tracys

Hi, just wondering if loans are means tested. Our daughter is applying for a loan to fund university and they want all our earnings and tax info.

Surely if they are giving her a loan which she will repay isn't our income/savings irrelevant? We could be rich and refuse to fund her education for a number of reasons, want her to learn to pay her way and take responsibility for her future, etc.

This isn't the case by the way, we are going to make up the short fall on the amount of the loan as it won't cover the costs of tuition and residence.

Any info/advice gratefully received.

Aviator

Google is a wonderful tool
Student Assistance - | novascotia.ca

tracys

Thanks Aviator, I'm useless at searching for stuff, been on computer for ages trying to get clarification.

Looks like we're screwed. Had our UK pensions transferred into rrsp accounts last year so it looks like we earned a fortune last year. Thing is can't touch money until we've been in Canada for five years. Looks like a trip to the bank is needed!

BristolUK

So is BritishExpats

tracys

I agree 😜

BEVS

Me too.

Jerseygirl

scilly

Our daughter applied for a student loan in NS at age 25 to do a 4 year degree in Architecture and after having got 2 degrees at another university. She had to account for every penny she had earned or received since she turned 18

She was newly married, husband was also at university in NS and already receiving a student .......... and she had to explain every penny that she had spent on the wedding and honeymoon.

Thankfully, we were not involved in NS calculations ........ she was no longer considered our responsibility

The following year, husband had graduated with his Education degree, only to discover there were no jobs in teaching, but he did manage eventually to find a rather poorly paid job.

NS then decided that he earned too much for our daughter to continue to receive her student loan, and cut her off.

It seems to me that NS is not a good place for student loans ....... but I honestly don't know how it compares to other provinces as she had never applied for one before. We had been able to support her through to her BA, and she had lived at home the whole 4 years. Plus she got summer jobs every year to earn a bit of money to help. Then she got grants and jobs to support herself through the 2 years to her MA before marriage and moving to NS

scilly

I went to university in England in the early 60s ........... that was a time when the local education authority offered grants, which were also means tested.

Dad had to go through the same exercise of supplying all the information on his income, savings, expenses, etc.

His income as so low that I got the maximum grant available ........ which was the only way I managed to go to university.

Siouxie

Might be worth making contributions to an RESP and taking advantage of the tax breaks/credits and grants/bonds available? I don't know if there is a qualifying period, but worth a look at.

Registered Education Savings Plans (RESPs)

tracys

Yes they certainly don't make things easy here, that's for sure. Wonder if it's the same in other provinces?

tracys

My friend went through same process in the 80s, she too got a grant based on parents income. We were all working class and poor back then in the east end of London!

tracys

Thanks Siouxie.
I think it's too late to do this for our daughter as she starts uni in September but I'll check it out as my son finishes high school in 3 years and may want to go on to college or uni too.

JonboyE

Not necessarily. Hopefully they will look at net income which is not affected by your pension transfer.

tracys

I hope so, I'll call them tomorrow to get some clarification. The system generated estimate probably doesn't look into where the earnings have come from, just the total. So maybe once the application is looked at in more detail she may be entitled to a loan after all. Fingers crossed.

Wasn't planning on using our pension to fund our daughters education!