way to have student line of credit and OSAP

[bubbleee]

Hello,

Thank you for reading my post.

I became a landed immigrant 1 year ago. and I am thinking to go to MBA in Ontario.

I have saving about $20,000 but is it not enough for tuition and living expense, therefore I would like to apply for student loan.

My questions are,

1. If I own a car, does it harder for me to get OSAP?

2. Even though if I can get a loan from OSAP, I notice the amount will not be enough to cover my school life expense, so is it possible to get student loan both from a bank and from OSAP? If so, should I apply for OSAP first or later?

3. I only have 7months established credit history, does anybody know having money in saving account help me to get line of credit from bank easier?



Thank you very much

[RoAres]

I only know one thing for certain. Owning a car DOES reduce the amount of your OSAP loan.

For the other 2, I recommend you go and talk to banks directly instead of asking on RFD.

[kubrat]

I only know one thing for certain. Owning a car DOES reduce the amount of your OSAP loan.

For the other 2, I recommend you go and talk to banks directly instead of asking on RFD.

I suggest the above also. Talking directly with whomever you have questions for is the best approach. RFD and forums advice in general is usually biased, misinformed and sometimes outright fallacious. For example, the poster I'm quoting says that owning a car reduces OSAP loan, but fails to mention that this only occurs when the value of the car exceeds $5000. I'm sure he was trying to be helpful, but I've heard so many half-truths like this that I'm really starting to question why people proclaim their knowledge about something that they don't actually know that much about.

[CSK'sMom]

As kubrat clarified, a car valued at over $5k will ultimately reduce your OSAP funding, as will a savings account. OSAP will and does expect you to liquidate your assets to pay for your educational expenses. In real terms this will mean as long as you have the savings you do you will not qualify for OSAP. Use the savings for school and when it's depleted then apply for OSAP.

As for a SLOC, do you have a co-signer? A co-signer is required for all SLOC's. You should also be aware that they are not interest or payment free while in school. Interest payments will be required while you are in school. You'll need to show a bank that you will have a source of income to pay this while in school in this credit climate...