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Canada Student Loan Agreement question

865 views 7 replies 5 participants last post by  MsVyky 
#1 ·
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?
 
#3 ·
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
 
#5 ·
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.
 
#6 ·
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.
 
#7 ·
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?
 
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