Education loan to savings ratio for Visa

[Rin911]

Hi everyone,

This is my first post here. Applying from India, I got admitted to University of Regina for Master's in CS. I have a non collateral loan sanctioned for 90% of the total cost of education. Will this be an issue when applying under SDS? I will be paying the first year tuition+GIC out of the loan itself and sponsor my second year as well, and I'll cover the flight and other expenses myself, will this affect my visa chances? Is there any loan to savings ratio that would be ideal while applying?

 

[wonderbly]

Hi everyone,

This is my first post here. Applying from India, I got admitted to University of Regina for Master's in CS. I have a non collateral loan sanctioned for 90% of the total cost of education. Will this be an issue when applying under SDS? I will be paying the first year tuition+GIC out of the loan itself and sponsor my second year as well, and I'll cover the flight and other expenses myself, will this affect my visa chances? Is there any loan to savings ratio that would be ideal while applying?

When did you receive your acceptance letter from uRegina?

 

[Rin911]

I had received it back in Jan for May intake which I deferred

 

[Random_guy]

How will they know you paid your fees and GIC from the loan? both give you the receipt that you paid, but not how you paid it. Though if you would have applied under non-SDS, then you had to show the loan sanction as a proof that you can support your education.

 

[Rin911]

How will they know you paid your fees and GIC from the loan? both give you the receipt that you paid, but not how you paid it. Though if you would have applied under non-SDS, then you had to show the loan sanction as a proof that you can support your education.

I was going to attach the loan letter as well, not sure if it is advisable, though.

 

[Random_guy]

I'll suggest not to, as long as you are applying under SDS. GIC and one-year tuition fees satisfy the criteria for finance, though showing some savings won't hurt. From what I know, Canada doesn't care about where you got the money, as long as you have it, so showing loan sanction is not necessary.

 

[rogelcorral]

Hi everyone,

This is my first post here. Applying from India, I got admitted to University of Regina for Master's in CS. I have a non collateral loan sanctioned for 90% of the total cost of education. Will this be an issue when applying under SDS? I will be paying the first year tuition+GIC out of the loan itself and sponsor my second year as well, and I'll cover the flight and other expenses myself, will this affect my visa chances? Is there any loan to savings ratio that would be ideal while applying?

Under SDS, you are only required to show that you have paid your 1st year tuition fee in full and a GIC from the accredited banks. No need to show your loan letter.

Good luck to your application.

 

[Rin911]

A follow up question, should I mention the loan at all? Either in the imm1294e form under source of funding or in the sop?

 

[Simba112]

A follow up question, should I mention the loan at all? Either in the imm1294e form under source of funding or in the sop?

They will be interesting to know source of fund if there no movement in your bank account or there is one lampsum credit

 

[Rin911]

They will be interesting to know source of fund if there no movement in your bank account or there is one lampsum credit

Okay