have to pay them back.

    Anyway, depending on your status, taking out a student loan will also give you GRANT opportunities. I had a $15k loan, but they offered me a $5k grant, so that's $5k in free money I don't have to pay back.

    You don't have to start paying back your loan until you finish school, or if you take more than 2 semesters off (no longer a full time student).
  • edited May 2009
    how do you qualify for bursaries? i know they ask you a bunch of questions but what is the criteria? im guessing you have to have a loan to be able to get bursary.

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