Canada Student Loan Agreement question - Mothering Forums

Forum Jump: 
 
Thread Tools
Old 08-27-2010, 01:47 PM - Thread Starter
 
MsVyky's Avatar
 
Join Date: May 2009
Location: Edmonton
Posts: 1,270
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Mods, I am putting this here instead of F&F because it's not really about the finance itself but the process of the loans

I have a question about my loans. I've never taken out student finance before, I paid my own way when I was studying my B.Sc. I sighed and submitted my loan agreements last week, and I was looking at my carbon copies and I'm a little bit confused.

I know my Alberta student loa funds are being remitted directly to my school- awesome, less work for me to do. I had submitted a blank cheque for my federal loan to be deposited into my account, and now as I'm looking at the form it says in Section 3 (Educational Institution section) in the far right hand side under "special instructions", it says "Remit this amount to the EI listed above- $6173"

So, I'm assuming this means that the $6K and change will go directly to the school. Which means that the school will be receiving a chunk of my loans that is GREATER than my tuition.

How does this work? Does the school reimburse me?

tea6.gifStudent mama to Lyra June loveeyes.gif (ribboncesarean.gif 10.24.09)  and Olive Isis love.gif  (vbac.gif12.12.11) 

MsVyky is offline  
Sponsored Links
Advertisement
 
Old 08-27-2010, 02:00 PM
 
Vancouver Mommy's Avatar
 
Join Date: Aug 2007
Location: Vancouver, BC
Posts: 1,618
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
When my dh was doing his MA a few years ago his loans (BC and Federal) were deposited directly into our checking account and then he wrote a check for tuition. I've never heard of it done any other way.

Diane, SAHM to DD (June 05) and DS (April 07).
::::
Vancouver Mommy is offline  
Old 08-27-2010, 02:05 PM - Thread Starter
 
MsVyky's Avatar
 
Join Date: May 2009
Location: Edmonton
Posts: 1,270
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I know that my Alberta loan goes directly to the school. when I went to buy some books yesterday, there was big yellow signs all over the place saying "DON'T PAY TWICE!" and the information below saying that the school had requested our provincial loans be submitted directly to them- Great, that's one less step for me, right?

It's just the federal loan form that's confusing. From what I understand, the $6173 will go to the school, and the remainder of the loan will go directly to my bank account (the remaining $3000), but the amount that's going to the school makes for a total of $9500 (added with the provincial loan) and my tuition is only around $7900

tea6.gifStudent mama to Lyra June loveeyes.gif (ribboncesarean.gif 10.24.09)  and Olive Isis love.gif  (vbac.gif12.12.11) 

MsVyky is offline  
Old 08-27-2010, 04:27 PM
~pi
 
~pi's Avatar
 
Join Date: May 2005
Posts: 3,670
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I don't know the answer, but I am willing to bet that if you call the financial aid office at your university, they will be able to help you figure it out. Good luck (with the funding and with your studies)!

professor & maman de DS1 (6) & DS2 (1)

~pi is offline  
Old 08-27-2010, 04:52 PM
 
just_lily's Avatar
 
Join Date: Feb 2008
Posts: 2,153
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I agree, definitely talk to someone in financial aid or student accounts. But they may be too busy to answer the phone at this time of year, so it may be better to go in person.

I did my undergrad in Nova Scotia, but it seemed like the process for student loans changed every year. I remember money being deposited into my account, and then I had to write a check to the school.... and at least once all of the money flowed to the school and they issued me a check for the extra. And one year I had to get all of my forms processed through the post office for some reason. Really, they couldn't make it any more confusing if they tried.

Wife to DH (06/10) and Mummy to DD (07/08).

just_lily is offline  
Old 08-27-2010, 05:25 PM - Thread Starter
 
MsVyky's Avatar
 
Join Date: May 2009
Location: Edmonton
Posts: 1,270
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I took my forms to the post office. I'm trying to avoid going to the school unless I absolutely have to. The lines are obscene and the parking is ridiculous. Last time i had to phone admissions I was on hold for 45 minutes until my phone died.

Though I've learned from some friends who are schooling that the school issues a cheque for the excess and mails it to you.

tea6.gifStudent mama to Lyra June loveeyes.gif (ribboncesarean.gif 10.24.09)  and Olive Isis love.gif  (vbac.gif12.12.11) 

MsVyky is offline  
Old 09-02-2010, 03:18 AM
 
KCMommy's Avatar
 
Join Date: Jun 2006
Posts: 232
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
This is my first year getting a Canada Student Loan (and Grant, yay!) and I signed the forms at the post office, here in the Yukon. The lady at Financial Aid said the cheque would be mailed to me, unless I checked off a direct deposit.

Anyone know when they send out the money for the fall semester?
KCMommy is offline  
Old 09-05-2010, 07:28 PM - Thread Starter
 
MsVyky's Avatar
 
Join Date: May 2009
Location: Edmonton
Posts: 1,270
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Should have had it by September 1. I had all my cheques and direct deposit on the 1st exactly.

tea6.gifStudent mama to Lyra June loveeyes.gif (ribboncesarean.gif 10.24.09)  and Olive Isis love.gif  (vbac.gif12.12.11) 

MsVyky is offline  
 
User Tag List

Thread Tools


Forum Jump: 

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off