Students

Am I Eligible For Government Loans?

  • Last Updated:
  • Jul 27th, 2018 9:45 pm
[OP]
Member
Nov 24, 2016
205 posts
146 upvotes

Am I Eligible For Government Loans?

I'm starting law school this September. I have enough cash/RRSP to cover my expenses, which complicates things as far as government loans are concerned. Will I be eligible for government loans if I take all my cash and invest it in something?

Government student loans are interest free while you're in school so I'll be able to use the money and pay it all off in one lump sum payment as soon as I graduate. Has anybody done something like this before?
3 replies
Deal Addict
User avatar
Aug 15, 2015
1562 posts
193 upvotes
Markham, ON
Why don't you just submit an application and find out? You sound like you are no longer working, thus making a $0 income, and those cash and RRSP you speak of are your savings.
Deal Guru
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Mar 23, 2008
10134 posts
6434 upvotes
Edmonton
Poppwl wrote: Why don't you just submit an application and find out? You sound like you are no longer working, thus making a $0 income, and those cash and RRSP you speak of are your savings.
Well, you're half right...
https://osap.gov.on.ca/OSAPPortal/en/He ... 03080.html

Don't have to report RRSP's, you DO have to report cash, TFSA's, GIC's (non-registered), stocks, mutual funds, etc.

The government isn't there to provide free money for someone to play with (i.e. invest) while they're going to school. Student loans are there to help support students going to school.

C
Deal Addict
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May 19, 2015
1162 posts
552 upvotes
CNeufeld wrote: The government isn't there to provide free money for someone to play with (i.e. invest) while they're going to school. Student loans are there to help support students going to school.
THIS. Plus OP you're going to law school... you should know how to research?
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