Student Loans for BScN

[lvalient]

Hello

I was wondering if you need to apply for each year of study for a student loan?

Also, what is the maximun amount they will loan you for a family with dependant children?

I was told the government calculates by how long you will be going to school for, and not necessarily by need? Is this correct?

I would like to go back to school, but I am just wondering if I can afford it.

Thanks!

[Fiona59]

Loans have to be applied for each year.

There is a set of forms to fill up. The govt. wants details of your monthly expenditures, any assets you own, and how much in savings you have.

They have their own system.

When I went back to school, I had two school aged children and had been a full time Mum for over a decade. Only income was the husbands.

My student loan wasn't enough to cover everything. Wound up having to get a student line of credit from our bank.

I did get enough to pay my tuition and books but there was no way I could get childcare for what was left over.

[lvalient]

Thanks Fiona!

If you don't mind, what province are you in? Is it different for every province? I found that they gave me quite a bit when I took my PN program.

[joanna73, BSN, RN]

Usually, the maximum amount is somewhere around 12,000 per school year. If you are in a BSN program, the cost of tuition, books and supplies is approximately 8-9000 per school year. There are grants and bursaries which you can apply for separately that don't need to be paid back. Most people either need a second line of credit or a job or both to cover expenses such as rent and food, since even if you are granted the maximum loan amount, it isn't nearly enough. I worked full time from April to September and part time through university so I could cover everything. I live on my own, so 12 grand was gone in a blink.

[Fiona59]

Too true Joanna. I only found one bursary/grant. That year, one level of government was giving $1K to women who had returned to school after time spent at home. There wasn't a lot of money around at the end of the '90s.

[joanna73, BSN, RN]

Yes, and they never learn. History repeats itself. The only reason that I didn't pursue nursing in the 90's was because we were in recession and I was on my own. I didn't want to come out owing thousands and no job. Ha...came out of school thinking, "This again??!" My tuition in 2009 was almost 7 grand, up every year from when I started school. However, where there's a will there's a way. Those who truly want nursing will find work somewhere.

[lvalient]

Thank you for your advice. I am thankful that I have a husband that is willing to support me and the children while I go back to school. I was a stay at home mom and know how difficult it is to raise a family on one income, let alone the added expense of post secondary education.

I will definitely figure something out!