Including student loan in proof of funds?

[CWilson]

Hi all,

I've received ITA and am now gathering documents to apply. For proof of funds the guide says to include details of loans, I'm wondering whether I should bother including my student loan. I understand the logic in CIC asking for this information as they want to ensure someone hasn't just got a loan out to provide proof of funds. Obviously a student loan is nothing like that. My loan just comes out of my pay like an extra bit of tax I pay so there's no reference to it in my account. If I have to include it I'm going to have to find some more money from somewhere which is obviously not easy.

Has anyone else included / not included student loan in POF info?

Any thoughts would be appreciated.

Thanks

 

[Asivad Anac]

You don't have to include the student loan in POF info.

 

[CWilson]

You don't have to include the student loan in POF info.

Thanks again Asivad

 

[redfox05]

I'm still wondering about this.
My immigration consultant would like to include the student loan as hes keen on full disclosure. But I'm concerned about loan being more than the amount you need to immigrate, so they might think overall I dont have the required amount to hit their target. But the loan is income dependant, and even then you only pay a small percentage back each month. So no job, no re-payment, so the loan does not affect my ability to be able to finance staying in Canada. But do CIC know this, or do I write a covering letter? I don't want them to misunderstand it. But not including the student loan, well if they find out I have one, then they will be saying why didnt you declare it and thus it could look bad on me.

It's very difficult to just believe people saying you don't need to include it without any reaons, especially if its not in writing on the CIC website. And don't get me wrong, I value Asivad's advice very much, I've spoken to him many times, but he knows I do always want to know the reasoning behind each piece of advice, and what its based on.

So yes, im still unsure what to do. I might not be able to get the statement from the student loans company anyway, but even then I dont know if I should declare it somewhere. If something doesn't match up or I dont say something and they see a student loan on my records somewhere, won't that mean they will immediately mistrust me or just reject the application?

Thoughts anyone?

 

[Asivad Anac]

I'm still wondering about this.
My immigration consultant would like to include the student loan as hes keen on full disclosure. But I'm concerned about loan being more than the amount you need to immigrate, so they might think overall I dont have the required amount to hit their target. But the loan is income dependant, and even then you only pay a small percentage back each month. So no job, no re-payment, so the loan does not affect my ability to be able to finance staying in Canada. But do CIC know this, or do I write a covering letter? I don't want them to misunderstand it. But not including the student loan, well if they find out I have one, then they will be saying why didnt you declare it and thus it could look bad on me.

It's very difficult to just believe people saying you don't need to include it without any reaons, especially if its not in writing on the CIC website. And don't get me wrong, I value Asivad's advice very much, I've spoken to him many times, but he knows I do always want to know the reasoning behind each piece of advice, and what its based on.

So yes, im still unsure what to do. I might not be able to get the statement from the student loans company anyway, but even then I dont know if I should declare it somewhere. If something doesn't match up or I dont say something and they see a student loan on my records somewhere, won't that mean they will immediately mistrust me or just reject the application?

Thoughts anyone?

Short answer - personal experience.

I had 2 consumer loans and mortgage whose monthly payments clearly reflected in the 6 month bank statements that I submitted to CIC as part of my POF documents. CIC did not question me about these loans or any associated assets that I might have acquired using this money. They summarily ignored everything except what they were interested in knowing - if I had enough unencumbered funds or not. Period.

 

[kryt0n]

Asivad, as one final request to confirm your success story with your consumer loans - did you outright declare them in your LOE? Or did you just upload your statements?

Thanks

 

[Asivad Anac]

Asivad, as one final request to confirm your success story with your consumer loans - did you outright declare them in your LOE? Or did you just upload your statements?

Thanks

Didn't declare them anywhere. Just uploaded statements.

 

[kryt0n]

Didn't declare them anywhere. Just uploaded statements.

I think you're my soul animal.

(thank you)

 

[Asivad Anac]

I think you're my soul animal.

(thank you)

Would that be a (an?) Unicorn? I would like that.

 

[midtown]

Hi
We have a mortgage on our home that we purchased about a year back. We have sufficient funds for POF without selling our home. However if we add mortgage loan then our funds will be of negative value. Does the full disclosure of loans also includes home loans, car loans etc?

 

[Gury Singh]

I think you're my soul animal.

(thank you)

Hey buddy, did u get success by not declaring loan?
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