Proof of Funds with education loan

[karthiksankar]

Hi,

I have a question regarding proof of funds for Express Entry. Should I be disclosing my education loan along with the proof of funds? I have at least 2X the requirement without the loan, but if I include the loan, my funds are 1/2 the requirement. My education loan has monthly payments and will continue for 4 more years.

What should I do?

Thanks,
Karthik

 

[dipantika]

I am in the same situation. Can anyone help?

 

[crescent_jam]

I am in the same situation. Can anyone help?

This is up for debate and has been discussed in other threads on this forum. Conventional wisdom on the forums appears to be that loans should not really impact your application as long as they do not encumber your claimed settlement funds (e.g. if any of your claimed funds were used as collateral against the loan). Others say that, since any outstanding loan payments are paid out of 'future income', they aren't considered by IRCC. As such, some people opt not to disclose certain loans since they feel they don't matter.

However, IN MY PERSONAL OPINION, I would be uncomfortable not disclosing a loan to IRCC, as they explicitly state that your documented proof of settlement funds should "list all outstanding debts, such as credit cards and loans".

You never know which immigration officer you will get and how they will treat the information if it somehow comes to light (for example if the monthly loan payment deductions are visible in your bank statements, or it somehow comes up in your background check).

I disclosed my outstanding student loan balance in a Letter of Explanation - that being said, my outstanding loan balance doesn't bring my settlement funds below the threshold so I can afford to do that, with no anxiety...

If you ultimately choose to disclose the loan, you could attach an LOE explaining that you have 4 more years to pay the loan and outlining how you plan to meet this obligations without touching your settlement funds... that's what I did in my LOE

 

[dipantika]

This is up for debate and has been discussed in other threads on this forum. Conventional wisdom on the forums appears to be that loans should not really impact your application as long as they do not encumber your claimed settlement funds (e.g. if any of your claimed funds were used as collateral against the loan). Others say that, since any outstanding loan payments are paid out of 'future income', they aren't considered by IRCC. As such, some people opt not to disclose certain loans since they feel they don't matter.

However, IN MY PERSONAL OPINION, I would be uncomfortable not disclosing a loan to IRCC, as they explicitly state that your documented proof of settlement funds should "list all outstanding debts, such as credit cards and loans".

You never know which immigration officer you will get and how they will treat the information if it somehow comes to light (for example if the monthly loan payment deductions are visible in your bank statements, or it somehow comes up in your background check).

I disclosed my outstanding student loan balance in a Letter of Explanation - that being said, my outstanding loan balance doesn't bring my settlement funds below the threshold so I can afford to do that, with no anxiety...

If you ultimately choose to disclose the loan, you could attach an LOE explaining that you have 4 more years to pay the loan and outlining how you plan to meet this obligations without touching your settlement funds... that's what I did in my LOE

That sounds good. Thanks a lot.

 

[Roh_04]

Hi,

I have a question regarding proof of funds for Express Entry. Should I be disclosing my education loan along with the proof of funds? I have at least 2X the requirement without the loan, but if I include the loan, my funds are 1/2 the requirement. My education loan has monthly payments and will continue for 4 more years.

What should I do?

Thanks,
Karthik

Hey,
I am in a similar situation.Did you disclose your student loan?

 

[dhruv_d12]

Hi Guys,

I have a student loan as well. Just wanted some advise on what to include in the letter of explanation.
Also have any of you with student loans disclosed granted PR.
Thanks.

 

[Sen88]

Hi Guys,

I have a student loan as well. Just wanted some advise on what to include in the letter of explanation.
Also have any of you with student loans disclosed granted PR.
Thanks.

Please update

 

[DameofSJ]

Hi, what do you suggest for someone with a fresh loan and forms about 50% of the POF?

This is up for debate and has been discussed in other threads on this forum. Conventional wisdom on the forums appears to be that loans should not really impact your application as long as they do not encumber your claimed settlement funds (e.g. if any of your claimed funds were used as collateral against the loan). Others say that, since any outstanding loan payments are paid out of 'future income', they aren't considered by IRCC. As such, some people opt not to disclose certain loans since they feel they don't matter.

However, IN MY PERSONAL OPINION, I would be uncomfortable not disclosing a loan to IRCC, as they explicitly state that your documented proof of settlement funds should "list all outstanding debts, such as credit cards and loans".

You never know which immigration officer you will get and how they will treat the information if it somehow comes to light (for example if the monthly loan payment deductions are visible in your bank statements, or it somehow comes up in your background check).

I disclosed my outstanding student loan balance in a Letter of Explanation - that being said, my outstanding loan balance doesn't bring my settlement funds below the threshold so I can afford to do that, with no anxiety...

If you ultimately choose to disclose the loan, you could attach an LOE explaining that you have 4 more years to pay the loan and outlining how you plan to meet this obligations without touching your settlement funds... that's what I did in my LOE