Success and a surprise


It was a victory I didn’t think would happen this year – I was approved for a student loan. When you apply you are required to declare your income from the previous tax year; I dreaded this and thought for sure I would have been denied due to what I thought was a high number (Jan-Nov employment, Employment Insurance Nov-Dec, and casual employment from Nov-Dec). On Monday I completed my application and began the waiting game for the application to be processed, and it subsequently approved or denied.

I logged on to the website to check the progress, and low and behold, the application was processed and approved. An explanation was also included as now accessibility to student loans has changed, and for the better. Your income is now separated in to two categories – low-income or middle-income, based on your previous tax return (and the work information you provided for the current year). The change was made with in the last year, as the government s noticed that more and more people were requiring student aid to access post-secondary employment. The governments want to make it more accessible and affordable for those wishing to enroll in post-secondary education.

When you’re approved for student aid the amount approved is broken down to show how much you’ll get for the Fall and Winter sessions, and if you were approved for any additional funding. Included in the amount I am receiving for tuition, I noticed that I was also the recipient of a grant – Government of Canada Grant for Middle-Income Families (there is also one available for Low-Income Families). The gist of the program is to help lower the amount of student aid awarded and provided students with non-repayable grants to help aid in paying for tuition; in the end this will help the student not have such a high amount student loan (now my total loan is $22,000) to repay once they have completed their post-secondary education.

It was quite the relief. While I needed another student loan this year, I was dreading how much more debt I would be accruing over the next little while. I just knocked down some debt ($44,000 to $42,500)  and I was afraid that the amount would climb even higher than the $44K. Thankfully it will not. Now I just need to concentrate on killing the debt other than the student loans.

September 9th can’t come here fast enough. I am so excited about school, it hurts.


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