Student loans from the SLC

Old Feb 10th 2008, 6:12 am
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Default Re: Student loans from the SLC

Does anyone else have any thoughts or experience of this? Thanks
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Old Feb 10th 2008, 3:27 pm
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Default Re: Student loans from the SLC

Bring back the grant I say. LOL! Scots still get a grant!
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Old Feb 11th 2008, 4:53 am
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Default Re: Student loans from the SLC

Originally Posted by adele
Does anyone else have any thoughts or experience of this? Thanks
Hi adele.

We came first through BUNAC and then stayed on via BC PNP so didn't need to bother with the proof of funds.

When I bought my house in the UK I was told that student loans were a "different" kind of debt so I didn't need to declare them. The trouble is that this is for UK rules, and not Canadian. Probably similar to the police clearance certificate....just because something isn't on your Police Certificate doesn't mean that you shouldn't declare it.

I think your approach of telling them, but explaining how the repayments are made is the safest way. Not telling them is a bit grey and up to your conscience.

As for paying off the student loan once in Canada.......we wrote to them, told that we were moving, how much we would be earning over here. Got an acknowledgment and never heard anything more from them (sods law there will be that there is a letter waiting at home tonight!)
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Old Feb 11th 2008, 6:41 am
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Default Re: Student loans from the SLC

Thanks guys for all your input

Honesty is the only way I think! I'll put in plenty of supporting documents including a written explanation by me, loan statement and printouts from website showing terms and conditions, repayment conditions etc. And probably a couple of payslips showing how small the amounts owing per week/month actually are. Will have to keep my fingers and toes crossed after that...
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Old Feb 12th 2008, 9:38 am
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Think I'll be having kittens about this until I get my final decision...que sera, sera i guess (unless I win the lottery tomorrow)!!! I've read the whole regulations surrounding student loans and downloaded the info booklet to print out and send to CHC with key bits highlighted along with my loan statement. I'm also writing a statement making my arguments for why it's not encumbering my proven funds etc to include as well. Fingers and toes crossed...
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Old Feb 12th 2008, 9:45 am
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Default Re: Student loans from the SLC

Good luck with it. I'd assume by the lack of a definite answer here and in previous threads, that no-one has had an issue with a student loan counting against proof of funds.
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Old Feb 12th 2008, 9:52 am
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Default Re: Student loans from the SLC

Originally Posted by andrewrb143
Good luck with it. I'd assume by the lack of a definite answer here and in previous threads, that no-one has had an issue with a student loan counting against proof of funds.
Thanks, yeah that's what I'm trying to tell myself! Although most people on here seem to have house sale proceeds at least which I don't, so who knows! I will of course post back either way and let everyone know if I am rejected on the grounds of insufficient funds, or if am successful despite the loan. Thanks for the positive support though
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Old Feb 12th 2008, 1:21 pm
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Default Re: Student loans from the SLC

Originally Posted by adele
Thanks, yeah that's what I'm trying to tell myself! Although most people on here seem to have house sale proceeds at least which I don't, so who knows! I will of course post back either way and let everyone know if I am rejected on the grounds of insufficient funds, or if am successful despite the loan. Thanks for the positive support though

Looking at the Proof of Funds info on CIC website, it appears that they want you to demonstrate that you can support yourself, so available cash seems to be the issue, rather than net worth (this applies to business immigration applicants). From that, it would appear that if your bank statements show the sum required, the loan may well not be an issue. What repayments plan the lender would ask for when living overseas I have no idea. The only time I guess it is a problem would be if the loan was called.

You may also be asked to provide proof of funds at port of entry when arriving in Canada.

If you are able to arrange employment then proof of funds is not required.

Good luck.
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