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  #1  
Old 04-20-2004, 06:29 PM
mdhopeful23
 
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Default i found a student loan calculator...

as i mentioned in a previous post, i wasn't able to get an estimate of how much moola osap will give me after filling in their form. i didn't want to submit it either because im still debating the car and other issues. getting to the point, after looking throug a maze of canlearn, osap and the nat'l student loans websites, i found a 'student loan estimator'. here's a link for anyone who hasn't stumbled accross it yet:

www.canlearn.ca/nslsc/sle/sle.cfm

well i filled the thing in and i got back a nice figure of $12000 (for 10 month program). sounds good, but then i put the $20,000 car in to see what number i got...it was still about $12,000! now i am unsure whether this calcular is very accurate.

could someone do me a small favour: if you have already recieved osap, could you put in your figures (ie. income etc) and see if what the estimator quotes is close to what you actually got...

if anyone could help, id appreciate it

one other thing i learned is that about 60% of your loan is from the fed gov't, while the other 40% is from ontario. does anyone know the interest rates for either? do they differ alot?
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  #2  
Old 04-20-2004, 09:09 PM
aneliz
 
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Default

I put in my numbers for this year and it spat back $11 000...which is exactly what I got for this year.... be warned though, it depends on your province of residency...and even though my 'assessed needs' were >$25 000....the max funding from OSAP is $11 000.... You may get a different estimate of funding with the same financial situation depending on the province you enter.
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  #3  
Old 04-21-2004, 11:20 AM
mdhopeful23
 
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Default

thanks aneliz,

im from ontario and thats what i entered into the calculator...it did deduct the cars value from my assessed need, but i still came out getting the max amount. i don't think this is very accurate, however, judging from what ive read on the board and what my nearby financial aid office told me...oh well, i tried :rolleyes
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  #4  
Old 04-25-2004, 05:17 PM
Elaine I
 
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Default

I've been following the threads on OSAP with a bit of interest, because I was always under that assumption that I would not receive any OSAP, and thus not qualify for any bursaries.

By the time I could start med school, I will have been out of high school for 10 years, and working full time as a paramedic for 6 years. I have bought RRSPs each year, and bought a condo two years ago in order to stop paying rent. I figured that my assets would prevent me from any sort of loans or bursaries. So, I tried this calculator. Here is the information I used:

- Single independent living away
- 37 weeks in study period (used the number of weeks listed on the UWO year 1 schedule)
- 16 weeks in pre-study period
- 10 years since leaving secondary school
- $15,000 tuition + compulsory fees
- $2,000 books and supplies
- $16,800 pre-study income (assuming quitting job 2 weeks prior to start of school)
- $0 study period income / other expenses
- $22,000 RRSPs
- $10,000 car value
- $0 other financial assets

I received an assessed need of $9,115 and a total loan of the same. I'm rather surprised that I would be eligible for this amount of money. Also, the list of assets did not include the portion of my condo that I've paid off (nor was my mortgage recorded anywhere). Does OSAP include this money? If not, it almost seems as though buying a place to live is a way to 'get rid of' financial assets.

Since I was so skeptical that I would receive this much (or any) money from OSAP, I went and filled in an OSAP application for 2004-05, assuming that I would be going to med school (which I won't be until at least the following year). I received an OSAP estimate of $5400. I'm rather pleasantly surprised! I also discovered that the value of your principle residence is not included.

Elaine
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  #5  
Old 04-25-2004, 09:28 PM
mdhopeful23
 
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Default osap osap osap...

thanks elaine, thats interesting news...

well after micromanaging my dad the past few weeks (i guess im more of a bill than a kwame :lol ), which really means ive been a big pain in the a**, im getting rid of all my assets this week. hopefully it'll all be worth it.

ha, wouldn't that be funny if i didn't get in, after all this worrying and rearranging. hahahaha :rollin ...[mdhopeful23 breaks into a helish bout of laughter...followed by utter silence :| ]

sigh, im going to bed :smokin
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  #6  
Old 04-27-2004, 11:11 AM
lothya
 
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Default Real estate

Each provincial program is likely different, but in quebec, my real estate assets do not count in any way towards my student loan assessment each year. I have consistently qualified for the maximum loan during my time in grad school (about 3500), as well as bursaries on top of that. My partner and I own the triplex we live in, and the $10,000 or so we receive in rental income (from the other two units) is specifically exempted from income calculations on the student loan form.

If we sell this place however, any capital gains (on the two rental units) will need to be reported, and that income will likely reduce my eligibility. If however, we only owned our primary residence, even if we sold it, I don't think it would count at all....

Any other real estate investors here??? Am I way off on this?
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  #7  
Old 08-07-2005, 04:27 PM
Ian Wong
 
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Default

Floating back to the top.

Ian
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  #8  
Old 07-23-2008, 06:29 AM
ashlee ashlee is offline
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Join Date: Jul 2008
Posts: 1
Default

Hi all, I have a small personal loan through the bank and it has been paid on time since Oct. But I contacted one mortgage company who said that it looked bad, and then another said it was fine. But I really want to pay it off so it is one less bill. They don't take a fee or any interest to pay it off early. Can paying off a personal loan early adversely affect your credit score?
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  #9  
Old 07-23-2008, 09:16 AM
webshy webshy is offline
Super Moderator
 
Join Date: Jan 2007
Posts: 644
Default

Quote:
Originally Posted by ashlee View Post
Hi all, I have a small personal loan through the bank and it has been paid on time since Oct. But I contacted one mortgage company who said that it looked bad, and then another said it was fine. But I really want to pay it off so it is one less bill. They don't take a fee or any interest to pay it off early. Can paying off a personal loan early adversely affect your credit score?
No. The only thing that can occur is an interest penalty. However, if there is no interest penalty / administrative fee, then you should be okay.

Elaine
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  #10  
Old 10-17-2009, 08:02 PM
ksg ksg is offline
Junior Member
 
Join Date: Oct 2009
Posts: 1
Default Loan Calculator

Here is one more loan calculator. Works not only with cars.
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