Student loans: Bank vs. Government
 

Hey guys,

Just need some general guidance from those who have been in the same situation as me. I did a quick search but didnt come up with a solid answer.

I'll be attending school full time in January 2012 and will be applying for a student loan. Now my dilemma is which route to take.

I've called the student aid BC line and gotten some information and this is what I know so far.

- Limited funding depending on your expenses
- Interest free while you're a student

While doing research I came across this: Royal Credit Line® for Students - Loans & Lines of Credit RBC Royal Bank

Would this be a better option?

0% interest while you are a student then prime + 2.5% thereafter vs prime + 1% from start date. Do the math, find out how long you will go to school for and you can find the even point.

If limited time, then choose RBC, if you decide you want to be a student for 4 years then get the BSCL student loan.

they take really really really really long time to process shit so i would apply for the loan now if i was you (with bcsl).....they took so long i had to pay the tuition with my credit card until they deposit the money.

Well the schedule goes like this: January 9, 2012, start the 15 week tech entry program.
After that ends I'm off until September 4, 2012 (I think). Thats when the 2 yr program starts

RFlush, are you saying RBC would be fine if I'm only in school for 2 years?

BTW, my tuition is covered already, the loan is to help me survive lol

What program are you entering? Are you sure you are ready for school where it will require lots of work yet you can't even do simple math to find out what benefits you more?

Not only that, but you don't have to pay a dime for tuition yet silk asking for a student loan? Get the RBC loan so you don't waste up valuable resources that other students actually need. It's people like you who scam the system and make it stop people who actually need a loan can't get it.

Pathetic.
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Excuse me? Buddy you need to fucking relax. My parents arent made of money, I'm absolutely greatful they're covering my tuition especially when they're about to retire and the household income will be alot lower. Who are you to tell me I dont need a loan? The fucking premiere?

The fact is they're covering my tuition and THATS IT. I will NOT be working so I can devote all my time to my school work because this is it for me. I want to do well and not fuck it up.

I'm not one of those rich honger kids with an M3 and billionaire parents just throwing money at me.
Get your shit right before you come here attacking me when I just wanted information, asshole

Because people only apply for a student loan to cover school and not everyday necessities such as gas, bus pass, rent, food, etc too. People who apply (and have their tuition covered) must be incapable of making hard decisions and can't ask for an opinion on a board full of students probably going through the same damn thing.


SHOCKER!!!!!
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he's right.

it's a no brainer that a government loan is better.

2 things to think about
bank will likely to get you to have a co-signer that has good credit
if you want a half-decent amountof loans from tthe gvot they expect you to sell your car

So be honest and write down that your tuition will be fully covered for and see how much the BCSL will give you, a big fat $0 :fuckthatshit: Or will you not be honest?
BCSL gives loans for those who need it to cover the cost of tuition, not for everyday expenses. You should apply for the RBC student line of credit where you can spend the money on anything you want, but leave the government loans to those who actually really need it for tuition.

Also many university students work while going to school, it's not that hard. I know I did it without hindering my marks and thousands of others as well.

you are wrong. They will cover daily costs too such as living expenses.

Damn everyone is out of touch.

I didnt read the replys but:

government first and if you dont have enough money to pay it off by graduation. Take the line of credit out and go from there

They will cover living expenses when they approve you which is addition to your tuition but they won't give you a loan to cover purely social and living expenses when full tuition is paid for.
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...Is this guy for real? Seriously..:facepalm:

That's great you worked while going to school, I'm proud of you.
But I'm choosing not to based on what people that have taken my program have told me.

So you want a student loan from BCSL to cover what? Obviously your tuition and rent is not an issue, so what is it for?

So I can feed myself? Textbooks and supplies? Getting to and from school?
Guess what? All of these cost MONEY, none of this shit is free.

Maybe you should open your eyes and actually READ what Im saying. You could've found your answers to each of your condescending questions in there

Many students who attend BCIT fulltime are actually TOLD not to work, and it's actually pretty hard to have time to work. You're basically in school for roughly 40 or so hours a week, and have another 20-30 hours of homework and projects to do. Ask any BCIT student if they work, and if they did how many hours a week. I guarantee you it isn't enough to cover basic expenses of a student.

It's easier to work while schooling if you're going to for example UBC, or even Langara because of how the course structure can be chosen by yourself. BCIT you don't get choice of when you have classes so it makes life pretty difficult.

I still don't understand why someone can't see that 1 loan is intrest free and the other one is just a credit card with a low intrest rate.

Besides my first post when I hadn't made any informative phone calls yet, where does it say I'm unsure of which is which?

As a matter of fact, this is no longer the issue nor did it ever seem to be. The issue seems/seemed to be that RFlush has a hard time understanding that as a fulltime BCIT student, I will not have the time to work, therefore will be unable to support myself financially.

However, this is unworthy of a student loan apparently

Essentially you made a thread saying

"Should I pay intrest for a loan or not pay interest?"

Just apply for a government student loan and go from there. No need to make a thread.

PS: Banks don't really do student LOC anymore, at least thats what my banking buddies told me.

Because there are many BCIT students who are full time who do not have time to work AND still must pay tuition, yet there is such a small pool of money and people like you use it up.

You say you are not some rich honger driving around in a M3, yet money is all relative. To the person who is at BCIT full time and still HAS to work and STILL cant pay tuition, you are no different.

You are lucky enough to have free tuition. Whether you have a hard time buying a cellphone case for your Galaxy S2 or can't afford food is irrelevant. The fact is, your tuition is covered for and there are thousands of other students who are in the same program as you but have no financial support from their mommys and daddies.

Anyone can get a RBC student line of credit, not everyone can get a BSCL. Don't dip your hands into their pot, something that they truly NEED to be able to get a higher education. So go with the RBC and leave the money for those who are in worse situations than you.

Sorry, I've already made my decision regardless of what you think. Reason being is that with RBC, every month you have to make payments on the interest of your outstanding amount. Where do you suppose that money will come from if I have no income?

This thread is done

Sigh, another spoiled honger stealing money from those who need it more. Things never change.
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LOL k whatever buddy, the last thing I am is a honger, and the second to last thing that I am is spoiled.

Take your prickery and douchebaggery elsewhere next time, thanks

Yaminashi..a honger?! Lolololol! He's a freaking white kid trapped in an Asian body.

So basically just because yams can have his parents afford to pay for his tuition then it automatically means his parents will pay for everything else? Who are you to say he isn't deserving of a student loan when you know nothing about his situation? You're automatically assuming the worst of someone when the only 2 pieces of info you know is he has free rent and free tuition?

If thats how you operate as a person then you have a lot to see in this world. And by that honger comment should I assume you're racist too?
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