Student loans by province

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rotorspeed
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Student loans by province

Post by rotorspeed »

Ok in BC it's about 5200 for I think 16 weeks or so I don't remember the length.
Are all the provinces around the same
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rotorspeed
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Re: Student loans by province

Post by rotorspeed »

There must be other people who've gotten a student loan or maybe not
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airway
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Re: Student loans by province

Post by airway »

It might help if you explain in a little more detail what this thread is about.
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rotorspeed
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Re: Student loans by province

Post by rotorspeed »

Ok so I meant how much can you get for a provincial student loan in other provinces for commercial pilot training. In BC it's around 5400$ and you have to be enrolled full time for 17 weeks. I was wondering what others were getting in another province than BC.
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KissPlusOne
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Re: Student loans by province

Post by KissPlusOne »

Are you single, and make a decent amount of money?

I got an Alberta Student Loan to do my instructor rating, and it was broken down into 3 parts. $12,500 ASL, $2,700 from the government of Canada, and a $750 dollar "low income grant". That last one really baffled me. If I qualify for a low income grant, why wouldn't you grant me more?? Low income... I don't know... Anyways. The training period was listed as 12 weeks.

The Canada student loan had interest that started accruing immediately after the training period ended. Fortunately, my wife was working at the time, and I started working before the 12 weeks was up. We were able to pay that loan off before the interest started.

The ASL started accruing interest 6 months after the 12 week period. We were also able to get that loan down below $8,000 before the interest started. That helped with the minimum payment.

I forget what the Canada student loan interest rate was (somewhere around 7 percent), but the ASL has an interest rate of 3 percent, or something like that. Minimal. We are now 350 dollars away from paying it off completely, 18 months later.

Seems like B.C. needs to step up their game. That's a pretty low amount, especially if you are doing CPL training, and not just a rating.
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Lucky Luke
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Re: Student loans by province

Post by Lucky Luke »

I got whopping 1500$ to help with my 65 000$ flight training from the Quebec Aide Financière. The only positive is that the loan doesn’t start accruing interest until two years after I finish my training
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rotorspeed
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Re: Student loans by province

Post by rotorspeed »

Wow that's alot in Alberta. In BC too, you have to go full time and the money will be used in 3 weeks from the loan and you have to be there full time for 17 weeks or the school has to report you. So you have to have the rest of the finances locked up.
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Laythe
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Re: Student loans by province

Post by Laythe »

I got $57,995 in Alberta.... 10 from Canada and the rest was from Alberta.
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Wyntour
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Re: Student loans by province

Post by Wyntour »

$57,995

How did you manage that?
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Laythe
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Re: Student loans by province

Post by Laythe »

Well after you get your PPL you can apply for student loans, 15k for each component of fixed wing. So I applied for the Max amount for 4 components and ended up getting $57,995.
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