Student Aid vs. Bank loan

[triplexcel]

ok, i was wondering what were the differences between a bank loan and student aid such as types of payments, interest, max. money i can borrow, which ones better..etc? everything is getting more and more expensive and we aren't getting paid enough! ahha but yeah, which ones better? your recommendation please.

thanks

[triplexcel]

oh yeah.. i only know that if i borrow from student aid, i'm borrowing money from the gov't.

[Seamo]

student loan is easier to get and the interest is not as high, and u wont have to pay it off until u stopped studying.

bank loan prolly gonna look at ur credit history and shit like that, and they prolly aint going to give u as much and also charge at a somewhat high interest.

what did u do for ur bday?

[Culture_Vulture]

I don't know much about bank loans,
but I've always been advised to go with a student loan...after all, it's there for a reason.

[+Kardboard+]

I can only speak from my experience with student loans, but here's some of the good things that I found about them.

Student loans are probably better due to their flexibility and the general certainty that comes with it. They're quick to arrive too if you apply early enough (i.e. for Sept. you would apply in Jun.). Depending on your marks (I think) and your declared income on the tax returns in your family, you might get grants that effectively knock off amounts that you would otherwise owe (happened to me). Just beware of the "grace period" after you graduate though, as interest continues to accumulate during that time; you're just not obligated to pay anything during that period.

[triplexcel]

hmm.. thanks for the inputs. as of now i'm still not sure whether i should apply for a loan. its aprety tough decision since i'm stil making payments for my car.

Originally Posted by Seamo

student loan is easier to get and the interest is not as high, and u wont have to pay it off until u stopped studying.

bank loan prolly gonna look at ur credit history and shit like that, and they prolly aint going to give u as much and also charge at a somewhat high interest.

what did u do for ur bday?

we went to plush Heh.. we might go to modern for another buddy's bday though. wana go?!

[RFlush]

So the other day I went to the post office and I see this honger girl come out of a M6 BMW and with her I see the student loan papers.

The wonderful system at it's best.

[Seamo]

Originally Posted by triplexcel

we went to plush Heh.. we might go to modern for another buddy's bday though. wana go?!

wtf, how come u didnt call me. thought u were gonna go go-carting lol


also, u can use ur loan to pay for ur car lol

[+Kardboard+]

Originally Posted by RFlush

So the other day I went to the post office and I see this honger girl come out of a M6 BMW and with her I see the student loan papers.

The wonderful system at it's best.

Originally Posted by Seamo

wtf, how come u didnt call me. thought u were gonna go go-carting lol


also, u can use ur loan to pay for ur car lol

People like that piss me off. Seriously, if daddy can give you a pretty car, then daddy can pay for school. Better yet, learn to pay for your own life. Then again, I do know people like that with nice cars from their folks but are actually doing the student loan thing because they're trying to pay for everything without their parents' help, which I find admirable. So can't judge.

And paying off your own car? Just as bad.

[Armind]

Bump! I'm in the same situation. Student loan won't cover the amount of money I need to pay for my school as a full-time student.

Is it best to get student loan + line of credit? Should I just stick with line of credit? Any other options?

[nipples]

^ then get a job

[Armind]

^ I would if I could handle both at the same time. T_T

[carsncars]

Originally Posted by Armind

^ I would if I could handle both at the same time. T_T

Have you accounted for co-op terms? ENSC co-op at SFU, which you have to do 3 times to graduate anyways, pays approximately $2,500 a month for 4 months. Roughly $10,000 towards tuition (assuming you've got lodging covered/staying with parents)--that covers three terms' tuition. If you get a good placement (which is becoming increasingly tough), the salary can be higher. I got paid $2,900 a month. $17.50/hour, which is "alright" and certainly helps with tuition. For other faculties, co-op may not be required but is definitely beneficial. It improves your hireability after graduation and, well, the money helps too.

Also, how about scholarships and bursaries? Scholarships covered basically all my tuition.

[RFlush]

Originally Posted by Armind

^ I would if I could handle both at the same time. T_T

Well if you can't handle a job and school at the same time, you better be getting at least a minimum of a 3.33 GPA and thus you can apply for a bunch of sholarships and bursaries.

[Armind]

Originally Posted by carsncars

Have you accounted for co-op terms? ENSC co-op at SFU, which you have to do 3 times to graduate anyways, pays approximately $2,500 a month for 4 months. Roughly $10,000 towards tuition (assuming you've got lodging covered/staying with parents)--that covers three terms' tuition. If you get a good placement (which is becoming increasingly tough), the salary can be higher. I got paid $2,900 a month. $17.50/hour, which is "alright" and certainly helps with tuition. For other faculties, co-op may not be required but is definitely beneficial. It improves your hireability after graduation and, well, the money helps too.

Also, how about scholarships and bursaries? Scholarships covered basically all my tuition.

I don't think my school offers any co-op? I'll be attending at Art Institute of Vancouver.

Originally Posted by RFlush

Well if you can't handle a job and school at the same time, you better be getting at least a minimum of a 3.33 GPA and thus you can apply for a bunch of sholarships and bursaries.

Damn it, my GPA is like 2.9 T___________________T

[ienhz]

Go for the student loan. Sometimes they reduce your principal. You can also apply for bursaries if you have a student loan.

And rich boys that drive a 3 series from mommy and apply for student loans are fucking assholes.

How competitive are the scholarships at SFU anyways? I have a 3.62 GPA and applied for scholarships twice and never got anything.

[carsncars]

Originally Posted by ienhz

Go for the student loan. Sometimes they reduce your principal. You can also apply for bursaries if you have a student loan.

And rich boys that drive a 3 series from mommy and apply for student loans are fucking assholes.

How competitive are the scholarships at SFU anyways? I have a 3.62 GPA and applied for scholarships twice and never got anything.

OT but to respond to that--ouch, you're just on the precipice. My buddy has a 3.78 GPA and received the Open Undergraduate Scholarship last two terms (no application, receive 109$/unit automatically). Invest in some 100 classes and boost it up?

[Armind]

I know some bitch that takes out student loan to go shopping. ARGH

[+Kardboard+]

Originally Posted by Armind

I know some bitch that takes out student loan to go shopping. ARGH

And then there are those, powered by mum and dad, who take a student loan out to soup up their cars.

Don't let those assholes get to you.

[nipples]

friend of mine uses the money to go travelling each break.
tuition n everything covered for already.
drives me batty that i had to bust my ass.

re loan forgiveness...wont happen unless you borrow LOTS!

[Armind]

Hmm k, which bank is great for student line of credit right now? Any recommendations?

[simsimi1004]

does anyone know if i take my summer sem off may-sep for SFU, i have to pay back my loan?
im thinking of not doing summer sem but will that start up the interest for the loan?

and its unlikely but, if i happen to get Academic Probation this sem, and i take summer sem off, i can still go back for fall sem without problem right?

[ienhz]

if you want the summer off, i think you have to do another form to tell them you're still a student. certificate 2 or something like that?

[twitchyzero]

Originally Posted by +Kardboard+

I do know people like that with nice cars from their folks but are actually doing the student loan thing because they're trying to pay for everything without their parents' help, which I find admirable.

I agree..as long as it's going towards somebody's education it's all good.

As for line of credit...they'll tend to give you a big amount if you're in a professional school since most grads pay it off under 5 years. They give you a set amount and you use as much as you need for school..and that interests starts as soon as you touch the money...most is prime + 1%.

student loan is interest free until graduation..but the interest is usually a bit higher than line of credit's...but then it's tax dedcutable.

[Armind]

Originally Posted by Armind

Hmm k, which bank is great for student line of credit right now? Any recommendations?