Still in beginning of process - some finance related questions

[allie1988]

I've finally have gotten my transcripts sent off and have applied to the University of choice, (Halifax's Dalhousie University).

I am not sure how long it's going to take for an acceptance or refusal, but in the process I have been researching how much I will need to take out in loans. Once I know I have been accepted, I will immediately apply for the necessary loans so that I can prove the financial requirement for the study permit.

My question at the moment is, do I need to have the money proven for all FOUR years of university when applying for my study permit? Because this is going to be difficult on how much I need to take out in loans, as I may end up working part time, so then I wouldn't need to take so much in loans...

Also, me applying this late, do you think I'll make it in time since September is 5-6 months away? (finishing the whole process of applying for loan/study permit, etc)

I'm an American, 25 years old. Not sure what else to add.

 

[mead]

My question at the moment is, do I need to have the money proven for all FOUR years of university when applying for my study permit? Because this is going to be difficult on how much I need to take out in loans, as I may end up working part time, so then I wouldn't need to take so much in loans...
there r two parts to ur question
1. u only need to show 1 years tuition + $10000 for years living expense for study permit purpose.
2. u cannot expect to pay ur living expense as well as ur fees from working part time ...u can only manage about $700-800 per month roughly unless u get a highly skilled job. So u need 4 years of tuition fees either by loan or savings.....rough break down is this ....u can officially work for 20 hrs pr week assuming rules change and u can start working right from day 1 and avg min rate is $10 / hour so u make $200 per week taxes will be deducted from this too. rent if u share with a room mate roughly $250-300, food $200-300, bus pass $50 cell phone expenses $40-50 . this is just a rough estimate there may be more hidden costs. So bottom line is u need to pay tuition fees from loan or savings or other sources.

Also, me applying this late, do you think I'll make it in time since September is 5-6 months away? (finishing the whole process of applying for loan/study permit, etc)
avg processing time for LA office is 10 weeks assuming u get admission letter fast u can make it. I dont know how long it takes for loan in US
http://www.cic.gc.ca/english/information/times/temp/students.asp#west

 

[allie1988]

Thank you.

I've been doing a lot of math to figure out how much I could get from the FAFSA (I'm happy that my school falls under the program for Americans to do FAFSA through them and are eligible for Stafford and Federal Pell Grants, atleast that's what I've been seeing).

I filled out the FAFSA and it says I'm eligible for the Stafford loan first year (9,500) and pell grant (5,645), and I have 10,000 saved up so far just working parttime in retail here America...

Basically I've calculated that I'd be good with just this, after the US to Canadian conversion too.

Atleast for the first year.

It may be in the 2nd, 3rd, and 4th years I would need to take out a 2nd loan, and it would be easier if I can just do it year by year.

But I was thinking that since I've saved up a semi-decent amount for my first year, and working from day 1 (well as soon as possible), that I would already be saving up a bit for my second year expenses...

 

[mead]

even if u save from day one u wont be able to save more than $100 per month that amount for a year is not enough but the more u save the better. From personal experience it is very difficult to even save $100 and I say this because once u start working ur grades can suffer too so its tough to balance. So work only as much as u need for living expenses, work hard on ur grades , live a modest life till u get a full time job and focus on ur career.

 

[allie1988]

Also, if I apply for Study Permit online, does the 10 week waiting period apply for the LA location?

I assume it's still going to LA (or New York) and will take the same length of time?

I thought maybe if it's online, the processing time would be shorter.

 

[mead]

Also, if I apply for Study Permit online, does the 10 week waiting period apply for the LA location?

I assume it's still going to LA (or New York) and will take the same length of time?

I thought maybe if it's online, the processing time would be shorter.

i guess it will take roughly same time...it is not clear.....in some countries online applications r faster and in some visa office applications are faster...not sure . I think it depends on ur case too. I am not sure but Americans can also apply at the border crossing . u may be able to just drive up to the border and get study permit
But it is good to be safe and assume max time.....

 

[jessica1]

thanks for reply.

 

[allie1988]

So I should probably just fill out everything I can in my Study Permit, get all the documents scanned/etc, and once I have my letter of admission and loan approval letter, I can quickly scan those and send them off ASAP?

Because just thinking at the 10-12 week processing is starting to scare me a bit for the Fall deadline.

 

[mead]

So I should probably just fill out everything I can in my Study Permit, get all the documents scanned/etc, and once I have my letter of admission and loan approval letter, I can quickly scan those and send them off ASAP?

Because just thinking at the 10-12 week processing is starting to scare me a bit for the Fall deadline.

u can apply at border crossing worst come worst......but u should research more about it

 

[allie1988]

u can apply at border crossing worst come worst......but u should research more about it

Thanks for the speedy answers. Any other input from others is appreciated.