EE - Student Finance Loan

Old Oct 2nd 2022, 9:49 am
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Default EE - Student Finance Loan

Hello all,

Can anyone advise on whether IRCC take into account Student Finance Undergraduate Loan? I'm unsure as to whether this counts as a liability/consumer debt for proof of funds purposes given that the Government withdraws a certain amount from monthly salary and only if you earn pass a certain threshold.

Do I need to explain this to IRCC in a letter of explanation and will this negatively impact proof of funds? I have more than the minimum but my student loan will take a very very long time before I pay it back which is the case for most graduates 😊

Thanks!
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Old Oct 3rd 2022, 11:54 am
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Default Re: EE - Student Finance Loan

Originally Posted by Km0025
Hello all,

Can anyone advise on whether IRCC take into account Student Finance Undergraduate Loan? I'm unsure as to whether this counts as a liability/consumer debt for proof of funds purposes given that the Government withdraws a certain amount from monthly salary and only if you earn pass a certain threshold.

Do I need to explain this to IRCC in a letter of explanation and will this negatively impact proof of funds? I have more than the minimum but my student loan will take a very very long time before I pay it back which is the case for most graduates 😊

Thanks!
You need to put it in the debts section, same as any other loan. But it won't impact your application as long as you have enough in the bank.

HTH.
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